Government Securities Act

LAWS OF KENYA
THE GOVERNMENT SECURITIES ACT
CAP. 421
Revised and published by the National Council for Law Reporting
with the authority of the Attorney-General as gazetted by the Government Printer
www.kenyalaw.org

Kenya
Government Securities Act
Cap. 421
Legislation as at 7 January 1964
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• NC: Only noncommercial uses of the work are permitted.
• SA: Adaptations must be shared under the same terms.
Share widely and freely.

Government Securities Act (Cap. 421)
Contents
1. Short title ........................................................................................................................................................................................................... 1
2. Application of Act ........................................................................................................................................................................................... 1
3. Provision for payment of money due to stockholders ...................................................................................................................... 1
4. Certificate of paying agent .......................................................................................................................................................................... 1
5. As to subsequent legislation ...................................................................................................................................................................... 1
6. Repeal of Cap.

.................................................................................................................................. 1
6. Repeal of Cap.

421 ......................................................................................................................................................................................... 2

.................................................................................................................................................... 2

Government Securities Act (Cap. 421) Kenya
GOVERNMENT SECURITIES ACT
CAP. 421
Assented to on 9 December 1963
Commenced on 12 December 1963
[Amended by Kenya (Amendment of Laws) (Written Laws) Order, 1963 (Legal Notice 2 of 1964) on 7 January 1964]
AN ACT to continue the qualification of Kenya Government securities for treatment in the United
Kingdom as trustee securities; to repeal the Trustee Investment in Kenya Government Securities Act; and
for purposes connected therewith and incidental thereto
1. Short title
This Act may be cited as the Government Securities Act
2. Application of Act
This Act shall apply to all securities heretofore or hereafter created or issued in the United Kingdom on
behalf of the Government of Kenya—
(a) in which a trustee might at any time have invested by virtue of section 2 of the Colonial Stock Act,
1900, of the Parliament of the United Kingdom; or
(b) by the conditions of issue of which it is provided that the provisions of this Act shall apply to them,
each and all of which securities are hereafter referred to as Kenya Government securities. [L.N. 2/1964.]
3.

ovisions of this Act shall apply to them,
each and all of which securities are hereafter referred to as Kenya Government securities. [L.N. 2/1964.]
3.

Provision for payment of money due to stockholders
(1) Whenever by the final judgment, decree, rule or order of any court of competent jurisdiction in the
United Kingdom any sum of money is adjudged or declared to be payable by the Kenya Government
in respect of any Kenya Government securities, that sum shall without further appropriation than
this Act, be charged on and paid out of the revenues of Kenya and adequate funds, as and when
required, shall be made available in the United Kingdom by the Government of Kenya to meet any
such final judgment, decree, rule or order. (2) For the purposes of this section, final judgment, decree, rule or order, means in the case of an
appeal the final judgment, decree, rule or order of the ultimate court hearing the appeal. [L.N. 2/1964.]
4.

e, rule or order, means in the case of an
appeal the final judgment, decree, rule or order of the ultimate court hearing the appeal. [L.N. 2/1964.]
4.

Certificate of paying agent
A certificate specifying the sum paid under order of any such court as aforesaid to satisfy any such final
judgment, decree, rule or order and issued by the agent in the United Kingdom of the Government of
Kenya authorized to make such payment shall be sufficient authority to the Controller and Auditor-
General or other officer having the auditing of the accounts of such agent for passing such sum without
further appropriation. [L.N. 2/1964.]
5. As to subsequent legislation
Legislation which appears to Her Majesty’s Government in the United Kingdom to alter any of the
provisions affecting Kenya Government securities to the injury of the holders thereof or to involve a
1

ment in the United Kingdom to alter any of the
provisions affecting Kenya Government securities to the injury of the holders thereof or to involve a
1

Government Securities Act (Cap. 421) Kenya
departure from the original contract in regard to those securities shall not become law except after
agreement with Her Majesty’s Government in the United Kingdom, and if attention is drawn to such
legislation after the passing thereof, the Government of Kenya will take the necessary steps to ensure such
amendment as may be requested by Her Majesty’s Government in the United Kingdom.
6. Repeal of Cap. 421
The Trustee Investment in Kenya Government Securities Act is hereby repealed.
2