Browse an Act, find a provision and read each section in context.
Browse Acts ↓Where any institution or other person contravenes any of the provisions of 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 officer of that institution or person shall be guilty of an offence an…
(1) Any officer of an institution who— (a) fails to take all reasonable steps to secure the compliance of the institution with this Act; or (b) fails to take all reasonable steps to secure the accuracy and correctness of any statement submitted under this Act or any other written law applicable to b…
(1) Any institution or other person who issues any advertisement, brochure, circular or other document inviting any person to make a deposit which— (a) falsely represents that he is authorized to accept deposits or is otherwise licensed under the provisions of this Act; or (b) is issued contrary to…
(1) For the avoidance of doubt, no contravention of the provisions of this Act or the Central Bank of Kenya Act (Cap. 491) shall affect or invalidate in any way any contractual obligation between an institution and any other person. (2) The provisions of subsection (1) shall apply with retrospective…
(1) Subject to subsection (2), where there is a conflict between the provisions of this Act and the provisions of any other written law applicable to an institution licensed under this Act, the provisions of this Act shall prevail. (2) For the purposes of subsection (1), the expression "written law"…
(1) The Cabinet Secretary may, by notice in the Gazette, exempt an institution from the provisions of section 12, 13 or 14 subject to such conditions as the Cabinet Secretary considers necessary. (2) An exemption granted under subsection (1) shall remain in force for such period specified in the not…
(1) This Act does not apply to— (a) the Kenya Post Office Savings Bank established under the Kenya Post Office Savings Bank Act (Cap. 493B); (b) the Agricultural Finance Corporation established under the Agricultural Finance Corporation Act (Cap. 323); (c) a society registered as a co-operative soci…
All persons subject to this Act shall enjoy all rights and fundamental freedoms enshrined in the Constitution unless limited to the extent specified in Article 24 of the Constitution, this Act or any other Act.
(1) The right to privacy guaranteed under Article 31 of the Constitution is hereby limited under Article 24 of the Constitution only to the nature and extent contemplated under subsection (2). (2) Where a person is suspected or accused of an offence under this Act — (a) the person’s home or property…
(1) The Central Bank may make regulations generally for carrying out the purposes and provisions of this Act. (2) Without prejudice to the generality of subsection (1), the Central Bank may, in regulations, prescribe penalties to be paid by institutions, credit reference bureaus or any other person…
(1) The Banking Act (No. 56 of 1968) is repealed. (2) Notwithstanding subsection (1), whereupon the commencement of this Act any bank or financial institution is licensed to transact banking business or the business of a financial institution in Kenya, that licence shall have effect as if granted un…
The several written laws specified in the first column of the Second Schedule are amended, in relation to the provisions thereof specified in the second column, in the manner specified in the third column.
This Act may be cited as the Sacco Societies Act.
In this Act, unless the context otherwise requires— "associate" means— (a) in relation to a company or other body corporate— (i) its non-operating holding company or its subsidiary; (ii) a subsidiary of its non-operating holding company; (iii) a holding company of its subsidiary; (iv) any person who…
(1) This Act shall apply to— (a) every deposit-taking business; (b) specified non-deposit taking business, in the manner specified in subsection (2). (2) For the purposes of subsection (1)(b), the Cabinet Secretary may make regulations— (a) specifying the non-deposit taking business to which that su…
(1) There is established an Authority to be known as the Sacco Societies Regulatory Authority. (2) The Authority shall be a body corporate with perpetual succession and a common seal and shall be capable, in its corporate name, of — (a) suing and being sued; (b) taking, purchasing or otherwise acqui…
The objects and functions of the Authority shall be to— (a) license Sacco societies to carry out deposit-taking business in accordance with this Act; (b) regulate and supervise Sacco societies; (c) hold, manage and apply the General Fund of the Authority in accordance with the provisions of this Act…
(1) The oversight function and management of the Authority shall vest in a Board of the Authority which shall comprise— (a) the Chairperson to be appointed by the Cabinet Secretary from amongst the members appointed under paragraph (e); (b) the Principal Secretary to the Treasury or his representati…
The Board shall have all the powers necessary for the performance of its functions under this Act and, in particular, shall have the power to— (a) supervise, control and administer the assets of the Authority in such manner and for such purposes as would best promote the objects and functions for wh…
(1) The Board may appoint committees from among its own members or otherwise, to carry out such general or special functions as may be specified by the Board. (2) The Board may, by resolution, either generally or in any particular case, delegate to any committee of the Board or to any member, office…
(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 order of the Board. (2) The common seal of the Authority when affixed to a document and duly authenticated shall be judicially and officially noticed and unless and until th…
The Authority, in consultation with the Cabinet Secretary, shall pay members of the Board such remuneration or allowances for their services and expenses as it may determine.
The conduct of the business of the Board shall be as provided in the Schedule, but subject thereto, the Board may regulate its own procedure.
(1) There shall be a chief executive officer who shall be appointed by the Board, in consultation with the Cabinet Secretary, and whose terms and conditions of service shall be determined by the Board in the instrument of appointment or otherwise in writing from time to time. (2) No person shall be…
(1) The Board may appoint such other officers and employees as it considers necessary for the efficient discharge of its duties and responsibilities. (2) The officers and employees appointed under subsection (1) shall be remunerated in such manner and at such rates, and shall be subject to such cond…
(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 executing the functions, powers or duties of the Authority, render the officer or employee so acting, personally liable for any action, claim or demand. (2) Subsection (1) sh…
(1) The Authority may by order published in the Gazette, impose a levy to be known as the Sacco societies levy on the deposits held in deposit-taking Sacco societies, or on such other base as the Authority may determine in the case of Sacco societies carrying out non-deposit taking business specifie…
(1) There is established a fund of the Authority to be known as the General Fund of the Authority which shall vest in the Authority. (2) There shall be paid into the General Fund— (a) all proceeds of the levy; (b) such moneys or assets as may accrue to or vest in the Authority in the course of the e…
(1) The Authority may invest its funds in any securities which for the time being are authorized for trust funds or in any other securities which the Cabinet Secretary may, from time to time, approve. (2) The Authority may place on deposits with such bank or banks as it may determine, any moneys not…
The financial year of the Authority shall be the period of twelve months ending on the thirtieth of June in each year.