ADVOKS GLOBAL · KENYA
Building Societies Act
63. Power to suspend or cancel registration
Edition: 2022-12-31 · In force
63. Power to suspend or cancel registration
(1)Where the Registrar is satisfied that a certificate of registration has been obtained for a building society by fraud or mistake, or that any such society exists for an illegal purpose, or has wilfully and after notice from the Registrar violated any of the provisions of this Act, or has ceased to exist, the Registrar may by notice in writing cancel the registration of the society or suspend the registration thereof for a term not exceeding three months, and may renew the suspension from time to time for a similar period.(2)The Registrar shall, before cancelling or suspending the registration of a building society under powers conferred by subsection (1), give to the society not less than two months’ previous notice in writing, specifying briefly the ground of the proposed cancellation or suspension, and shall, as soon as practicable after the cancellation or suspension takes place, cause notice thereof to be published in the Gazette and in such one or more newspapers (if any) as he may determine.(3)A building society may appeal to the High Court against the cancellation or suspension of its registration, and thereupon the Court may, if it thinks it just so to do, set aside the cancellation or suspension.(4)The Registrar may also at the request of a building society, evidenced in such manner as he may direct, cancel the registration of the society.(5)A building society whose registration has been cancelled or suspended shall from the time of cancellation or suspension (but in the case of suspension only while the suspension lasts, and in any case subject to the right of appeal given by this section) cease absolutely to enjoy the privileges conferred by this Act, but without prejudice to any liability incurred by the society, and any such liability may be enforced against the society as if the cancellation or suspension had not taken place.