ADVOKS GLOBAL · KENYA
Kenya Deposit Insurance Act
58. Obligation to co-operate
Edition: 2022-12-31 · In force
58. Obligation to co-operate
(1)In the exercise of its powers as a liquidator, the Corporation may, by notice in writing, require any person who is or has at any time been a director, managing director, secretary, principal officer, manager, officer or employee, agent, accountant or auditor of the institution or any person who has custody of any funds or other assets of the institution being liquidated to—(a)give to the liquidator all reasonable assistance in connection with the liquidation;(b)appear before the liquidator for examination concerning matters relevant to the liquidation;(c)produce any books or documents that relate to the affairs of the institution being liquidated.(2)Any person who—(a)refuses or fails to comply with a requirement of the liquidator which is applicable to him to the extent to which he is able to comply with it; or(b)obstructs or hinders a liquidator in the exercise of the powers conferred under this Act; or(c)furnishes information or makes a false statement which he knows to be false or misleading in any material particular; or(d)when appearing before a liquidator for examination pursuant to such requirement, makes a statement which he knows to be false or misleading in any material particular,commits an offence and is liable to a fine not exceeding five hundred thousand shillings, or to imprisonment for a term not exceeding three years, or to both, and shall in addition be liable to a fine not exceeding ten thousand shillings for every day the contravention continues.