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"id": 327093,
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"content": "Section 34 of the Banking Act is amended by inserting the of section 34 following new sub-sections immediately after sub-section 3- of Cap. 488. (3A) For the avoidance of doubt- (a) the Central Bank shall not place an institution under statutory management in terms of sub-section (2)(b) for a period exceeding two years; (b) a manager appointed under this section shall not serve in such office for a period exceeding two years. (3B) Any person, officer of the Central Bank or manager who contravenes sub-section (3A) commits an offence and shall be liable, on conviction, to a fine not exceeding three million shillings or to imprisonment for a term not exceeding three years, or to both."
}