Amref Sacco Bylaws

7/24/2019 Amref Sacco Bylaws

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1

BY-LAWS

OF

AMREF CO-OPERATIVE SAVINGS AND CREDIT SOCIETY LIMITED

1. NAME AND AREA OF OPERATION

The society shall be called AMREF Co-operative Savings and Credit Society Limited

hereinafter referred to in these By-laws as the Society; and its area of operation shall be

Republic o !e"#$.

2. REGISTERED OFFICE AND POSTAL ADDRESS

a. The registered office of the Society shall be at AMR!-"ilson Airport# $airobi and its

postal address shall be %.& Bo' ()*2+- ))*)) $airobi.

b. $otice of any change of address of the society shall be gi,en to the oissioner for

o-operati,e /e,elopent 0hereinafter referred to as oissioner1 and to all the

ebers of the Society throgh their last 3nown address of sch ebers in the

Society records.

(. DEFINITIONS AND INTERPRETATIONS

a. 4n these by-laws# nless the conte't otherwise sggests# words or phrases shall be

defined5interpreted in accordance with the o-operati,e Societies Act# $o.*2 of *667#

the o-operati,e Societies 0Aendent1# Act# 2))8 and the ooperati,e SocietiesRles ade therender; hereinafter referred to as the Act and the Rles9

respecti,ely.

b. 4n these by-laws nless the conte't otherwise sggests# words or phrases that denotes

ascline gender shall also be constred to ean feinine gender.

c. Any :estions concerning interpretation of these by-laws or any atters not pro,ided

for therein# errors and oissions shall be referred to the Tribnal.

8. OB%ECTS

The obects for which the Society is established are to organi


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=. CO-OPERATIVE PRINCIPLES

The Society shall reflect the o-operati,e ,ales by applying the following principles as

general gidelines in its acti,ities.

a. Volu"'$(# $") Ope" Me*be(+,ip

The priary prpose of this society shall be to ser,e its ebers and# as applicable#

non-ebers# in a prdent and effecti,e anner. "ithin its capacity to adit ebers#

the Society shall be open on a ,olntary basis# withot political# religios# gender or

social discriination# to all who can contribte to# and benefit fro its acti,ities.

b. De*oc($'ic Me*be( Co"'(ol

The Society is a deocratic and participatory organi


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c. Co"ce(" o( Co**u"i'# i" Ge"e($l

The society will be concerned abot the conities in which it e'ists. "hile focsing

on ebers needs# it will stri,e for the sstainable de,elopent of those conities

throgh policies that are respectfl of the en,ironent and acceptable to the ebers.

7. SPECIFIC OB%ECTS OF T0E SOCIETY

a. To proote thrift aong its ebers by affording the an opportnity for

acclating their sa,ings and deposits and to create thereby a sorce of fnds fro

which loans can be ade to the e'clsi,ely for pro,ident and prodcti,e prposes# at

a fair and reasonable rate of interest thereby enabling the to se and control their

oney for their tal benefit.

b. To perfor all those fnctions and e'ercise all those powers designated for sa,ings and

credit co-operati,e societies nder the applicable law for the benefit of ebers.

c. To perfor within the rele,ant law 0The Act# the Rles and these By-laws1 all those

acts# deeds and things necessary to frther enhance# proote or encorage any or all of

the foregoing prposes and obects pro,ided that sch acts# deeds and things are

appro,ed by the @eneral Meeting.

. MEMBERS0IP COMPOSITION

Mebers shall consist of>-

a. &riginal ebers who signed the application for registration of the Society and

b. $ew ebers sbse:ently aditted in accordance with these By-laws and whose

naes are entered in the register of ebers.

6. MEMBERS0IP ELLIGIBILITY

A person of either se' shall be eligible for ebership if he possesses all of the following

:alifications> -

. 4s within the field of ebership consisting of the following coon bond> -

i. 4s an eployee of a $on @o,ernental &rgani -

. ealth#

. onity de,elopent#

. Agricltre#

. n,ironental#

. Social and hanitarian.

&r

. 4s an eployee of the Society.


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b. 4s o,er * years of age

c. 4s of good character and sond ind.

