Kenya Deposit Insurance Act

Section 1. Short title Section This Act may be cited as the Kenya Deposit Insurance Act.

Section 2. Interpretation Section 2(1)(a) a bank draft, certified cheque or other similar instrument or payment instruction, drawn or made against a deposit account for which the member institution shall be primarily liable; Section 2(1)(b) a cheque entered into a payment system notwithstanding any delay or failure by the member institution in crediting the payee’s account; or Section 2(1)(c) a deposit that is not payable in Kenya; Section 2(1)(c)(i) a deposit that is not payable in Kenya; Section 2(1)(c)(ii) bearer negotiable instruments of deposit; Section 2(1)(c)(iii) any sum of money payable under a repurchase agreements; Section 2(1)(c)(iv) interbank transactions; and Section 2(1)(c)(v) any other liability or financial instrument as may be specified by the Corporation; Section 2(1)(a) exclusion and transfer of part or total deposits and liabilities from a problem institution to another solvent and well-managed institution; Section 2(1)(b) exclusion and transfer of part or total assets to the institution receiving the liabilities; and Section 2(1)(c) liquidation of the residual assets and liabilities; Section 2(1)(a) the cost to the Corporation of payment of insured deposits in...

Section 3. Act to prevail Section Where there is any conflict or inconsistency between this Act and the provisions of any other Act in matters relating to the purpose of this Act, this Act shall prevail.

Section 4. Establishment of the Corporation Section 4(1) There is established a corporation to be known as the Kenya Deposit Insurance Corporation. Section 4(2)(a) suing and being sued; Section 4(2)(b) taking, purchasing or otherwise acquiring, holding, charging, leasing or disposing of moveable or immovable property; Section 4(2)(c) borrowing money; and Section 4(2)(d) doing or performing all such other acts necessary for the proper performance of its functions under this Act which may lawfully be done or performed by a body corporate. Section 4(3) The headquarters of the Corporation shall be in Nairobi.

Section 5. Objects and functions of the Corporation Section 5(1) The object and purpose for which the Corporation is established is to provide a deposit insurance scheme for customers of member institutions and to receive, liquidate and wind up any institution in respect of which the Corporation is appointed receiver or liquidator in accordance with this Act. Section 5(2)(a) levy contributions for the Fund from institutions in accordance with this Act; Section 5(2)(b) hold, manage and apply the Fund in accordance with the provisions of this Act and administer the deposit insurance scheme set up under this Act; Section 5(2)(c) provide incentives for sound risk management and generally promote the stability of the financial system; and Section 5(2)(d) perform such other functions as may be conferred on it by this Act or any other written law.

Section 6. Powers of the Corporation Section subject to the provisions of this Act, make investments and enter into any transactions necessary or desirable for the financial management of the Fund;

Section 7. Board of Directors Section 7(1)(a) a non-executive chairperson appointed by the President on the recommendation of the Cabinet Secretary from amongst the members appointed under paragraph (d): Provided that the chairperson appointed under this paragraph shall not be from the member institutions of the Corporation; Section 7(1)(b) the Principal Secretary in the Ministry for the time being responsible for matters relating to finance or his representative; Section 7(1)(bb) the Attorney-General or his representative; Section 7(1)(c) the Governor of the Central Bank of Kenya or his representative; Section 7(1)(cc) the Chief Executive Officer of the Kenya Bankers Association or his representative; Section 7(1)(d) subject to subsection (1A), five members appointed by the Cabinet Secretary by virtue of their knowledge and at least ten years' professional experience in banking, finance, insurance, commerce, law, accountancy or economics; and Section 7(1)(e) the Chief Executive officer who shall be an ex officio member. Section 7(1A)(a) a public officer; or Section 7(1A)(b) a person from a member institution licensed by the Central Bank of Kenya. Section 7(2) The Board shall appoi...

Section 8. Conduct of business and affairs of the Board Section 8(1) The conduct and regulation of the business and affairs of the Board shall be as provided in the Schedule. Section 8(2) Except as provided in the Schedule, the Board may regulate its own procedure.

