ADVOKS GLOBAL · KENYA
Central Depositories Act
60. Power of Court to make certain orders
Edition: 2023-12-11 · In force
60. Power of Court to make certain orders
(1)Where on the application of an aggrieved party or a central depository it appears to the High Court that a person—(a)has committed an offence under this Act relating to any dealing in book-entry securities;(b)has contravened the CDS rules; or(c)is about to do an act with respect to any dealing in book-entry securities that, if done, would be an offence under this Act or would be a contravention of the CDS rules, the High Court may, without prejudice to any orders it would be entitled to make otherwise than pursuant to this section, make one or more of the following orders—(i)in the case of persistent or continuing breaches of this Act, or of the CDS rules, an order restraining a person from acting as a central depository agent or from holding himself out as so acting;(ii)an order restraining a person from withdrawing or otherwise dealing with any book-entry securities that are specified in the order;(iii)for the purpose of securing compliance with any other order made under this section, an order directing a person to do or refrain from doing a specified act; and(iv)any ancillary order deemed to be desirable in consequence of the making of an order under any of the preceding provisions of this subsection.(2)The High Court may, before making an order under subsection (1), direct that notice of the application be given to such persons as it thinks fit or direct that notice of the application be published in such manner as it thinks fit, or both.(3)Any person who fails to comply with an order made under subsection (1) commits an offence and shall, on conviction, be liable to a fine of not exceeding five million shillings, or to imprisonment for a term not exceeding five years or to both.(4)Subsection (3) shall not affect the powers of the High Court in relation to the punishment for contempt of court.(5)The High Court may rescind, vary or discharge an order made by it under this section or suspend the operation of such an order, upon application made to that effect.