*). APPLICATION FOR MEMBERS0IP

,ery applicant for ebership shall coplete an Application for Mebership for. This

for shall be drawn so as to show all the inforation re:ired for the prpose of a Register of

ebers. The copleted for# when filed in serial order# shall constitte the Register of

ebers as re:ired nder the Rles.

**. ADMISSION INTO MEMBERS0IP

An applicant shall be aditted to ebership on being accepted by aority of the

Manageent coittee and confired by a sbse:ent @eneral Meeting bt shall not :alifyfor the rights and pri,ileges of ebership ntil he has paid an entrance fee of CShs +)) and

at least 2+ shares of CShs 2) each paid in fll.

*2. REF&SAL OF MEMBERS0IP

The Manageent coittee ay refse ebership to any person gi,ing hi ,alid reasons#

pro,ided that the person whose ebership has been refsed# if otherwise eligible for

ebership# shall ha,e the right to appeal to the @eneral Meeting. Any sch appeal st be

spported by at least ten ebers.

*(. MEMBERS PASSBOO!

,ery eber shall recei,e a passboo3# which shall contain fll particlars as to his

ebership# and in which shall be recorded his shares# deposits5cash withdrawals and loan

transactions with the society. A passboo3 signed by a flly athori


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b. ,ery appointent of a noinee0s1 by a eber shall be ade in writing and signed by

the eber in the presence of two or ore copetent witnesses

c. "here ore than one noinee is appointed by a eber# the eber shall specify the

aont or proportion of shares to be transferred to each noinee. %ro,ided# howe,er#

that where no aont or proportion is specified each noinee shall recei,e an e:al

share.

d. A eber desiros of changing his noinee0s1 ay do so at any tie pro,ided that

sch change or alterations is in writing and singed by the eber in presence of at least

two copetent witnesses

e. The particlars of noinee0s1 shall be recorded on a for as prescribed in schedle to

the rle and 3ept in a sealed en,elope in the cstody of the Manager or Secretary and

whose reference shall be entered in the register of ebers

f. 4f not aditted to ebership# the noinee0s1 shall be paid the ,ale of the deceased

eber9s shares or interest# less any s de by the latter to the society# within one

year after the death of the eber.

*=. PERSONAL REPRESENTATIVE

"here a deceased eber had not appointed a noinee in the prescribed anner his share#

deposits and interest shall be paid to sch a person who in the proper dgent of the

coittee appears to be a person closely related to the deceased eber who ay be a

personal representati,e

*7. CEASATION OF MEMBERS0IP

a. Mebership in the society shall cease with effect fro the date of a eber> -

i. Being e'pelled fro ebership;

ii. "ithdrawing all his shareholdings;

iii. Becoing certifiably insane;

i,. &n transfer of all his shares;

,. /ying;

,i. !ailing to contribte his sa,ings and loan payent for a consecti,e period of (

onths.

b. A eber ay apply for e'eption fro by-law *70a10,i1 if he is proceeding on an

npaid stdy lea,e not e'ceeding *+ onths. Sch an application st be in writing and

appro,ed by the Manageent coittee.


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*. WIT0DRWAL BY MEMBERS

A eber ay at any tie withdraw fro the society by gi,ing at least two onth9s

written notice.

*6. S&SPENSION AND E3P&LSON OF MEMBERS

The Manageent coittee ay sspend a eber pending e'plsion by a general

eeting who> -

a. 4s con,icted in a cort of law for a criinal offence in,ol,ing dishonesty# against the

society9s property;

b. "illflly defalts in the repayent of loans or part of loan de for a period e'ceeding

three onths;

c. Acts in any way predicial to the interest of the society.

2). APPEAL AGAINST E3P&LSION

A eber so sspended shall ha,e the right to appeal to the ne't general eeting con,ened

in accordance with these by-laws which ay reinstate hi.

2*. PAYMENT TO E3PELED MEMBERS

A eber who withdraws or is e'pelled shall be repaid the following aonts after

dedctions of any debts owed by hi to the society as borrower# endorser# garantor orotherwise> -

a. The noinal or boo3 ,ale of his shares# pro,ided howe,er that# the Manageent

oittee ay re:ire a a'i of =) days written notice of intention to withdraw

shares;

a. Any di,idends or interest that has been declared on the date ebership ceased;

c. Any deposits or other ss held by the society on his behalf.

