The Kenya Deposit Insurance Amendment Act 2022 - as Plain Text by MWakili

NATIONAL COUNCIL FOR LAW REPORTING LIBRARY SPECIAL ISSUE Kenya Gazette Supplement No.

62 (Acts No.

16) REPUBLIC OF KENYA KENYA GAZETTE SUPPLEMENT ACTS, 2022 NAIROBI, 8th April, 2022 CONTENT Act PAGE 159 The Kenya Deposit Insurance (Amendment) Act, 2022 22 APR 212i 00100, Box 'IP.

'DI, ', NAIRC, TEL 2719231 PRINTED AND PUBLISHED BY THE GOVERNMENT PRINTER, NAIROBI 159 THE KENYA DEPOSIT INSURANCE (AMENDMENT) ACT No.

16 of 2022 Date of Assent: 4th April, 2022 Date of Commencement: 22nd April, 2022 AN ACT Parliament to amend the Kenya Deposit Insurance Act, 2012 and for connected purposes ENACTED by the Parliament of Kenya, as follows PART IPRELIMINARY 1.

This Act may be cited as the Kenya Deposit Short title.

Insurance (Amendment) Act, 2022.

Section 28 of the Kenya Deposit Insurance Act, Amendment of section 28 of No.

2012 is amended in 10 of 2012.

(a) in subsection (1) by deleting the words "one hundred thousand shillings" and substituting therefor the words "five hundred thousand shillings"; (b) by deleting subsection (2) and substituting therefor the following (2) The corporation shall, make the payment to a customer under subsection (1), within six months or any shorter period following the conclusion of liquidation of the institution insured.

(c) by inserting the following new subsection immediately after subsection (2) (3) A person who contravenes this section commits an offence and is liable to a fine not exceeding one million shillings or to imprisonment for a term not exceeding three years or to both.

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