Section 9. Remuneration of Board members Section The Board shall pay its members such remuneration, fees or allowances as it may determine in consultation with the Cabinet Secretary.

Section 10. Chief Executive Officer Section 10(1) There shall be a Chief Executive Officer who shall be competitively recruited and appointed by the Board and whose terms and conditions of service shall be determined by the Board in the instrument of appointment or otherwise in writing from time to time. Section 10(2)(a) has at least a degree in the field of either banking, law, finance, accounting, economics or insurance; and Section 10(2)(b) has at least ten years’ experience at management level. Section 10(3) The Chief Executive Officer shall be responsible for the day to day management of the affairs and staff of the Corporation. Section 10(4) The Chief Executive officer shall hold office for a term of three years but shall be eligible for re-appointment for one further term.

Section 11. Staff of the Corporation Section The Board may appoint such officers and other staff as are necessary for the proper discharge of its functions under this Act, upon such terms and conditions of service as it may determine.

Section 12. Delegation by the Board Section 12(1) The Board may, by resolution either generally or in any particular case, delegate to any committee or to any member, officer, employee or agent of the Corporation, the exercise of any of the powers or the performance of any of the functions or duties of the Board under this Act or under any other written law. Section 12(2) The Corporation may, by instrument under its common seal, appoint a person, whether in Kenya or in a place outside Kenya, to be its attorney and the person so appointed may, subject to the terms stipulated in the instrument, do any act or execute any power or function which he is authorized by the instrument to do or execute. Section 12(3) The Corporation may, in or outside Kenya, appoint any agent as it considers necessary or expedient, to perform any act on behalf of the Corporation.

Section 13. Protection from personal liability Section 13(1) No act or omission by any member of the Board or by any officer, employee, agent or servant of the Corporation shall, if the act or omission was done bona fide for the purposes of executing a function, power or duty under the Act render such member, officer, employee, agent or servant personally liable to any action, claim or demand whatsoever. Section 13(2) The provisions of subsection (1) shall not relieve the Corporation of the liability to pay compensation to any person for any injury to him, his property or to any of his interests caused by the exercise of any power conferred by this Act or by failure, whether wholly or partially, of any works.

Section 14. Common seal Section 14(1) The common seal of the Corporation shall be kept in such custody as the Board may direct and shall not be used except on the order of the Board. Section 14(2) The affixing of the common seal of the Corporation shall be authenticated by the signature of the chairperson and the Chief Executive Officer and any document not required by law to be made under seal and all decisions of the Board may be authenticated by the signatures of both the chairperson and the Chief Executive Officer. Section 14(3) Notwithstanding the provisions of subsection (2), the Board shall, in the absence of either the chairperson or the Chief Executive Officer in a particular matter, nominate one member to authenticate the seal on behalf of either the chairperson or the Chief Executive Officer. Section 14(4) The common seal of the Corporation when affixed to a document and duly authenticated shall be judicially and officially noticed and unless and until the contrary is proved, any necessary order or authorization by the Board under this section shall be presumed to have been duly given.

Section 15. Confidentiality Section 15(1)(a) under any law; Section 15(1)(b) for the performance of his duties or the exercise of his functions under this Act; or Section 15(1)(c) when lawfully required to do so by a court of law. Section 15(2) This section shall not apply to any document, material or information which at the time of the disclosure is, or has already been made, lawfully available to the public from any source. Section 15(3) No person who has any document, material or information which to his knowledge has been disclosed in contravention of subsection (1) shall in any manner whatsoever disclose the same to any other person. Section 15(4) Any person who contravenes subsection (1) or (3) commits an offence and shall, on conviction, be liable to a fine not exceeding two hundred thousand shillings or to imprisonment for a term not exceeding three years or to both.