22. F&NDS

The fnds of the Society shall consist of> -

a. ntrance fee of CShs +))5D per eber

b. An nliited nber of shares to the ,ale of CShs 2) each;

c. /eposits or loans fro ebers or non-ebers;

d. A reser,e !nd as re:ired nder by-law 26 and any other reser,es as ay be

established with the appro,al of the @eneral Meeting;

e. Any srpls reslting fro operations of the society;

f. !nds obtained fro other lawfl sorces.


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2(. APPLICATION OF F&NDS

The fnds of the society shall only be applied to the prootion of the stated obects and

prposes of the society as set forth in these by-laws and as deterined or appro,ed by the

@eneral Meeting.

28. S0ARES AND DEPOSITS

a. The noinal ,ale of each share shall be CShs 2)5D and e,ery eber shall hold at

least 2+ Shares in the society# bt no eber shall hold ore than *5+ of the total shares

of the society. $on-ebers shall not hold shares bt ay hold deposits.

b. A eber ay contribte any aont towards the prchase of shares# pro,ided# that the

Manageent coittee ay fi' a ini aont in ltiples of CShs 2) that ay

be paid in by a eber at any one tie.

2+. TRANSFER OF S0ARES

a. "ith the appro,al of the Manageent coittee# a eber ay transfer all his shares

to another eber bt not to any other person. Sch transfers st be in writing# and at

noinal ,ale.

b. All transfers of shares st be registered with the Secretary# and no transfers shall be

,alid nless so registered. The coittee ay re:ire payent of a fee as it ay

decide for each sch transfer.

c. The Manageent oittee shall ha,e the right at any tie to re:ire ebers to gi,e=) days written notice of intention to withdraw shares.

d. Shares of a person who ceases to be a eber nder the pro,isions of this by-law and

does not a3e a clai for a refnd will be transferred to the e'-ebers deposit

accont. 4f no clai is ade within a period of 7 years fro the date when the person

ceased to be a eber# the aont ay be absorbed by ledger charges o,er a period of

( years pon athori


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27. POWER TO BORROW

a. Eoans ay be obtained fro ebers and non-ebers# sbect to the a'i

aont# appro,ed by the @eneral Meeting and the oissioner.

b. !or the necessary secring of any loans accepted by the society nder by-law 2=# the

society ay grant a charge o,er its assets. The athority to grant a charge shall be

reser,ed to the @eneral Meeting.

c. The rate of interest on deposits# or loans# shall not e'ceed the crrent ar3et rates

e'cept with the appro,al of the general eeting.

2. RECEIPTING FOR MONEY

Money paid in or ot on accont of shares# deposits# loans# interest# fees# or fines shall be

e,idenced by an entry in the Mebers %ersonal accont or an issance of an official receiptin the nae of the Society.

26. RESERVE F&ND

The society shall aintain a stattory reser,e fnd# which shall be applied as set ot in the

Rles. Fnless otherwise resol,ed by the @eneral Meeting# the Reser,e !nd shall be

credited with 2)G of the net srpls of each financial year. 4t shall also be credited with all

entrance fees.

(). GENERAL MEETINGS

The spree athority of the society shall be ,ested in the general eeting of ebers.

Sch eetings shall be held as follows> -

a. The Annal @eneral eeting shall be held e,ery year within *2) days of the close of the

financial year to hold elections and to nderta3e sch other bsiness as is laid down in

these by-laws;

b. Any bsiness not copleted at the Annal @eneral Meeting# sch as acting pon the

aditor9s report 0if not recei,ed by the tie of the eeting1# disposal of the net srpls#

etc# ay be ta3en p at a sbse:ent Special @eneral Meeting# or at the ne't Annal

@eneral Meeting.

c. A special general eeting shall be held> -

i. when con,ened by the oissioner or his representati,e;

ii. when con,ened by the Manageent coittee;

iii. within *+ days of receipt of a written re:est fro at least +) ebers or one

forth of the ebers# whiche,er is less.


