ADVOKS GLOBAL · KENYA
Agricultural Finance Corporation Act
4. Board of directors
Edition: 2022-12-31 · Repealed
4. Board of directors
(1)There shall be a Board of Directors of the Corporation, which shall, subject to this Act, be responsible for determining the policy of the Corporation and for controlling its operations.(2)The Board shall consist of—(a)not less than four and not more than six persons appointed by the Cabinet Secretary of whom at least two shall be appointed by reason of their knowledge of banking or financial matters;(b)the Principal Secretary of the Ministry, or a person deputed by him in writing to take his place as a director of the Board; and(c)the Principal Secretary of the Ministry for the time being responsible for finance, or a person deputed by him in writing to take his place as a Director of the Board.(3)A Chairperson and a deputy Chairperson shall be appointed by the Cabinet Secretary, after consultation with the Cabinet Secretary for the time being responsible for finance, from among the Directors, and the deputy Chairperson may, in the absence of the Chairperson, exercise all the powers and discharge all the duties which are conferred and imposed by this Act upon the Chairperson.(4)A director appointed under paragraph (a) of subsection (2) of this section shall hold office for such period not exceeding three years from the date of his appointment as may be specified in the instrument appointing him and shall then retire but shall be eligible for reappointment, and in default of any other person having been appointed by the Cabinet Secretary to succeed him within one month of the date of his retirement shall be deemed to have been reappointed.(5)In the exercise of its powers and in the performance of its functions under this Act, the Board shall act in accordance with any general or special directions that the Cabinet Secretary may give it:Provided that, if the Cabinet Secretary gives the Board directions which in the Board’s opinion will involve the Corporation in financial loss, the Board is not required to act in accordance with those directions unless the Government has undertaken to reimburse the Corporation the amount of any losses incurred in so acting.
Case law referring to this provision