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(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 in consultation with the Cabinet Secretary from time to time by order published in the Gazette.(2) The Board of Trustees shall serve on every Sacco society a notice specifying the amount and the period, which shall not be later than twenty-one days after the date of service of the notice, within which the amount shall be paid into the Deposit Guarantee Fund by the Sacco society.(3) A Sacco society which, for any reason, fails to pay its contribution to the Fund within the period specified in a notice issued under subsection (2) shall be liable to pay to the Fund a penalty interest charge not exceeding one half per cent of the unpaid amount for every day outside the notice period on which the amount remains unpaid.(4) If it appears to the Board of Trustees that the affairs of a Sacco society are being conducted in a manner detrimental to its own interests or to the interests of its members, the Board of Trustees may increase the contributions of that Sacco society beyond the maximum amounts gazetted.
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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.
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