So far only S15 million worth of pending bills have been paid.In Nakuru County, the special audit revealed that pending Bills worth Sh2.08 billion are fake and that the actual figure is S20 million from the Sh2.37 billion contained in the OCOB report.
The cost of pending bills in Turkana county flagged by the OCOB stood at Sh633 million.
As this article is being written in early 2013, the OCOB is working on a proposed clarifications and corrections bill (the "Clarifications Bill") to clean up minor errors and omissions that were inevitable in a project of this magnitude.
(13) "As part of its examinations of a bank, the OCOB may assess the competence, composition, structure, and conduct of such bank's board of directors," based on various factors including the "asset size" of a bank and the "range and complexity" of its activities.
(32) "As part of its examination of a bank, the OCOB may assess the competence, composition, structure, and conduct" of its board of directors based on similar factors.
(76) OCOB interpreted this statute to provide the exclusive means for banks to provide equity compensation.
Under the Old Law, formal applications to the OCOB were not required for new activities generally, but were required whenever banks created various types of subsidiaries.
ORGANIZATION AND AUTHORITY OF THE COMMISSION AND THE OCOB
Article 2 of the BLMA provides for the OCOB's organization and administration, issuance of rules, and conduct of hearings.
The Commissioner also may employ examiners, investigators, counsel, and other employees, who with the Commissioner constitute the OCOB. The OCOB employees are exempt from certain provisions of state personnel rules relating to classification and compensation.
The OCOB is funded through the assessments it levies on the institutions it regulates, and the Commission approves the OCOB's budget.
Article Q of Chapter 53C provides that the OCOB's records are generally open to inspection and copying by the public, subject to the Commissioner imposing charges necessary to cover the cost of retrieval, copying, and posting.