Section 58 of Sacco Societies Act CAP 490B: Sources of the Deposit Guarantee Fund

(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...