ADVOKS GLOBAL · KENYA
Kenya Reinsurance Corporation Act
6. Existing business
Edition: 2022-12-31 · In force
6. Existing business
Without prejudice to the provisions of any other section of this Act, the following provisions shall have effect in relation to the business of the Kenya Reinsurance Corporation vested in the Company by virtue of this Act—(a)any account between the Kenya Reinsurance Corporation and a customer shall, on and after the appointed day, become an account between the Company and the customer, with the same rights and subject to the same obligations and incidents, including the rights of set-off as theretofore, and the account shall be deemed to be a single continuing account:Provided that nothing in this paragraph shall affect any right of the Company or of the customer to vary the conditions or incidents subject to which the account is kept;(b)any existing instruction, direction, mandate, power of attorney, authority or consent given to or by the Kenya Reinsurance Corporation shall have effect, on and after the day, as if given to or by the Company;(c)any security held by the Kenya Reinsurance Corporation for the payment of debts or liabilities, whether present or future, actual or contingent, of any person, which is transferred to the Company shall, on and after the appointed day, be held by and be available to the Company as security for the payment of such debts and liabilities to the Company, and where the moneys secured by the security include future advances or liabilities of such person, the security shall, as from that day, be held by and be available to the Company as security for future advances to that person by, and future liabilities of, that person to the Company to the same extent to which the same was held by or available to the Kenya Reinsurance Corporation immediately before the appointed day as security for future advances or future liabilities;(d)the Company shall, in relation to any security transferred or deemed to have been transferred to it and to the moneys thereby secured, be entitled to the same rights and priorities, and be subject to the same obligations and incidents, as the Kenya Reinsurance Corporation would have been entitled and subject to if the same had continued to be held by the Kenya Reinsurance Corporation;(e)any negotiable instrument or order for payment of money, whether drawn, given, accepted or endorsed before, on or after the appointed day, which is expressed to be drawn by or on, given by or to, or accepted or endorsed by the Kenya Reinsurance Corporation shall on or after the appointed day have effect as if it had been drawn by or on, or given by or to, or accepted or endorsed by the Company;(f)where, by the operation of the provisions of this Act, any right, liability or obligation becomes a right, liability or obligation of the Company, all other persons shall, on and after the appointed day, have the same rights, powers and remedies, and, in particular, the same rights and powers as to taking or defending any legal proceedings or any application to any authority, for ascertaining, perfecting or enforcing that right, liability or obligation as if it had at all times been a right, liability or obligation of the Company;(g)the custody of any documents, goods or other property held by the Kenya Reinsurance Corporation as bailee for any other person shall be transferred to the Company on the appointed day and the rights and obligations of the Kenya Reinsurance Corporation under any contract of bailment relating to such documents, goods or other property shall be transferred or deemed to be transferred to the Company on that day; and(h)any bank or other accounts, books of accounts, revenue accounts, balance sheets, audited accounts, profit and loss accounts, actuarial or other valuations, accounting records, or any other accountable documents held by or belonging to the Kenya Reinsurance Corporation immediately before the appointed day shall on and after the appointed day be held by and belong to the Company.