Kenya Deposit Insurance Act

53. Term of receivership

Edition: 2022-12-31 · In force

53. Term of receivership

(1)The appointment of the Corporation as receiver shall be for such period not exceeding twelve months, and may be extended by the appointing authority for a further period not exceeding six months, if such extension appears to the appointing authority to be justified.

(2)In the course of receivership, the Corporation may recommend to the Central Bank that the institution be liquidated in which case the Central Bank shall appoint the Corporation as the liquidator.

(3)The Cabinet Secretary, may under exceptional circumstances, extend the term of receivership, for a further period not exceeding twelve months.[Act No. 39 of 2013, s. 14, Act No. 15 of 2017, s. 46.]

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Source: Kenya Law