Sacco Societies Act CAP 490B▤
Preparation etc. of Sacco societies performance report
The Authority shall within four months of the closure of the financial year prepare and submit to the Cabinet Secretary a report o…
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Sacco Societies Act CAP 490B▤
Submission and publication of annual reports
(1) The Authority shall within four months of the closure of the financial year, submit to the Cabinet Secretary a report on the o…
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Sacco Societies Act CAP 490B▤
Accounts and audit
(1) The Authority shall cause to be kept proper books and records of accounts of the income, expenditure, assets and liabilities o…
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Sacco Societies Act CAP 490B▤
Annual estimates
(1) The Authority shall, at least three months before the commencement of the financial year, prepare estimates of revenue and exp…
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Sacco Societies Act CAP 490B▤
Financial year
The financial year of the Authority shall be the period of twelve months ending on the thirtieth of June in each year.
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Sacco Societies Act CAP 490B▤
Investment of funds of the Authority
(1) The Authority may invest its funds in any securities which for the time being are authorized for trust funds or in any other s…
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Sacco Societies Act CAP 490B▤
The Authority's General Fund
(1) There is established a fund of the Authority to be known as the General Fund of the Authority which shall vest in the Authorit…
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Sacco Societies Act CAP 490B▤
The Sacco societies levy
(1) The Authority may by order published in the Gazette, impose a levy to be known as the Sacco societies levy on the deposits hel…
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Sacco Societies Act CAP 490B▤
Protection from liability
(1) No matter or thing done by an officer or an employee of the Authority shall, if the matter or thing is done bona fide for exec…
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Sacco Societies Act CAP 490B▤
Appointment and remuneration of staff
(1) The Board may appoint such other officers and employees as it considers necessary for the efficient discharge of its duties an…
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Sacco Societies Act CAP 490B▤
Appointment and remuneration of the chief executive officer
(1) There shall be a chief executive officer who shall be appointed by the Board, in consultation with the Cabinet Secretary, and…
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Sacco Societies Act CAP 490B▤
Meetings and procedure of the Board
The conduct of the business of the Board shall be as provided in the Schedule, but subject thereto, the Board may regulate its own…
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Sacco Societies Act CAP 490B▤
Remuneration of the Board members
The Authority, in consultation with the Cabinet Secretary, shall pay members of the Board such remuneration or allowances for thei…
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Sacco Societies Act CAP 490B▤
Common seal of the Board
(1) The common seal of the Authority shall be kept in such custody as the Board may direct and shall not be used except on the ord…
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Sacco Societies Act CAP 490B▤
Committees and delegation of powers
(1) The Board may appoint committees from among its own members or otherwise, to carry out such general or special functions as ma…
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Sacco Societies Act CAP 490B▤
Powers of the Board
The Board shall have all the powers necessary for the performance of its functions under this Act and, in particular, shall have t…
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Sacco Societies Act CAP 490B▤
Board of the Authority
(1) The oversight function and management of the Authority shall vest in a Board of the Authority which shall comprise— (a) the Ch…
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Sacco Societies Act CAP 490B▤
Objects and functions of the Authority
The objects and functions of the Authority shall be to— (a) license Sacco societies to carry out deposit-taking business in accord…
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Sacco Societies Act CAP 490B▤
Establishment of the Authority
(1) There is established an Authority to be known as the Sacco Societies Regulatory Authority. (2) The Authority shall be a body c…
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Sacco Societies Act CAP 490B▤
Application
(1) This Act shall apply to— (a) every deposit-taking business; (b) specified non-deposit taking business, in the manner specified…
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Sacco Societies Act CAP 490B▤
Interpretation
In this Act, unless the context otherwise requires— "associate" means— (a) in relation to a company or other body corporate— (i) i…
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Sacco Societies Act CAP 490B▤
Short title
This Act may be cited as the Sacco Societies Act.
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