Section 56 of The Banking Act CAP 488: Repeal and savings

(1) The Banking Act (No. 56 of 1968) is repealed.
(2) Notwithstanding subsection (1), whereupon the commencement of this Act any bank or financial institution is licensed to transact banking business or the business of a financial institution in Kenya, that licence shall have effect as if granted under section 5 of this Act.
(3) If—
(a) any act or thing that was done or omitted to be done by or to the Cabinet Secretary under this Act before the commencement of the Companies and Insolvency Legislation (Consequential Amendments) Act, 2015 (No. 15 of 2015) had effect immediately before that commencement; and
(b) that act or thing could be done or be omitted to be done by or to the Cabinet Secretary under this Act after that commencement, that act or thing is taken to have been done or omitted to be done by or to the Cabinet Secretary.
(4) Notwithstanding the repeal of section 33B, any agreement or arrangement to borrow or lend which was made or entered into, or varied pursuant to the provisions of that section shall continue to be in force on such terms, including interest rates, and for the duration specified in the agreement or
arrangement:
Provided that the interest rate chargeable under that agreement or arrangement may be varied downwards