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(*. NOTICE FOR GENERAL MEETINGS

a. At least fifteen clear days of written notice of the resoltion and of the eeting shall be

gi,en in the case of a @eneral Meeting. The secretary shall ta3e all possible and sal

steps# sch as annonceents at pblic eetings# posting a notice on the society9s notice

board# or boards# an ad,ertiseent in the local newspaper or radio# news-sheet#

annonceents at local chrches or os:es# etc to infor all ebers of the date and

ain bsiness of the eeting. All written notices shall inclde a stateent of the

bsiness to be dealt with.

b. !or special general eetings re:ested by the ebers# the re:est st state the

agenda of the eeting being called# and be signed or thb-ar3ed by the re:esting

ebers. The re:est shall be deposited in the registered office of the society.

(2. 4&OR&M FOR GENERAL MEETINGS

'cept when con,ened by the oissioner# the presence of at least +) ebers# or one

:arter of the total nber of ebers# whiche,er is less# shall constitte a :or for the

condct of bsiness at a @eneral Meeting. "hen a :or is not present# the chairan

shall adorn the eeting and shall fi' a date within one onth of the adorned eeting#

which shall be ad,ertised as prescribed in by-law (*. 4f at sch a eeting# a :or is

again not present# the chairperson shall declare the eeting open with those present# one-

half hor after the ad,ertised tie of eeting.

((. PRESINDING OVER GENERAL MEETINGS

The chairan# or in his absence# the ,ice-chairan shall preside at e,ery general eeting.4n their absence any eber elected by the aority of those present shall preside.

(8. IDENTIFICATION OF MEMBERS

Before they attend or ,ote at a general eeting ebers ay be re:ired to prodce their

pass boo3s as e,idence of ebership# or identify thesel,es in soe other anner.

(+. POWERS AND D&TIES OF T0E ANN&AL GENERAL MEETING

Annal @eneral Meetings shall be condcted# and shall ha,e the powers and dties

prescribed in the Act# the Rles and these by-laws. The Annal @eneral Meetings shall> -

a. onfir the intes of the pre,ios eeting;

b. onsider the stateent of acconts# the aditor9s report# the inspection notes of the

oissioner# and the reports of the coittees on the acti,ities of the society#

dring the past financial year;

c. Sbect to by-law 26# decide on the disposal of the net srpls reslting fro the

operations of the society dring the past financial year;

d. onfir or otherwise# the action ta3en by the coittee and gi,e direction to the new

coittee where necessary;


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e. onsider appeals against the e'plsion of ebers and refsals of ebership by the

Manageent coittee;

c. lect# sspend# or reo,e ebers of the Manageent coittee and any other sb-

coittee of the society;

d. !i' the a'i liability which the society ay incr in loans or deposits whether

fro ebers or fro non-ebers sbect to appro,al by the oissioner;

e. Appro,e the bdget for the ne't financial year following the Annal @eneral Meeting;

f. !i' the honoraria# if any# for officers or bons for eployees of the society;

g. lect the delegates to represent the society in a co-operati,e nion or other ape' society

to which the society is a eber and

h. Appoint aditors fro a list appro,ed by the oissioner

i. /eterine the aont of indenity for the oittee

. Transact any other general bsiness of the society.

(=. MIN&TES OF GENERAL MEETINGS

All bsiness discssed or decided at a general eeting shall be recorded in a Minte file and

within one wee3 of the eeting# shall be signed by the chairan of the eeting and thesecretary and at least one other coittee eber who was present at the eeting to certify

that in their opinion the intes are a tre and coplete record of all iportant atters which

were decided at the eeting.

At the ne't eeting# after appro,ing any alterations or ,ariations# which shall be written

iediately below the abo,e# signatres# and not as alterations to the original record# the

eeting shall# by resoltion# athori


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d. ,ery coittee eber shall# prsant to the Act# file an indenity in the anner

prescribed by the Rles. The aont shall be deterined by the general eeting and

lodged with the oissioner within forteen days of being elected.

