ADVOKS GLOBAL · KENYA
The Government Financial Management (Members and Staff of the Electoral Commission Car Loan Scheme Fund) Regulations, 2007
12. Loan repayment
Edition: 2007-08-24 · Repealed
12. Loan repayment
(1)A loan advanced under these Regulations shall be paid in full—(a)in the case of purchase of a new motor vehicle, over a maximum period of forty-eight months; or(b)in the case of purchase of a second-hand vehicle, over a maximum period of thirty-six months; and(c)in both cases, (a) and (b) above, within the remaining term of office of the Commissioner or staff.(2)No default in repayment shall be allowed by the Committee except in the event of force majeure in which case there shall be a grace period of not more than three months, after which the car which is subject to the loan shall be repossessed and sold to recover the balance of the loan.(3)For the purposes of this regulation, the term of office of a Commissioner shall be deemed to be five years.