Section 16. Funds of the Corporation Section 16(1)(a) deleted by ActNo. 39 of 2013, s. 5; Section 16(1)(b) all monies from any other source provided for or donated or lent to the Corporation including contributions, gifts or grants from or by way of testamentary bequest by any person; Section 16(1)(c) monies earned or arising from any investment of the Fund or the Corporation; and Section 16(1)(d) such fees, monies or assets as may accrue to or vest in the Corporation in the course of the exercise of its powers or the performance of its functions under this Act or under any written law. Section 16(2) Parliament may, in exigent circumstances, appropriate such funds as may be required by the Corporation for purposes of this Part. Section 16(3) The receipts, earnings or accruals of the Fund and its balances at the close of each financial year shall not be paid into the Consolidated Fund, but shall be retained for the purposes of the Fund. Section 16(4) If at any time the amount available in the Corporation is insufficient to meet the requirements of the Corporation, the Corporation shall transfer from the Fund, on such terms and for such period as may be determined by the Board, such...

Section 17. Financial year Section The financial year of the Corporation shall be the period of twelve months ending on the thirtieth June in each year.

Section 18. Annual estimates Section 18(1) At least three months before the commencement of each financial year, the Board shall cause to be prepared estimates of the revenue and expenditure of the Corporation for that year. Section 18(2)(a) the payment of the salaries, allowances and other charges in respect of members and staff of the Corporation; Section 18(2)(b) the payment of pensions, gratuities and other charges in respect of staff of the Corporation; Section 18(2)(c) the proper maintenance of the buildings and grounds of the Corporation; Section 18(2)(d) the maintenance, repair and replacement of the equipment and other property of the Corporation; and Section 18(2)(e) the creation of such reserve funds to meet future or contingent liabilities in respect of retirement benefits, insurance or replacement of buildings or equipment, or in respect of such other matter as the Corporation may deem appropriate. Section 18(3) The annual estimates of the Corporation shall be approved by the Board before the commencement of the financial year to which they relate and shall be submitted to the Cabinet Secretary for approval and after the Cabinet Secretary’s approval, the Board shall no...

Section 19. Accounts and audit Section 19(1) The Board shall cause to be kept all proper books and records of accounts of the income, expenditure and assets of the Corporation. Section 19(2)(a) a statement of the income and expenditure of the Corporation during that year; and Section 19(2)(b) a balance sheet of the Corporation on the last day of that year. Section 19(3) The accounts of the Corporation shall be audited and reported upon in accordance with the Public Audit Act (Cap. 412B).

Section 20. Establishment of the Fund Section 20(1) There is hereby established a fund to be known as the Deposit Insurance Fund. Section 20(2) The Fund shall vest in the Corporation and shall be administered by the Board. Section 20(3)(a) monies, which at the commencement of this Act, exist in the Deposit Protection Fund established under the Banking Act (Cap. 488); Section 20(3)(b) monies contributed to the Fund by institutions under section 27 and any interest or penalties levied in respect of such contributions; Section 20(3)(c) monies borrowed from the Central Bank of Kenya under section 21 or from any other person; Section 20(3)(d) monies that may accrue to the Fund under subsection (4); Section 20(3)(e) deleted by ActNo. 14 of 2015, s. 56; Section 20(3)(f) income that may accrue to the Fund from the investments made under section 22 ; Section 20(3)(g) monies received as subventions, grants or donations to the Fund; and Section 20(3)(h) all other monies or assets which may in any manner become lawfully payable to, received by or vested in the Corporation relating to any matter incidental to its powers, duties and functions under this Act. Section 20(4) Parliament may, in exig...

Section 21. Borrowing by the Corporation Section 21(1) The Board may authorize the Corporation to borrow from the Central Bank or any other person such sum or sums of money as it may require for purposes of the Fund. Section 21(2) The total amount outstanding at any one time on account of any advances made under subsection (1) shall not exceed twenty-five percent of the Fund. Section 21(3) The terms and conditions of any advance under this section shall be determined by the lender and the Corporation. [Act No. 39 of 2013 , s. 8.]

Section 22. Fund investment Section treasury bills, treasury bonds or other securities issued by the Government; or

Section 23. Application of the Fund Section payments in respect of insured deposits;

Section 24. Membership of the Fund Section 24(1) Any institution licensed by the Central Bank shall become a member of the Fund from the date it is granted the licence. Section 24(2) Notwithstanding subsection (1), every institution which at the commencement of this Act is licensed by the Central Bank shall be deemed to be a member of the Fund. Section 24(3) The Corporation shall cause a list of all institutions whose deposits are insured under this Act to be published in the Gazette annually.

