Money and markets: financial changes brought about by the Finance Act, 2016

By Walter Amoko

 

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Further to our legal alert titled the “Kenya Government-led banking shake-up: the Banking (Amendment) Act, 2016”, the Banking Amendment Act, 2016 has now been published in the Kenya Gazette Supplement No. 143 confirming the date of commencement as 14th September, 2016.

In addition to the provisions on commencement of statutes highlighted in our earlier article, Article 116(2) of the Constitution further provides that an Act of Parliament comes into force fourteen (14) days after its publication in the Gazette, unless the Act stipulates a different date or time at which it will come into force. Section 9(1) (as earlier highlighted) is therefore inconsistent with Article 116(2) of the Constitution of Kenya, 2010. Article 2(4) of the Constitution, however, provides that, “Any law… that is inconsistent with this Constitution is void to the extent of the inconsistency...” and as such the Constitutional provision on commencement prevails.