ADVOKS GLOBAL · KENYA
Building Societies Act
77. Orders, rules and regulations
Edition: 2022-12-31 · In force
77. Orders, rules and regulations
(1)The Cabinet Secretary may by order—(a)fix the maximum rate of interest which may be paid or charged by building societies in respect of the borrowing or advancing of money;(b)require building societies to hold such amount in cash or on deposit or in investments in accordance with section 25 as may be specified in the order as security for the prompt repayment of shares, deposits, loans and overdrafts and for the payment of interest accrued thereon.(2)The Chief Justice may make rules of court for regulating proceedings before the High Court, and applications and appeals thereto, under the provisions of this Act, and for the fees to be paid in respect thereof.(3)Subject to subsections (1) and (2), the Cabinet Secretary may make regulations prescribing anything required to be prescribed under this Act, and for the better carrying into effect of the provisions of this Act, and, without prejudice to the generality of the foregoing, regulations may provide for the procedure in the registry of building societies, the hours in which the registry is to open for business, the forms to be used and the fees to be paid in respect of any matter under this Act required, permitted or entitled to be done.(4)Without prejudice to the generality of subsection (3), the Cabinet Secretary may, in regulations, prescribe penalties to be paid by building societies which fail or refuse to comply with any directions of the Central Bank under this Act, which shall not exceed one million shillings in the case of a building society or one hundred thousand shillings, in the case of a natural person, and may prescribe additional penalties not exceeding ten thousand shillings in each case for each day or part thereof during which such failure or refusal continues.