Section 25. Cessation of membership Section 25(1)(a) surrender, cancellation or revocation of an institution’s licence by the Central Bank; or Section 25(1)(b) issue of a winding-up order against an institution; or Section 25(1)(c) transfer of all deposit liabilities of an institution in Kenya to any other institution; or Section 25(1)(d) appointment of a liquidator in pursuance of a resolution for an institution’s voluntary winding-up; or Section 25(1)(e) entry by an institution into any scheme of arrangement or compromise with its creditors or a reconstruction sanctioned by a competent authority which does not permit the acceptance of fresh deposits; or Section 25(1)(f) merger or amalgamation of an institution with any other institution; or Section 25(1)(g) determination by the Corporation that the affairs of an institution are being conducted in a manner detrimental to its own interests or to the interest of its depositors; or Section 25(1)(h) termination under section 41 of this Act. Section 25(2) The Corporation shall, as soon as reasonably practicable after termination of membership of an institution under subsection (1), cause the name of that institution to be published in...

Section 26. Effect of cessation Section 26(1)(a) not assume, hold out or in any other way give the impression that the institution is a member of the Fund; Section 26(1)(b) surrender its licence and the Corporation shall notify the institution’s depositors of the termination of its membership in the prescribed manner; Section 26(1)(c) not be relieved from its obligations or liabilities to the Corporation that have accrued before the cessation of its membership; and Section 26(1)(d) indemnify the Corporation in the event of any payment made by the Corporation to depositors, in respect of such deposits as shall have been transferred or acquired by another institution. Section 26(2) Where an institution is obligated to repay to a person any monies that are received or held by the institution, such monies shall be deemed not to constitute part of a deposit for the purposes of deposits insured with the Corporation if the date on which the person acquires his interest in the monies is a date subsequent to the date on which the institution ceases to be a member of the Fund. Section 26(3) Any institution which contravenes the provisions of subsection (1) commits an offence and shall be lia...

Section 27. Contributions by institutions Section 27(1) An institution licensed by the Central Bank shall contribute to the Fund such annual amount, and at such times, as the Corporation may determine: Provided the Corporation shall consider the risk profile of an institution in the determination of the contribution. Section 27(2) The Corporation shall serve on every institution a notice specifying the amount and the period, which shall not be later than twenty-one days after the date of service of the notice, within which the amount shall be paid into the Fund. Section 27(3) The amount of contribution to the Fund under this section shall not be less than three hundred thousand shillings nor exceed 0.4 per cent of the average of the institution’s total deposit liabilities during the period of twelve months prior to the date of the notice served under subsection (2): Provided that for institutions that have been members for less than twelve months, the amount of deposits shall be prorated for the number of months that the institutions have been in operation. Section 27(4) Where it appears to the Corporation that the affairs of an institution are being conducted in a manner detriment...

Section 28. Amount payable as protected deposit Section 28(1) The Corporation shall insure each deposit placed with an institution, provided that the maximum amount payable to a customer in respect of the aggregate credit balance of any deposit accounts maintained by the customer with the institution shall not exceed five hundred thousand shillings or such higher amount as the Corporation may from time to time determine. Section 28(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. Section 28(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. [Act No. 16 of 2022 , s. 2.]

Section 29. Trustee and joint accounts Section 29(1)(a) the deposit of the depositor as trustee or as a joint owner, shall be deemed to be a deposit separate from any deposit of that depositor acting on his own behalf or acting in another trust or joint capacity with the institution; Section 29(1)(b) the deposit held in trust by the trustee for each beneficiary, shall be deemed to be a separate deposit where the trustee is acting for two or more beneficiaries; and Section 29(1)(c) the deposit held in trust by a trustee for a beneficiary in an institution shall be deemed to be a deposit separate from a deposit of that beneficiary with the institution on his own behalf and shall also be deemed to be separate from any deposit held in trust by another trustee for the beneficiary in the institution. Section 29(2)(a) for a trust account, that the account is held by the trustee for the named beneficiaries; or Section 29(2)(a)(i) for a trust account, that the account is held by the trustee for the named beneficiaries; or Section 29(2)(a)(ii) for a joint account, the names of the individual joint owners; Section 29(2)(b) maintain detailed records as may be prescribed by the Corporation on t...

