ADVOKS GLOBAL · KENYA
The Banking (Deposit Protection Fund) Regulations
5. Keeping of account and other records
Edition: 2022-12-31 · In force
5. Keeping of account and other records
(1)Subject to the Act and these Regulations, the Board shall—(a)keep proper accounts and proper records in relation to its accounts; and(b)in every financial year, prepare a statement of accounts showing its state of affairs, income and expenditure.(2)The accounts shall include contributions by contributory institutions and investment by the Fund.(3)A statement of accounts prepared in accordance with subregulation (1) shall be audited by auditors appointed by the Board.(4)For the purposes of this regulation, no person shall be appointed as an auditor unless he is qualified under section 161 of the Companies Act (Cap. 486) and is approved by the Central Bank.(5)Members of the Board appointed by the Cabinet Secretary under section 36(4)(c) of the Act shall hold office for a period of four years and shall be eligible for re-appointment.(6)The Board shall publish the report prepared under section 42(1) of the Act within three months of its submission to the Cabinet Secretary.