Section 54 of Sacco Societies Act CAP 490B: Publication and sharing of information

(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 this Act.
(2) The information furnished under this subsection shall not be published if it would disclose the financial affairs of any person in a level of detail down to the individual account holder, unless the consent in writing of that person has first been given.
(3) Except as provided in this Act, no person shall disclose or publish any information which comes into his possession in the course of the performance of his duties or responsibilities under this Act and, if he does so, he shall be deemed to have contravened the provisions of this Act.
(4) A person who discloses or publishes any information on contravention of subsection (3) commits an offence.
(5) Notwithstanding the provisions of this section—
(a) the Authority may disclose any information received by it under this Act to any financial regulatory authority, tax authority, fraud investigations authority or pursuant to a court order, within or outside Kenya, where such information is reasonably required for the proper discharge of the functions of the Authority or the requesting financial regulatory authority, tax authority, investigation authority or court;
(b) Sacco societies shall, in the ordinary course of business and in such manner and to such extent as the Cabinet Secretary may, by regulation prescribe, exchange such information on non-performing loans as may, from time to time, be specified by the Authority;
(c) the Authority and any Sacco society may, in the ordinary course of business in such manner and to such extent as the Cabinet Secretary may, by regulation prescribe, exchange such information as is reasonably required for the proper discharge of their functions.(6) No duty, to which a Sacco society or its officers may be subject, shall be breached by reason only of the disclosure, in good faith, of any information under this section to—
(a) the Authority or to another Sacco society; or
(b) a credit reference bureau; in the course of the performance of their duties and no action shall lie against the Sacco society or any of its officers on account of such disclosures.

More Sections

Section 55 - Establishment of the Deposit Guarantee Fund

(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...

Section 56 - The Board of Trustees

(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...

Section 57 - Remuneration etc, and conduct of affairs of Board of Trustees

(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)...

Section 58 - Sources of the Deposit Guarantee Fund

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...

Section 59 - Protection of deposits

(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...

Section 60 - Contribution to the Deposit Guarantee Fund

(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...

Section 61 - Annual report

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.

Section 62 - Declaration of holidays

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,...

Section 63 - Orders by the High Court

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)...

Section 64 - Default by officers

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...

Section 65 - Miscellaneous offences

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...

Section 66 - General penalty.

(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...

Section 67 - Application of the Co-operative Societies Act, 1997

(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...

Section 68 - Regulations

(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...

Section 69 - Transitional provisions

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...

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