Unclimed Financial Assets (Amendment) Bill, 2024

SPECIALISSUE

Kenya Gazette Supplement No. 58 (National Assembly Bills No. 15)

REPUBLICOFKENYA

KENYA GAZETTE SUPPLEMENT

NATIONALASSEMBLYBILLS,2024

NAIROBI8thMarch,2024

CONTENT

| Bill for Introduction into the National Assembly- | PAGE | |-----------------------------------------------------|--------| | TheUnclaimed Financial Assets(Amendment) Bill,2024 | 407 |

THEUNCLAIMED FINANCIALASSETS (AMENDMENT)BILL,2024

A Bill for

AN ACT of Parliament to amend the Unclaimed Financial Assets Act and for connected purposes

ENACTED by theParliament of Kenya as follows-

• 1.This Act may be cited as the Unclaimed Financial
• Assets (Amendment) Act, 2024.
• 2.Section 8 of the Unclaimed Financial Assets Act, 2011 (in this Act referred to as "the Principal Act") is therefore the following new subsection-
• "(2) A holder of unclaimed assets described in subsection (1) shall file an initial one-time report ofunclaimed demutualization proceedsnot later than six months after this Act comes into
• force."

3. Section 28 of the principal Act is amended in subsection (5) by inserting the words "or such other person as the claimant may designate" immediately after the word "claimant". 4. Section 45 of the principal Act is amended-

• (a) by deleting subsection (l) and substituting therefor thefollowingnew subsection-
• "(1) Where the Authority is satisfied that a person is the owner of all orpart of the assets that became unclaimed assets and paid into the Fund, the Authority may pay out of the Fund to the owner or such other person as the owner may designate an amount equal to the value of those assets or part of those assets as the case may be."
• , om n ( n n ()y other person as the owner may designate" immediately after the word"owner";and
• (c) by deleting subsection (3) and substituting therefor the following new subsection-

Short title.

Amendmentof section8of No.40of 2011.

Amendmentof section28of No.40of 2011.

Amendmentof section45of

No.40of 2011.

MEMORANDUMOFOBJECTSANDREASONS

Statement of the objects and reasons for the Bill

The principal object of this Bill is to amend section 28 and 45 of the Unclaimed Financial Assets Act (No. 40 of 2011) to give a claimant or owner the power to designate the payment of a claim to another person.

Statement on the delegation of legislative powers and limitation of

fundamental rights and freedoms

The Bill does not delegate any legislative powers nor limit any

fundamental rights or freedom.

Statement on whether the Bill concerns county government

The Bill does not concern county governments in terms of Article

110 of the Constitution.

Statement as to whether the Bill is a money Bill within the meaning of Article 114 of the Constitution

The enactment of this Bill shall not occasion additional expenditure of public funds.

Dated the 8th February, 2024.

KIMANIICHUNG'WAH, Leader of Majority Party.