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(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 liable to a fine not exceeding one hundred thousand shillings; and(b) every director, committee member, employee or agent of a Sacco society or person shall be guilty of an offence and liable to a fine not exceeding one hundred thousand shillings or to imprisonment for a term of not less than twelve months or to both such fine and imprisonment.(2) It shall be a defence to a person charged with an offence under this section to prove that he was not aware that the contravention was taking place or was intended or about to take place, or that he took all reasonable steps to prevent the contravention.
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(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...