ADVOKS GLOBAL · KENYA
Kenya Deposit Insurance Act
18. Annual estimates
Edition: 2022-12-31 · In force
18. Annual estimates
(1)At least three months before the commencement of each financial year, the Board shall cause to be prepared estimates of the revenue and expenditure of the Corporation for that year.(2)The annual estimates shall make provision for all estimated expenditure of the Corporation for the financial year and in particular, the estimates shall provide for—(a)the payment of the salaries, allowances and other charges in respect of members and staff of the Corporation;(b)the payment of pensions, gratuities and other charges in respect of staff of the Corporation;(c)the proper maintenance of the buildings and grounds of the Corporation;(d)the maintenance, repair and replacement of the equipment and other property of the Corporation; and(e)the creation of such reserve funds to meet future or contingent liabilities in respect of retirement benefits, insurance or replacement of buildings or equipment, or in respect of such other matter as the Corporation may deem appropriate.(3)The annual estimates of the Corporation shall be approved by the Board before the commencement of the financial year to which they relate and shall be submitted to the Cabinet Secretary for approval and after the Cabinet Secretary’s approval, the Board shall not increase the annual estimates without the consent of the Cabinet Secretary.