ADVOKS GLOBAL · KENYA
Microfinance Act
39. Contributions to the Deposit Protection Fund
Edition: 2024-12-27 · In force
39. Contributions to the Deposit Protection Fund
(1)All institutions shall contribute to the Deposit Protection Fund.(2)An institution shall pay into the Deposit Protection Fund, such annual amount and at such times as the Deposit Protection Fund Board may prescribe.(3)Notwithstanding subsection (2), where it appears to the Deposit Protection Fund Board that the affairs of an institution are being conducted in a manner detrimental to the interests of the deposit-taking business or of the depositors of the institution, the Deposit Protection Fund Board may increase the contributions of that institution beyond the prescribed maximum.(4)An institution that does not contribute to the Deposit Protection Fund within the period prescribed under subsection (2) shall be liable to pay to the Fund a penalty interest charge, not exceeding one-half per cent of the unpaid amount, for every day during which the amount remains unpaid.(5)The Deposit Protection Fund Board shall cause a list of all institutions whose deposits are protected to be published in the Gazette annually.