Section 30. Deposits with amalgamating institutions Section 30(1) Where a person has deposits in two or more institutions that amalgamate and continue in operation as one institution a deposit of that person with an amalgamating institution on the day on which the amalgamated institution is formed, less any withdrawal from the deposit, shall be deemed to be and continue to be separately insured until the amalgamating institution becomes part of the amalgamated institution. Section 30(2) Where an institution proposes to acquire the deposits of another institution or amalgamating institution, deposits of the institution or amalgamating institution, less any withdrawal continue to be insured separately until the date of acquisition. Section 30(3) Where an institution assumes the deposits of another institution, the deposits shall be deemed to be placed with the institution that assumes them as of the day on which they are assumed. Section 30(4) An institution shall maintain such records as may be prescribed for the purposes of this section. Section 30(5) For the purposes of this section— "amalgamated institution" means the institution formed as a result of the merger of two or more in...

Section 31. Excluded liabilities Section 31(1) Where monies are received by an institution for which the institution is under a lawful obligation to issue an instrument evidencing the receipt, other than a bank draft, certified cheque, traveller’s cheque, prepaid letter of credit or money order, the monies received shall not constitute a liability unless the instrument and records of the receiving institution specify the person entitled, at the date of issue of the instrument, to the repayment of the monies. Section 31(2) The person referred to in subsection (1) shall be deemed to be the creditor in respect of the monies unless particulars of a transfer of the instrument are entered on the records of the institution, in which case the most recent transferee shown on the records shall be deemed to be the creditor. Section 31(3) The entry of a transfer on the records of an institution is ineffective for the purpose of subsection (2), if the entry is made subsequent to the cessation of the membership of the institution.

Section 32. Extent of cover Section The amount being the aggregate credit balance of any accounts maintained by the customer to an institution, less any liability of the customer to the institution, shall be an insured deposit to such extent as may be prescribed.

Section 33. Lodging and payment of claims Section 33(1) The Corporation shall make payment in respect of any insured deposit with the Corporation where it is appointed as liquidator under this Act. Section 33(2) All payments made by the Corporation in respect of insured deposits and all associated costs shall be made from the Fund. Section 33(3) A depositor of an institution shall, upon the institution being placed in liquidation, lodge a claim with the Corporation, in such form as may be prescribed, for payment to the depositor out of the Fund, of any insured deposit. Section 33(4) The Corporation may, before paying any claim lodged under subsection (3), require the claimant to furnish it with such documentary proof as may be proper to show that he is entitled to payment out of the Fund. Section 33(5) The Corporation may decline to make any payment under this section to a person who, in its opinion, had any responsibility for or may have profited directly or indirectly from the circumstances leading up to the institution being placed in liquidation. Section 33(6) Where the Corporation is obliged to commence payments under subsection (1) in respect of any insured deposits, the Corp...

Section 34. Discharge of liability Section Upon payment of insured deposits under this Part, the Corporation shall be discharged from all liabilities to the extent of the amount of the payment made.

Section 35. Subrogation Section 35(1) Where the Corporation makes a payment under this Part in respect of any deposit, the Corporation shall be subrogated, to the extent of the amount of the payment made, to all the rights and interests of the depositor and may maintain an action in respect of those rights and interests in the name of the depositor or in the name of the Corporation. Section 35(2) Upon payment of an insured deposit, the Corporation shall be entitled to receive from the institution an amount equal to the insolvency payment paid by the Corporation on account of its subrogation to the claims of any customer or depositor. Section 35(3) The Corporation shall be entitled to payment of its subrogated claims under subsection (2) prior to further payment to any other depositor or creditor of the institution. [Act No. 39 of 2013 , s. 12.]

Section 36. Assignment Section The Corporation may, where it deems it necessary, withhold payment to a third party in respect of any deposit with an institution until it has received an assignment in writing of all the rights and interests of the depositor in relation to the deposit.

