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"content": "shall have power to declare a moratorium on the payment by the institution to its depositors and other creditors and the declaration of the moratorium shall – (a) be applied equally and without discrimination to all classes of creditors; Provided that the Corporation may offset the deposits or other liabilities owed by the institution to any depositor or other creditor against any loans or other debts owed by that depositor or creditor to the institution; (b) limit the maximum rate of interest which shall accrue on deposits and other debts payable by the institution during the period of the moratorium to the minimum rate determined by the Central Bank under the provisions of Section 39 of the Central Bank of Kenya Act or such other rate as may be prescribed by the Central Bank for the purposes of this section, provided that the provisions of this paragraph shall not be construed so to impose an obligation on the institution to pay interest or interest at a higher rate to any depositor or creditor than would otherwise have been the case; (c) suspend the running of time for the purposes of any law of limitation in respect of any claim by any depositor or creditor of the institution; or (d) cease to apply upon the termination of the Corporation’s appointment whereupon the rights and obligations of the institution, its depositors and creditors shall, save to the extent provided in paragraphs (b) and (c), be the same as if there had been no declaration under the provisions of this subsection. (b) by re-numbering subclause (2), (3) and (4) as subclause (3), (4) and (5) respectively; (c) by deleting the words “a institution” and substituting therefor with the words “an institution” in subclause (3); (d) by deleting the words “subsections (1) and (2)” and substituting therefor with the words “this section” in subclause (4); (e) by inserting the following new subclause immediately after subclause (4) – (5) Where the Corporation has assumed control or appointed a person to do so on its behalf under Section 46(2)(b), the Corporation or the appointed person may, in addition to any of its rights and powers, carry out any liquidation comprising a transaction or a series of transactions that involves the sale or other disposal by the institution of all or part of its assets or the assumption by another person of all or part of its liabilities or both."
}