ADVOKS GLOBAL · KENYA
Industrial and Commercial Development Corporation Act
3. Establishment and functions of Corporation
Edition: 1967-04-14 · In force
3. Establishment and functions of Corporation
(1)There is hereby established a corporation to be known as the Industrial and Commercial Development Corporation, for the purposes of facilitating the industrial and economic development of Kenya by the initiation, assistance or expansion or by aiding in the initiation, assistance or expansion of industrial, commercial or other undertakings or enterprises in Kenya or elsewhere.(2)In the exercise of its functions under this Act, the Corporation shall have regard generally to the desirability of—(a)acting principally as an auxiliary finance organization and not as the sole source of the provision of finance in respect of any particular undertaking or enterprise;(b)exercising its powers of affording financial assistance, so far as possible and except where the Minister responsible for finance otherwise directs, by way of guarantee, loan or investment and not by way of grant or subsidy;(c)requiring early liquidation or repayment of any guarantee, loan or investment made by the Corporation, in order to ensure so far as possible that the liquid resources of the Corporation may be available for other purposes within the scope of the functions of the Corporation under this Act,and, in particular, to the desirability of ensuring that any such undertaking or enterprise will be of long-term value in relation to the development of Kenya, whether or not it is likely to prove self-supporting or to furnish profits either immediately or in the future.(3)The Corporation shall be a body corporate with perpetual succession and a common seal, with power to hold land and to sue and be sued in its corporate name.(4)The application of the seal of the Corporation shall be authenticated by the signatures of the chairman of the Corporation (or some other director authorized by the Corporation to authenticate the application of the seal thereof) and of another director.(5)Every document purporting to be an instrument issued by the Corporation and to be sealed or to be signed on behalf of the Corporation shall be received in evidence and be deemed to be such an instrument without further proof unless the contrary is shown.