ADVOKS GLOBAL · KENYA
Microfinance Act
44. Orders by the High Court
Edition: 2024-12-27 · In force
44. Orders by the High Court
(1)The High Court may, on application made ex parte by the Central Bank or a manager or liquidator appointed by the Central Bank, if it considers it to be in the interests of the depositors of an institution, make an order—(a)prohibiting the institution from carrying on business; or(b)staying the commencement or continuance of any action or any proceedings against the institution for a specified period of time on such terms and conditions as the High Court considers reasonable and may extend the specified period up to a total of six months from the beginning of the stay.(2)Where an order is made under subsection (1)(a), a licence granted under this Act shall be deemed to be suspended.