A person who possesses the following qualification shall be eligible for membership:
Has attained the age of 18 years.
Is of good character and sound mind.
Pays the entrance fee and share capital as prescribed.
Provided that no member shall belong to more than one Sacco society having similar objects operating within the same area of operation.
Application For Membership
Every applicant for membership shall complete an “application for membership” form. This form shall be drawn to show all the information required for the purpose of registration of members.
Admission Into Membership
An applicant shall be admitted to membership on application upon payment of an entrance fee of Kshs.1,000 (One Thousand Shillings Only) and for such other minimum shares as shall be fixed by the General meeting from time to time.
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 members of the committee to indicate his/her acceptance of the by-laws of the society.
Members shall be admitted by the 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.
Refusal Of Membership
The Committee may refuse admission to a person after assigning reasons for their decision. Such a person, if otherwise eligible for membership, shall have the right to appeal to the next General Meeting through a member.
Rights of Members
A member of the society shall have the right to:
Attend and participate in decision making at all general meetings of the society and vote;
Be elected to organs of the society, subject to these by-laws;
Enjoy the use of all the facilities and services of the society subject to the society’s by-laws;
All legitimate information relating to the society, including internal regulations, registers,
Minutes of general meetings and supervisory committees reports, annual accounts, inventories and investigation reports, at the society’s registered office.
Obligations Of Members
A member of the society shall have the obligation to:
Observe and comply with all the society’s by-laws and decisions taken by the relevant organs of the society;
Buy and pay up for shares or make any other regular payments provided for in these by-laws;
Meet the debts of the society in case of insolvency in accordance with the provisions of the Act and these by-laws.
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The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind.
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