ADVOKS GLOBAL · KENYA
Agricultural Finance Corporation Act
33. Procedure for recovery on default by occupation or sale of property
Edition: 2022-12-31 · Repealed
33. Procedure for recovery on default by occupation or sale of property
(1)In any of the circumstances or events mentioned in section 31 of this Act, the Corporation may, by notice served on the person to whom the loan has been made or his personal representative (in this section referred to as the debtor) personally or by post, demand repayment of the loan and, after due notice of such demand has been served in similar manner on all subsequent mortgagees of the land on the security of which the loan was made, the Corporation may, without recourse to any court, enter upon the land and either take possession of or sell by public auction through a licensed auctioneer the whole or (where subdivision is not prohibited) any part of the land upon such terms and conditions as the Board may in all the circumstances consider proper.(2)At a public auction held in pursuance of subsection (1) of this section, the Corporation, by its agent duly authorized in writing, may bid for and purchase the whole or any part of the land offered for sale.(3)The Corporation, as agent of the debtor, may transfer the land to itself or any other purchaser and give a good and unencumbered title to it, and may execute all such documents and do all such other acts as may be necessary to complete the transfer.(4)A sale under subsection (1) shall not be held until—(a)a notice of the sale has been published in the Gazette, or in a newspaper circulating in the area in which the land is situated, stating the date, time and place of the sale, and the terms and conditions of the sale; and(b)twenty-one days have elapsed since the date of publication of the notice; and(c)all reasonable steps have been taken by the Corporation to notify in writing the persons having a registered interest (or any unregistered interest of which the Corporation knows) in the land of the intended sale.(5)In subsection (1), the expression "licensed auctioneer" has the meaning assigned to it in section 2 of the Auctioneers Act (Cap. 526).