Section 41 of Sacco Societies Act CAP 490B: Submission of accounts to the Authority

The disclosures in the financial statements of a Sacco society shall include disclosures on— (a) members, if any, who hold more than twenty percent of the share capital and deposits in the Sacco...

(1) Every Sacco society shall appoint an internal auditor who shall report to the board of directors on the internal control systems and financial matters of the society. (2) No person shall be...

(1) Every Sacco society shall, in each financial year, have an external auditor who shall be— (a) a person qualified under section 45; (b) approved by the annual general meeting of that society;...

A person shall be qualified for appointment as an external auditor of a Sacco society if that person— (a) is qualified as an auditor under the Companies Act (Cap. 486); (b) is among the list of...

(1) A Sacco society shall display, throughout the year, in a conspicuous position in every place of business, a copy of its last audited financial statements in the prescribed format. (2) A Sacco...

The annual general meeting of a co-operative society as established under the Co-operatives Societies Act (Cap. 490) shall be the supreme organ of a Sacco society.

(1) The Authority shall be responsible for the regulation and supervision of Sacco societies to which this Act applies. (2) Without prejudice to the generality of subsection (1), the Authority...

(1) The Authority may, at any time and from time to time, and shall, if so directed by the Cabinet Secretary, cause an inspection to be made by any person authorized by the Authority in writing of any...

(1) If, at any time, the Authority has reason to believe that— (a) the business of a Sacco society is being conducted in a manner contrary to or not in compliance with the requirements of this Act or...

Where the Authority determines that a Sacco society conducts its business in a manner contrary to the provisions of this Act or of any regulations made thereunder or any other Act or in any manner...

(1) Where the Authority takes an enforcement action under section 51 it may— (a) appoint a person to manage the affairs of the Sacco society and to exercise all the powers of the society to the...

(1) The Authority or any person officially authorized in that behalf by the Authority may, by notice in writing, require any person to furnish to the Authority or to the authorized person, within such...

(1) The Authority may establish and operate an electronic filing system for the purposes of electronic filing of the statutory returns and documents or other information required to be furnished to...

(1) The Authority or the Cabinet Secretary, as the case may be, may publish in whole or in part, at such times and in such manner as it or he thinks fit, any information furnished to it or him under...

(1) There is hereby established a Fund to be known as the Deposits Guarantee Fund. (2) The Deposit Guarantee Fund shall vest in a Board of Trustees appointed under section 56. (3) The moneys...

(1) The Board of Trustees shall consist of— (a) the Chairperson who shall be elected from among the members appointed under subsection (2)(b) and (f); (b) the Chairperson of the Board of the...

(1) The Board of Trustees shall pay its members such remuneration or allowances for expenses out of the Deposit Guarantee Fund as it may determine after consultation with the Cabinet Secretary. (2)...

The Deposit Guarantee Fund shall consist of— (a) moneys contributed to the Deposit Guarantee Fund by Sacco societies in accordance with section 60; (b) income investment interest accruing to the...

(1) The Deposit Guarantee Fund shall provide protection for members' deposits, but not shares, up to an amount of one hundred thousand shillings in respect of each member. (2) The amount being the...

(1) Every Sacco society shall be a contributor to the Deposit Guarantee Fund and shall pay into the Deposit Guarantee Fund such annual amount, and at such times, as the Board of Trustees may determine...

The Board of Trustees shall, within three months after the close of each financial year, submit to the Cabinet Secretary a report on the operations of the Deposit Guarantee Fund for that year.

Where the Authority considers that it is in the public interest that all Sacco societies, or a particular Sacco society should remain closed on a day which is not a public holiday, the Authority may,...

The High Court may, on application made ex-parte by the Authority or a statutory manager or liquidator, if it considers it to be in the interest of the members of a Sacco society, make an order— (a)...

Any officer of a Sacco society who fails to— (a) take all reasonable steps to secure the compliance of the Sacco society with this Act or regulations made under this Act; (b) take all reasonable...

Any officer of a Sacco society who wilfully— (a) with intent to deceive, falsifies any books of account, report, statement, record or other document of the society; (b) signs, issues, publishes or...

(1) Where any Sacco society or other person contravenes any of the provisions of this Act or regulations made under this Act— (a) if it is a body corporate, it shall be guilty of an offence and...

(1) For greater certainty, the provisions of the Co-operative Societies Act (Cap. 490) shall apply to a Sacco society carrying out deposit-taking business under this Act with respect to any matter, to...

(1) The Cabinet Secretary shall, in consultation with the Authority, make regulations generally for the better carrying out of the provisions of this Act. (2) Despite the generality of subsection...

A Sacco society which at the commencement of this Act, is carrying out deposit-taking business to which this Act applies shall, within twelve months from the date of commencement, or such shorter...