ADVOKS GLOBAL · KENYA
Banking Act
6. Revocation of licence
Edition: 2024-12-27 · In force
6. Revocation of licence
(1)The Central Bank may, by notice in writing to the institution, revoke a licence if the institution—(a)ceases to carry on business in Kenya or goes into liquidation or is wound up or is otherwise dissolved; or(b)fails to comply with this Act, the Central Bank of Kenya Act (Cap. 491), or any rules, regulations, orders or directions issued under any of those Acts or any condition of a licence:Provided that—(i)the Central Bank, before revoking a licence, shall give to the institution not less than twenty-eight days’ notice in writing of the Central Bank’s intention, and shall consider any representations made to the Central Bank in writing by the institution within that period before revoking the licence;(ii)the institution may, notwithstanding that its licence has been revoked under this subsection, continue to carry on its business for the purpose of winding up its affairs for such period as the Central Bank may determine so long as it does not accept new deposits, open new current accounts or make any loans or investments.(2)Notwithstanding the revocation of a licence under this section, the Central Bank may exercise any of the powers conferred on it under Part VII if it is necessary for the protection of the interests of the depositors.(3)The Central Bank shall cause the name of every institution whose licence is revoked under this section to be published forthwith in the Gazette.