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 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 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 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...