Section 37. Limitation of claims Section 37(1)(a) a claim for payment of an insured deposit by a creditor of an institution shall not be brought after the expiry of two years from the date of publication of commencement of such payment by the Corporation; and Section 37(1)(b) a claim for payment of a dividend by a creditor of an institution shall not be brought after the expiry of one year from the date of publication of commencement of such payment by the Corporation. Section 37(2) This section shall not apply to a person who has, for reasons beyond his control and to the satisfaction of the Corporation, been unable to make his claim within the period specified under subsection (1). Section 37(3) No action shall be taken against the Corporation in respect of the obligation of the Corporation to make payment in relation to an insured deposit unless the action is commenced within six years after the date of appointment of the Corporation as liquidator of the institution in which the deposit is held.

Section 20A. Board may fix size of Fund Section The Board may, from time to time, fix the size of the Fund sufficient to protect the interests of depositors to be made up by contributions under section 20 (3). [Act No. 39 of 2013 , s. 7.]

Section 38. Inspection by Central Bank Section The Corporation may, at any time request the Central Bank to carry out an inspection of an institution as provided for in the Banking Act ( Cap. 488 ) and to avail to the Corporation the information obtained from such inspection.

Section 39. Special examination by the Corporation Section 39(1) Notwithstanding section 38 , the Corporation shall have power to make any examination of any institution whenever the Corporation deems it fit that such examination is necessary to determine the condition of such institution for purposes of this Act. Section 39(2)(a) whether proper and adequate deposit records are maintained by an institution; Section 39(2)(b) whether reports made by an institution are correct; Section 39(2)(c) compliance with terms and conditions or any other requirements of membership; and Section 39(2)(d) such other areas as may be deemed necessary. Section 39(3) For purpose of this section, the officers of the Corporation or any other person appointed by the Corporation shall have powers to require an officer, auditor, agent or any other person of the institution to furnish such document, material, information or explanations as the Corporation may require. Section 39(4)(a) the books, accounts, and other documents required to be produced shall not, in the course of the inspection, be removed from the premises of the institution or other premises at which they are produced; Section 39(4)(b) the per...

Section 40. Access to information Section 40(1) The Corporation or any person authorized in that behalf by the Corporation may, by notice in writing, require any person to furnish to the Corporation or to the authorized person, within such period as specified in the notice, all such returns or information as directed in such notice. Section 40(2) The Corporation or any officer of the Corporation, shall not disclose to any person or use any return or information acquired under subsection (1) except for the purpose of achieving the objectives of the Corporation. Section 40(3) The Corporation shall have access to reports of examination and any other documents relating to an institution prepared by the Central Bank and to all underlying documents and revisions of reports of examination. Section 40(4) The Central Bank shall promptly advise the Corporation of any material changes in the deposit liabilities or any condition of an institution that may cause significant risk to the Corporation. Section 40(5) The Corporation may from time to time require any institution to file such additional reports as the Corporation may deem necessary for purposes of this Act. Section 40(6)(a) a rating o...

Section 41. Enforcement by the Corporation Section 41(1) The Corporation may recommend to the Central Bank, with reasons in writing based on information obtained from an examination of an institution, that the Central Bank takes enforcement action against an institution. Section 41(2) If the Central Bank does not take enforcement action within a period of thirty days from the date of receipt of the recommendation made by the Corporation under subsection (1), the Corporation shall serve notice on the institution and the Central Bank of its intention to terminate membership of the institution. Section 41(3) The Corporation shall within thirty days of issuing the notice under subsection (2), terminate the membership of that institution.

Section 42. Prompt corrective action Section The Corporation shall in consultation with the Central Bank, take prompt corrective action in accordance with this Act or any other law to resolve any problems in an institution which places the interest of its depositors or the banking sector at risk.

