ADVOKS GLOBAL · KENYA
The Banking (Deposit Protection Fund) Regulations
8. Payments out of the Fund
Edition: 2022-12-31 · In force
8. Payments out of the Fund
(1)Whenever an contributory institution shall become insolvent in accordance with section 39(6) of the Act and if at that time the institution is a contributory institution whose deposits are protected, the Board shall, as soon as is practicable, pay out of the Fund by cash, cheque or bank transfer to a depositor who has a protected deposit with the institution an amount equal to his protected deposit.(2)In the event of uncertainty of records, the Board may only pay such percentage of the protected deposit as it may deem appropriate in the circumstances.(3)No account whatsoever shall be taken of any liability unless proof of the debt which gives rise to it has been given to the Board in such manner and at such times as the Board shall determine.