ADVOKS GLOBAL · KENYA
Prevention of Fraud (Investments) Act
23. Grants from Fund
Edition: 2023-12-11 · Not commenced
23. Grants from Fund
(1)Subject to the provisions of this Act and of any rules made under this Part, the Authority may direct the Trustee to make grants out of the Fund in any case which the Authority thinks suitable for such treatment, and in its absolute discretion decides so to treat, for the purpose of relieving or mitigating any losses sustained by any person in consequence of any dishonesty on the part of any licensee, or of any clerk or servant of a licensee, in connection with the business of such licensee under this Act.(2)No grant shall be made under this section in respect of—(a)any loss which first came to the knowledge of the loss prior to the commencement of this Act; or(b)any other loss unless notice of such loss is received by the Authority in such manner, and within such time after the same first came to the knowledge of the loser, as may be prescribed by rules made under this Part, and unless such loss is proved, to the satisfaction of the Authority to be one in respect of which a grant may properly be made under this section.(3)A grant may be made under this section notwithstanding the fact that the licensee concerned may, subsequent to the commission of the act of dishonesty complained of have died or have ceased to be the holder of a principal’s licence or otherwise ceased to carry on business under this Act.(4)Notwithstanding the provisions of this section, the Trustee shall only comply with a direction under subsection (1) of this section to the extent that the amounts standing to the credit of the Fund at the date of receipt of such direction may permit.