Schedule 1 (Section 2)
Currency point
A currency point is equivalent to twenty thousand shillings
Schedule 2 (Section 2)
Criteria for determining whether a person is a fit and proper person to manage, control, become a director, substantial shareholder or senior manager or a licensee
1.In order to determine, for the purposes of this Act, the professional and moral suitability of persons proposed to manage or control a licensee, to become a substantial shareholder, or director, the Authority, shall have regard to the following qualities, in so far as they are reasonably determinable, in respect of the person concerned —(a)his or her general probity;(b)his or her competence and soundness of judgement for the fulfilment of the responsibilities of the office in question;(c)the diligence with which the person concerned is fulfilling or likely to fulfil those responsibilities; and(d)whether the interests of policyholders or prospective policyholders of the licensee are, or are likely to be in any way threatened by his or her holding that position.2.For the purposes of and without prejudice to the general effect of paragraph (1), the Authority may have regard to the previous conduct and activities of the person concerned in business or financial matters and. in particular, to any evidence that the person—(a)has been convicted of the offence of fraud or any other offence of which dishonesty or violence is an element;(b)has contravened any law designed for the protection of members of the public against financial loss due to the dishonesty or incompetence of, or malpractice by, persons engaged in the provision of banking, insurance, investment or other financial services or the management of companies or against financial loss due to the conduct of a discharged or undischarged bankrupt;(c)was a director of a licensee that has been liquidated or is under liquidation or management of the Authority or under receivership;(d)has taken part in any business practice that in the opinion of the Authority, was deceitful or oppressive, fraudulent, prejudicial or otherwise improper whether unlawful or not, or which otherwise reflect discredit on his or her method of conducting business;(e)has engaged or taken part in or been associated with any other business practices or otherwise conducted himself or herself in such manner as to cause doubt on his or her competence and soundness of judgement;(f)has defaulted on a loan or a company in which he or she is a director has defaulted on a loan.3.The Authority may request any person to furnish such additional information as may be necessary in determining the professional or moral suitability of that person.
Schedule 3 (Section 19)
Meetings and seal of the Authority
1.The Board shall meet for the discharge of its functions as often as business requires, and in any case the Board shall meet at least once in every three months; and the Chairperson shall convene a meeting whenever at least three members of the Board request in writing for a meeting.2.The Chairperson or Deputy Chairperson shall preside at all meetings of the Board and; in the absence of both, the members shall elect one of the members to preside.3.A quorum at any meeting of the Board shall be four members.4.A decision on a question proposed at any meeting of the Board shall be determined by consensus, and where there is no consensus, the decision shall be by a simple majority of the members present and voting; and in the case of an equality of votes, the person presiding shall have a casting vote in addition to his or her deliberative vote.5.The Board shall cause to be kept, minutes of all the proceedings of its meetings.6.The Board may invite any number of persons to act as consultants or advisers at any of its meetings.7.A member of the Board who has any personal interest in any transaction or matter before the Board shall disclose the nature of his or her interest to the Board and shall be disqualified from taking part in the deliberations of the Board with respect to that transaction or matter if it is a contract and in any other case, if the Board decides that the nature of the interest might prejudice the consideration of the matter.8.Subject to this Act and regulations made under it, the Board may regulate its own procedure.9.The application of the seal of the Authority on any document shall be authenticated by the signature of the Chief Executive Officer and the Secretary to the Authority; and, in the absence of the Chief Executive Officer, the person acting shall sign in his or her place, and the person performing the functions of the Secretary shall sign in the absence of the Secretary.10.The signature of the Chief Executive Officer and the Secretary to the Authority shall be independent of the signing by any other person who may sign the document as a witness.11.A document purporting to be an instrument issued by the Board and sealed by the common seal of the Authority, authenticated in the manner provided in this Schedule, shall be received in evidence and deemed to be such an instrument without further proof, unless the contrary is shown.