(. COMMITTEE MEETINGS

a. Meetings of the coittee shall be held reglarly at least once e,ery onth and at other

ties when necessary. At least fi,e ebers of the coittee shall for a :or for

the disposal of bsiness.

b. 4f a eber of the coittee fails to attend three consecti,e eetings withot being

e'csed therefro# or otherwise fails to perfor his dties# his position ay be declared

,acant and the ,acancy filled as pro,ided in these by-laws.

c. The Maority ebers of a coittee ay for a good case sspend a coitteeeber sbect to ratification by a @eneral Meeting.

d. "hen any coittee eber is absent# dis:alified# or otherwise nable to perfor his

dties# the Manageent oittee ay co-opt another eber or ebers of the

society to act and ser,e on the coittee concerned when necessary in order to for a

:or.

e. lected ebers of a coittee shall be reo,ed only by a two-thirds aority of

ebers of the society present and ,oting at a @eneral Meeting.

(6. ELIGIBILITY FOR MEMBERS0IP OF COMMITTEE

$o person shall be eligible for ebership of a coittee of the Society or reain a eber

of sch coittee if he> -

a. 4s not a eber of the society;

b. 4s nder eighteen years of age;

c. Recei,es any reneration# salary# or other payent fro the society sa,e in

accordance with the act;

d. as a record of lending ebers oney on his own accont;

e. 4s an n -discharged ban3rpt or is of nsond ind;

f. as been ad,ersely naed by the oissioner or his representati,e in an in:iry

report endorsed by an Annal or Special @eneral Meeting for isanageent or

corrpt practices whilst still a eber of the society for the last ten years;

g. as been con,icted of any offence in,ol,ing dishonesty or is iprisoned for three

onths or ore;

h. as been con,icted of any offence nder the act or rles ade therender;


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i. as any n cleared debt owing to the Society at the end of the society9s financial year

other than in respect of a loan nder the pro,ision of rle (6;

. as not been a eber of the society for a period of *2 onths;

3. 4s not a eber in good standing and whose onthly sa,ings and loan repayents ha,e

not been contribted to the society for a period of ( onths;

l. 4s not able to read# write and nderstand the nglish langage;

. 4s a coittee eber in two or ore other o-operati,e societies;

n. as not# within thirty days of being appointed declared his wealth to the oissioner

in the prescribed anner# and

o. as not filed an indenity with the coissioner within *8 days of being elected.

p. 4s a person against who any aont is de nder a decree# decision or is pending

reco,ery nder the o-operati,e societies Act.

8). D&TIES AND RESPONSIBILITIES OF MANAGEMENT COMMITTEE

The coittee shall be the go,erning body of the society and sbect to any directions fro a

@eneral Meeting# it shall direct the affairs of the society. 4ts procedres# powers and dties

shall be as prescribed in the Act and Rles# and in particlar# it shall> -

a. &bser,e in all its transactions# the Act# the Rles# these By-laws and prdent bsiness

practices;

b. @enerally direct the affairs of the society;

c. Act pon all application for ebership;

d. nsre that tre and accrate records and acconts of the society9s oney and its

properties# capital# reser,es# liabilities# incoe and e'penses are 3ept;

e. /eterine fro tie to tie the interest rates on loans# the a'i atrities andters of payent or aorti


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h. %repare and lay before the @eneral Meeting for adoption# the bdget for the ne't

financial year following the @eneral Meeting;

i. !ill ,acancies occrring in the Manageent oittee and the Sb-coittees

between @eneral Meetings as pro,ided in the By-laws;

. Athori


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8(. B&DGET

$o e'penditre shall be athori -


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i. on,ene all eetings of the Society#

ii. %repare or case to be prepared the agenda of the Society eetings

iii. %reside at all @eneral Meetings and eetings of the Manageent oittee

i,. nsre that all resoltions and directi,es of the @eneral Meeting and those of the

coittee are carried ot

,. %erfor sch other dties as ay be directed by the Manageent oittee in

accordance with the pro,isions of the act# the rles and these by-laws

b. The Hice hairan shall perfor all dties of the hairan dring his absence and

sch other dties as ay fro tie to tie be assigned to hi by the coittee. e

shall be the chairan of the dcation Sb-coittee.

c. 4n the absence of the chairan and the ,ice chairan# the coittee shall elect fro

aongst thesel,es a chairan to chair the eeting

86. TREAS&RER

The power and dties of the Treasrer shall be> -

a. @enerally# to anage# or case to be anaged# the finances of the society in a

copetent anner;

b. ase to be aintained fll and coplete records of all assets# liabilities# incoe ande'penses of the society;

c. To ensre the safe-3eeping of the society9s oney secrities# and boo3s of accont;

d. To ensre that all payents and e'penditre are dly athori


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+*. SECRETARY

The dties of the secretary are>-

a. To record or case to be recorded intes of Manageent oittee eetings and

@eneral Meetings;

b. To ensre that the society9s correspondence is proptly and correctly attended to;

c. To prepare or case to be prepared and send notices of eetings; and

d. To liaise with and assist the Treasrer in Managing the Society.

