A person who possesses the following qualifications shall be eligible for membership: has attained the age of 18 years old; is of good character and sound mind; pays the entrance fee (of Kshs 500) and share capital (of Kshs 2,000 for 20 shares); is Kenyan citizen; and is not a member of more than one savings and credit co-operative (Sacco).
Every applicant shall complete an application form that will show all the information required for the purpose of member registration.
An applicant shall be admitted to membership:.
Upon payment of an entrance fee of Kshs 500 and for such other minimum shares as shall be periodically fixed by the general meeting
Upon admission, the member’s name shall be entered in the membership register and a membership number issued
The member shall sign or make a thumb mark in the register of members in the presence of two committee members to indicate their acceptance of the society’s by-laws
Members shall be admitted by the management committee subject to confirmation by the next general meeting
The member shall pay for a copy of the society’s by-laws at its actual cost to the society.
A member of the society shall have the rights to:
1.Attend and participate in decision-making at all general meetings of the society
2.Vote at the general meetings
3.Be elected to organs of the society (subject to the society’s by-laws)
4.Enjoy the use of all facilities and services provided by the society (subject to the society’s by-laws)
5.Access all legitimate information relating to the society, including internal regulations, registers, minutes of general meetings and supervisory committee’s reports, annual accounts, inventories, and investigation reports at the society’s registered office
Every member shall hold at least 20 shares of Kshs 100 each, as shall be fixed by the general meeting. However, no member shall hold more than one fifth of the total shares of the society.
With the approval of the management committee, a member may at any time transfer shares to another member but not to any other person. Such transfers must be in writing and at nominal value. All transfers of shares shall be registered in the society and none shall be valid unless so registered. A fee of Kshs 200 shall be payable by the transferee for every transfer.
The liability of a member shall be limited to the nominal value of shares held by them. In the event of liquidation, where available funds are insufficient to pay the full nominal value of the shares held by members, the funds shall be distributed pro-rata among the shareholders according to the amount of shares held by each.
Members in the society shall cease with effect from the date of death; withdrawal; expulsion; being certified insane; transferring shares to another member; failure to remit share contribution and loan repayment for a continuous period of six months without valid reasons or leave of the society; or ceasing to hold qualification for membership as specified provided that members who have lost the common bond may retain their membership.
The management committee may suspend a member subject to the decision of the general meeting to expel a person who: fails to fulfill their obligation to the society whether stated in the by-laws, general internal regulations, a resolution of the general meeting, or in contravention of any other legal document provided such a member has been called upon to do so but has failed; is a member of another Sacco having similar objects; acts in any manner prejudicial to the interest of the society provided that no member shall remain in suspension for a period of more than 12 months.