ADVOKS GLOBAL · KENYA
Nairobi International Financial Centre Act
23. Annual estimates
Edition: 2022-12-31 · In force
23. Annual estimates
(1)The Board shall, at least three months before the commencement of each financial year, cause to be prepared estimates of revenue and expenditure of the Authority for that financial year.(2)The annual estimates shall make provisions for all the estimated expenditure of the Authority for the financial year concerned, and in particular, shall provide for the—(a)payment of salaries, allowances and other charges in respect of the Board and staff of the Authority;(b)rental expenses for the premises of the Authority;(c)payment of pensions, gratuities and other charges in respect of retirement benefits to the staff of the Authority which are payable out of the funds of the Authority;(d)effective development and promotion of the Centre in Kenya and overseas;(e)running of the certification, registry, dispute resolution and external entity coordination activities of the Authority;(f)proper maintenance, repair and replacement of equipment and other movable property of the Authority; and(g)payment of any other costs as may be incurred by the Authority.(3)The Board shall approve the annual estimates before the commencement of the financial year to which they relate and shall submit the same to the Cabinet Secretary for approval.