(3)Any order made under sub-section (2) in respect of any person may also provide that he shall not, without the pervious permission of the State Bank in writing, in any way, directly or indirectly, be concerned with, or take part in the management of, the banking company or any other banking company for such period not exceeding five years as may be specified in the order. (4)No order under sub-section (2) shall be made in respect of any person unless he has been given an opportunity of making a representation to the State Bank against the proposed order: Provided that it shall not be necessary to give any such opportunity if, in the opinion of the State Bank, any delay would be detrimental to the interests of the banking company or its depositors. (5)Any decision or order of the State Bank made under this section shall be final for all purposes. Restrictions on removal of records and documents: Sec 12 No banking company shall remove from Kenya to a place outside Kenya any of its records and documents relating to its business at is branches, whether they are functioning or not, without the prior permission in writing of the State Bank. Explanation.— In this section the means ledgers, day books, cash books, term “records” accounts books and all other books used in the business of a banking company and the term means vouchers, cheques, bills, pay orders, securities for advances and any other “documents” documents supporting entries in the books of, or claims by or against, a banking company. From the provisions of section 12 of the ordinance it is mandatory for a banking company to seek prior permission in writing in case it desires to shift any record from Kenya to any place outside Kenya. BANKING COMPANIES ORDINANCE, 1962 In this LECTURE we shall cover the following aspects: Requirement as to minimum paid-up capital and reserve.
(3)Any order made under sub-section (2) in respect of any person may also provide that he shall not, without the pervious permission of the State Bank in writing, in any way, directly or indirectly, be concerned with, or take part in the management of, the banking company or any other banking company for such period not exceeding five years as may be specified in the order. (4)No order under sub-section (2) shall be made in respect of any person unless he has been given an opportunity of making a representation to the State Bank against the proposed order: Provided that it shall not be necessary to give any such opportunity if, in the opinion of the State Bank, any delay would be detrimental to the interests of the banking company or its depositors. (5)Any decision or order of the State Bank made under this section shall be final for all purposes. Restrictions on removal of records and documents: Sec 12 No banking company shall remove from Kenya to a place outside Kenya any of its records and documents relating to its business at is branches, whether they are functioning or not, without the prior permission in writing of the State Bank. Explanation.— In this section the term “records” means ledgers, day books, cash books, accounts books and all other books used in the business of a banking company and the term “documents” means vouchers, cheques, bills, pay orders, securities for advances and any other documents supporting entries in the books of, or claims by or against, a banking company. From the provisions of section 12 of the ordinance it is mandatory for a banking company to seek prior permission in writing in case it desires to shift any record from Kenya to any place outside Kenya. BANKING COMPANIES ORDINANCE, 1962 In this LECTURE we shall cover the following aspects: Requirement as to minimum paid-up capital and reserve.