ADVOKS GLOBAL · KENYA
Kenya Deposit Insurance Act
25. Cessation of membership
Edition: 2022-12-31 · In force
25. Cessation of membership
(1)An institution shall automatically cease being a member of the Fund upon the—(a)surrender, cancellation or revocation of an institution’s licence by the Central Bank; or(b)issue of a winding-up order against an institution; or(c)transfer of all deposit liabilities of an institution in Kenya to any other institution; or(d)appointment of a liquidator in pursuance of a resolution for an institution’s voluntary winding-up; or(e)entry by an institution into any scheme of arrangement or compromise with its creditors or a reconstruction sanctioned by a competent authority which does not permit the acceptance of fresh deposits; or(f)merger or amalgamation of an institution with any other institution; or(g)determination by the Corporation that the affairs of an institution are being conducted in a manner detrimental to its own interests or to the interest of its depositors; or(2)The Corporation shall, as soon as reasonably practicable after termination of membership of an institution under subsection (1), cause the name of that institution to be published in the Gazette and at least two daily newspapers of nationwide circulation.