ADVOKS GLOBAL · KENYA
Building Societies Act
76. Provisions of Act generally to apply to foreign building societies
Edition: 2022-12-31 · In force
76. Provisions of Act generally to apply to foreign building societies
(1)The provisions of this Act (including Part IIA and Schedules 1 and 3) relating to building societies registered under section 6 shall apply to building societies registered under section 75, and in addition thereto the following special provisions shall apply to every building society registered under section 75—(a)the society shall maintain an office and a postal address in Kenya; and(b)the society shall keep in English separate records and books of account in respect of its business in Kenya, which records and books shall be kept at the society’s principal place of business in Kenya; and(c)the society shall prepare in English a separate account and statements in respect of its business in Kenya, which shall be in the form required in the case of a building society registered in Kenya with such modifications as the Registrar may allow, as well as a consolidated account and statement; and(d)the society shall not, save with the prior approval of the Cabinet Secretary, invest outside Kenya and moneys raised in Kenya in excess of one-fifth of the capital assets for the time being of the society in Kenya; and(e)the society shall show in all advertisements and announcements and on all documents issued by it the place where it was originally registered or incorporated.(2)The Cabinet Secretary may, by order, either generally or in any particular case, exempt a society registered under section 75 from all or any of the provisions of this Act, or direct that such provisions of this Act as are specified in the order shall, in their application to the society, be modified in such manner as may be provided therein.