ADVOKS GLOBAL · KENYA
Prevention of Fraud (Investments) Act
24. Subrogation
Edition: 2023-12-11 · Not commenced
24. Subrogation
On the making of any grant out of the Fund under this Part in respect of any loss—(a)the Trustee shall, to the amount of such grant, be subrogated—(i)to any rights or remedies to which the person to whom the grant was made is entitled, on account of such loss, against the license concerned or any other person, or, in the event of the death or insolvency or other disability of such licensee or other person, against his personal representatives or any other persons having authority to administer his estate;(ii)to any rights or remedies which such licensee, his clerk or servant, was entitled on account of such loss against any other person or, in the event of the death or insolvency or other disability of such other person, against his personal representatives or any other persons having authority to administer his estate; and(iii)to all other rights and remedies, if any of the person to whom the grant was made or such licensee, his clerk or servant, in respect of such loss; and(b)the person to whom the grant was made, or, in the event of his death, insolvency or other disability, his personal representatives or any other persons having authority to administer his estate, shall have no right under bankruptcy or other legal proceedings or otherwise to receive any sum out of the assets of such licensee or other person in respect of such loss until the Fund has been reimbursed the full amount of the grant.