[Rev. 2012]
Kenya Broadcasting Corporation
CAP. 221
revaluations, changes in prices or similar factors, the value of the fixed assets shall
be adjusted adequately to reflect such currency revaluation changes in prices or
similar factors.
(3) In the exercise of its duty under subsection (1), the Corporation may, subject
to section 41, invest moneys standing to the credit of the Corporation in such
securities as the Board thinks fit.
39. Borrowing powers
(1) The Corporation may borrow money by the issue of loan stock on such
terms as may be approved by the Minister for time being responsible for Finance.
(2) The Corporation may otherwise borrow money or obtain credit in Kenya or
elsewhere for the purposes of the Corporation with the concurrence of, and subject
to such limitations as may be imposed by the Minister responsible for Finance.
(3) Stock issued under subsection (1) and moneys borrowed or credit obtained
under subsection (2) approved by the Minister responsible for Finance for the
purposes of this subsection, and all interest and other charges payable in respect
of such stock, moneys or credit, shall, unless the instrument or note evidencing or
supporting the borrowing shall otherwise provide, be charged upon all the property,
undertaking and revenue of the Corporation by operation of this section and without
further charge or instrument.
(4) Except as provided in this section, the Corporation shall not give or execute
any mortgage or charge over any of its property or assign its property by way of
security for borrowed money.
40. Financial year
The financial year of the Corporation shall be the period of twelve months
commencing on the 1st July and ending on the 30th June in the next succeeding
year:
Provided that the first financial year of the Corporation shall be the period
commencing on the date of commencement of this Act and ending on the 30th
June subsequent to that date.
41. Investment of funds
(1) The Board may invest any of the funds of the Corporation in securities in
which for the time being a trustee may by law invest trust funds or in any other
securities which the Treasury may from time to time approve for the purpose.
(2) The Board may place on deposit with such bank or banks or financial
institutions as it may determine any moneys not immediately required for the
purposes of the Corporation.
42. Annual estimates
(1) Before the commencement of a financial year the Board shall cause to be
prepared estimates of the revenue and expenditure of the Corporation for that year.
K3 - 14
[Issue 1]