ADVOKS GLOBAL · KENYA
Banking Act
7. Minimum capital requirements
Edition: 2024-12-27 · In force
7. Minimum capital requirements
(1)A licence shall not be granted to an institution unless the institution meets the minimum capital requirements specified in the Second Schedule.(2)The Cabinet Secretary may, by order published in the Gazette, amend the Second Schedule.(3)Every order made under subsection (2) shall be laid before the National Assembly without unreasonable delay, and unless a resolution approving the order is passed by the National Assembly within twenty days on which it next sits after the order is so laid, it shall thenceforth be void, but without prejudice to anything previously done thereunder or to the issuing of a new order.(4)The board of management or other controlling authority of an institution incorporated outside Kenya shall, in addition to meeting the minimum capital requirements specified in the Second Schedule, give an undertaking satisfactory to the Cabinet Secretary to keep within Kenya at all times during the currency of its licence, out of its own funds, a capital assigned to its Kenya branches (in this Act referred to as "assigned capital") of such minimum amount as may be prescribed.