Section 43. Appointment of Corporation as receiver Section 43(1) The Central Bank shall, in consultation with the Cabinet Secretary whenever the circumstances require, appoint the Corporation to be the sole and exclusive receiver of any institution. Section 43(2)(a) the institution’s assets are less than the institution’s obligations to its creditors; Section 43(2)(b) an unsafe or unsound condition to transact business exists or other cause that warrants the exercise of the relevant power in the interests of the institution, its depositors, or other creditors; Section 43(2)(c) there is a wilful violation of a regulatory or supervisory order; Section 43(2)(d) there is a concealment of the institution’s books, papers, records, or assets, or any refusal to submit the institution’s books, papers, records, or affairs for inspection to any examiner or to any lawful agent of the Central Bank or the Corporation; Section 43(2)(e) the institution is likely to fail to meet any financial obligation or meet its depositors’ demands in the normal course of business; Section 43(2)(f) the institution has incurred or is likely to incur losses that will deplete all or substantially all of its capital...

Section 44. Notification of non-viability Section 44(1) The Central Bank shall notify the Corporation in writing where an institution has ceased, or, is likely to cease, to be viable. Section 44(2)(a) to take any action within such time as the Corporation may consider necessary or expedient; Section 44(2)(a)(i) to take any action within such time as the Corporation may consider necessary or expedient; Section 44(2)(a)(ii) to stop receiving, or paying of deposits or from carrying on any of its businesses or part thereof; or Section 44(2)(a)(iii) to restructure the whole or part of its business, as may be specified by the Corporation; Section 44(2)(b) carry on the whole of its businesses and manage the assets, Liabilities and affairs; or Section 44(2)(b)(i) carry on the whole of its businesses and manage the assets, Liabilities and affairs; or Section 44(2)(b)(ii) assume control of such part of its assets, liabilities, businesses and affairs including disposal of assets, and carry on such part of its business and affairs; or Section 44(2)(b)(iii) appoint any person to carry on the whole of the businesses and manage the assets, liabilities and affairs of the institution on its behalf....

Section 45. Submission by institutions Section 45(1)(a) immediately submit its assets, liabilities, businesses and affairs to such control; and Section 45(1)(a)(i) immediately submit its assets, liabilities, businesses and affairs to such control; and Section 45(1)(a)(ii) provide the Corporation and, if the control is assumed by the appointed person, to such appointed person, all such facilities as may be required to carry on the businesses and to manage the assets, liabilities and affairs, including disposal of assets, of the institution; Section 45(1)(b) remain in control of the assets, liabilities, businesses and affairs of the institution concerned; and Section 45(1)(b)(i) remain in control of the assets, liabilities, businesses and affairs of the institution concerned; and Section 45(1)(b)(ii) carry on the businesses and manage the assets, liabilities and affairs of that institution in the name and on behalf of that institution including disposal of assets until such appointment is revoked by the Corporation. Section 45(2) Throughout the period of control of an institution, there shall be vested in the Corporation or in the appointed person, as the case may be, all the powers...

Section 46. Actions against the Corporation Section 46(1)(a) no injunction may be brought or any other action or civil proceeding commenced against the Corporation or the appointed person in respect of the assumption of control; Section 46(1)(b) no creditor has any right of set-off against the institution, which for greater certainty, does not include the consolidation of accounts maintained in the normal course for the purpose of providing clearing and settlement services or other services referred to in section 48 ; and Section 46(1)(c) the insolvency of the institution; Section 46(1)(c)(i) the insolvency of the institution; Section 46(1)(c)(ii) a default, before the assumption of control under section 44 (2)(b) by the Corporation or the appointed person, as the case may be, takes effect, by the institution in the performance of its obligations under the agreement; or Section 46(1)(c)(iii) assumption of control under section 44 (2)(b) by the Corporation or the appointed person, as the case may be, as from the date of the assumption of control of the institution. Section 46(2) Subsection (1) shall not prevent any person who sustains losses from any action of the Corporation or the...

Section 47. Prior agreement overridden Section has the effect of providing for, or permitting, anything that, in substance, is contrary to section 44 ; or

Section 48. Further supplies and advances Section prohibiting a person from requiring payments to be made in cash for goods, services, use of leased or licensed property or other valuable consideration provided after the assumption of control under section 44 (2)(b);

Section 49. Financial agreements or transactions Section a currency or interest rate swap agreement;