ADVOKS GLOBAL · KENYA
The Capital Markets (Coffee Exchange) Regulations
20. Sample deposit
Edition: 2022-12-31 · In force
20. Sample deposit
(1)Every buyer and roaster operating at an exchange shall be required to deposit such amount of money as determined by the exchange from time to time, as security for collecting offer samples at the exchange.(2)An exchange shall operate a coffee sample deposit account in a bank to be determined by the exchange in which all the sample deposits paid by buyers and roasters shall be deposited.(3)Interest earned or accruing from such deposits shall form part of the earnings of the exchange and provided further, that the only permitted drawings from this account shall be—(a)sample fees netted off against samples collected by buyers and roasters;(b)refunds to buyers and roasters ceasing to trade; and(c)such interest earned or accruing from the sample deposit account.(4)A buyers or roaster who fail to pay the raised sample fees invoices within the due dates shall be suspended by the exchange from further collection of samples until such top ups are made.(5)Any refunds under paragraph (3)(b) shall be made without interest and net of any indebtedness by the buyer or roaster to the exchange.(6)No interest shall accrue to the benefit of the buyers or roasters in respect of the sample deposit.