Sacco Societies Act CAP 490B▤
Powers of the Authority to advise and direct
(1) If, at any time, the Authority has reason to believe that— (a) the business of a Sacco society is being conducted in a manner…
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Sacco Societies Act CAP 490B▤
Powers of the Authority to inspect
(1) The Authority may, at any time and from time to time, and shall, if so directed by the Cabinet Secretary, cause an inspection…
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Sacco Societies Act CAP 490B▤
Regulation and supervision of Sacco societies
(1) The Authority shall be responsible for the regulation and supervision of Sacco societies to which this Act applies. (2) Withou…
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Sacco Societies Act CAP 490B▤
Annual general meeting to be supreme organ
The annual general meeting of a co-operative society as established under the Co-operatives Societies Act (Cap. 490) shall be the…
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Sacco Societies Act CAP 490B▤
Display and publication of audited financial statements
(1) A Sacco society shall display, throughout the year, in a conspicuous position in every place of business, a copy of its last a…
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Sacco Societies Act CAP 490B▤
Qualifications of external auditors
A person shall be qualified for appointment as an external auditor of a Sacco society if that person— (a) is qualified as an audit…
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Sacco Societies Act CAP 490B▤
Appointment of external auditors
(1) Every Sacco society shall, in each financial year, have an external auditor who shall be— (a) a person qualified under section…
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Sacco Societies Act CAP 490B▤
Appointment of internal auditor
(1) Every Sacco society shall appoint an internal auditor who shall report to the board of directors on the internal control syste…
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Sacco Societies Act CAP 490B▤
Disclosure requirements
The disclosures in the financial statements of a Sacco society shall include disclosures on— (a) members, if any, who hold more th…
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Sacco Societies Act CAP 490B▤
Submission of accounts to the Authority
(1) A Sacco society shall, not later than three months after the end of each financial year, submit to the Authority, in the presc…
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Sacco Societies Act CAP 490B▤
Form of accounts
(1) Every Sacco society shall keep proper books of accounts. (2) Every Sacco society shall keep accounts and records which— (a) sh…
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Sacco Societies Act CAP 490B▤
Financial year
The financial year of a Sacco society shall be the period of twelve months ending the thirty-first December in each year.
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Sacco Societies Act CAP 490B▤
Investment by Sacco societies
(1) The funds of a Sacco society may be invested in— (a) securities, obligations or, other debt instruments issued or guaranteed b…
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Sacco Societies Act CAP 490B▤
Dormant accounts
The treatment of members' dormant accounts shall be in such manner as may be prescribed by the Authority.
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Sacco Societies Act CAP 490B▤
Charge against shares and savings deposits
(1) A Sacco society shall have a first charge against deposits and share capital and upon any dividend or interest payable to a me…
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Sacco Societies Act CAP 490B▤
Insider lending
(1) A Sacco society may make loans to its employees and members of its board of directors. (2) The conditions for the grant of a l…
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Sacco Societies Act CAP 490B▤
Limits on loans and credit facility
(1) No Sacco society shall grant a loan or credit facility to a member where the loan or credit facility, in the aggregate, exceed…
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Sacco Societies Act CAP 490B▤
Application for loan or credit facility
(1) Any member of a Sacco society may apply to the Sacco society for a loan or credit facility in writing. (2) A person who applie…
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Sacco Societies Act CAP 490B▤
Place of business
(1) No Sacco society may open in Kenya a branch or a new place or business or change the location of a branch or the existing plac…
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Sacco Societies Act CAP 490B▤
Prohibited business
A Sacco society shall engage only in such business as the Authority shall prescribe.
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Sacco Societies Act CAP 490B▤
Minimum liquid assets
(1) A Sacco society shall maintain such minimum holding of liquid assets of its members' deposits and borrowings as may be prescri…
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Sacco Societies Act CAP 490B▤
Minimum capital requirements
All Sacco societies shall comply with and maintain at all times the minimum capital requirements as may be prescribed by the Autho…
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Sacco Societies Act CAP 490B▤
Publication of Sacco societies
The Authority shall cause the list of all Sacco societies to be published once every year in the Gazette and at least in one newsp…
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Sacco Societies Act CAP 490B▤
Revocation of licence
(1) The Authority may, by notice in writing to a Sacco society, revoke the licence if the Sacco society— (a) ceases to carry on de…
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