Sacco Societies Act CAP 490B▤
Transitional provisions
A Sacco society which at the commencement of this Act, is carrying out deposit-taking business to which this Act applies shall, wi…
Explore resource↗
THE SHERIAPLEX COLLECTION
Kenyan legislation.
Find Acts and individual sections in a clear, focused reading experience.
70 results · Sacco Societies Act CAP 490B
Sacco Societies Act CAP 490B▤
Regulations
(1) The Cabinet Secretary shall, in consultation with the Authority, make regulations generally for the better carrying out of the…
Explore resource↗
Sacco Societies Act CAP 490B▤
Application of the Co-operative Societies Act, 1997
(1) For greater certainty, the provisions of the Co-operative Societies Act (Cap. 490) shall apply to a Sacco society carrying out…
Explore resource↗
Sacco Societies Act CAP 490B▤
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)…
Explore resource↗
Sacco Societies Act CAP 490B▤
Miscellaneous offences
Any officer of a Sacco society who wilfully— (a) with intent to deceive, falsifies any books of account, report, statement, record…
Explore resource↗
Sacco Societies Act CAP 490B▤
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…
Explore resource↗
Sacco Societies Act CAP 490B▤
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 i…
Explore resource↗
Sacco Societies Act CAP 490B▤
Declaration of holidays
Where the Authority considers that it is in the public interest that all Sacco societies, or a particular Sacco society should rem…
Explore resource↗
Sacco Societies Act CAP 490B▤
Annual report
The Board of Trustees shall, within three months after the close of each financial year, submit to the Cabinet Secretary a report…
Explore resource↗
Sacco Societies Act CAP 490B▤
Contribution to the Deposit Guarantee Fund
(1) Every Sacco society shall be a contributor to the Deposit Guarantee Fund and shall pay into the Deposit Guarantee Fund such an…
Explore resource↗
Sacco Societies Act CAP 490B▤
Protection of deposits
(1) The Deposit Guarantee Fund shall provide protection for members' deposits, but not shares, up to an amount of one hundred thou…
Explore resource↗
Sacco Societies Act CAP 490B▤
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…
Explore resource↗
Sacco Societies Act CAP 490B▤
Remuneration etc, and conduct of affairs of Board of Trustees
(1) The Board of Trustees shall pay its members such remuneration or allowances for expenses out of the Deposit Guarantee Fund as…
Explore resource↗
Sacco Societies Act CAP 490B▤
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 subsec…
Explore resource↗
Sacco Societies Act CAP 490B▤
Establishment of the Deposit Guarantee Fund
(1) There is hereby established a Fund to be known as the Deposits Guarantee Fund. (2) The Deposit Guarantee Fund shall vest in a…
Explore resource↗
Sacco Societies Act CAP 490B▤
Publication and sharing of information
(1) The Authority or the Cabinet Secretary, as the case may be, may publish in whole or in part, at such times and in such manner…
Explore resource↗
Sacco Societies Act CAP 490B▤
Application of Information and Communications Technology
(1) The Authority may establish and operate an electronic filing system for the purposes of electronic filing of the statutory ret…
Explore resource↗
Sacco Societies Act CAP 490B▤
Collection and furnishing of information to the Authority etc.
(1) The Authority or any person officially authorized in that behalf by the Authority may, by notice in writing, require any perso…
Explore resource↗
Sacco Societies Act CAP 490B▤
Powers of the Authority to intervene in management
(1) Where the Authority takes an enforcement action under section 51 it may— (a) appoint a person to manage the affairs of the Sac…
Explore resource↗
Sacco Societies Act CAP 490B▤
Supervisory enforcement actions
Where the Authority determines that a Sacco society conducts its business in a manner contrary to the provisions of this Act or of…
Explore resource↗
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…
Explore resource↗
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…
Explore resource↗
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…
Explore resource↗
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…
Explore resource↗