+2. CREDIT COMMITTEE

a. The redit oittee shall consist of three ebers of the Manageent

oittee# none of who shall be 'ecti,e &fficers. The redit oittee shall

be chosen at a eeting of the Manageent oittee within 7 days after each

@eneral Meeting in which elections were held# for a ter of three years.

b. The redit oittee shall hold sch eetings as the bsiness of the Society ay

re:ire# bt at least once a onth.

c. The redit oittee shall in:ire careflly into the character and financial conditions

of each applicant for a loan# and of his garantors# if any# to ascertain his ability to repay

flly and proptly the obligations incrred by hi; and to deterine whether the loan is

for a worthy prpose and will be of probable benefit to the borrower. The redit

oittee shall endea,or diligently to assist ebers to sol,e their financial probles

d. The redit oittee shall a3e sch reports to the Manageent oittee as they

ay re:ire# and shall a3e an annal report to the @eneral Meeting

+(. S&PERVISORY COMMITTEE

a. There shall be a Sper,isory oittee of the Society that shall be elected by the

@eneral Meeting fro aongst ebers of the society. 4t shall consist of three

ebers and their :alification will be as set in By-law (6.

b. Sper,isory oittee shall be elected for a three-year ter. A third of the ebers

shall retire annally bt shall be eligible for re-election.

c. $o eber of the Manageent oittee# ay be elected to the Sper,isory

oittee.

d. The dties of Sper,isory oittee will be aong others the following> -


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i. To generally conterchec3 the effecti,eness of the Society9s internal financial

control systes.

ii. nsring that standardi -

a. to 3eep records of the intes of the coittee and general eetings;

b. to assist the secretary in ensring that society9s correspondence is correctly attended to;

c. to ensre that proper boo3s# records and registers are 3ept


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d. to arrange in consltation with the chairan the calling of eetings as and when

necessary and

e. To attend Manageent oittee and @eneral Meeting in an ad,isory capacity bt

shall not ha,e ,oting rights

f. To conter sign all che:es# contract and other accontable docents

g. generally to anage and case to be anaged the affairs of the society as ay be

directed by the coittee

+=. BOO!S AND RECORDS

The society shall 3eep p-to-date and in a proper bsiness-li3e anner# sch acconts and

sch boo3s as the Act# Rles and the oissioner ay fro tie to tie direct# and inparticlar# shall 3eep the following boo3s of accont> -

a. A register of ebers showing in respect of each eber;

. the nae# age# date of application for ebership# address and occpation

. the date he was aditted to ebership;

. the date on which he ceased to be a eber# and

. the reference of his noinee# if any.

b. A inte file gi,ing details of proceedings at the @eneral Meetings;

c. Minte file gi,ing details of proceedings of Manageent oittee eeting# and

other sb coittee as ay be constitted by the society;

d. A cash boo3# showing the details of all onies recei,ed and onies e'pended or paid

ot by the society;

e. A general ledger containing sch acconts as are necessary to reflect properly the

bsiness of the society;

f. A personal ledger for each eber in the society# showing his transactions with the

society;

g. An assets 0property1 register;

h. A register of loans to ebers showing in respect of each loan# the loan nber# nae

of the borrower# the aont borrowed# the prpose of the loan# the de date of

repayents# and the date repayents were copleted and

i. Sch other boo3s and records as the Manageent oittee ay decide fro tie to

tie.


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+7. ANN&AL A&DIT

A :alified aditor shall be appointed by the general eeting. his powers and dties shall be

as pro,ided in the act and the rles

+. FINANCIAL YEAR

The financial year of the society shall be the sae as the calendar year# i.e. Ianary to

/eceber#

+6. COND&CT OF B&SINESS

The Manageent oittee ay a3e sch rles# not in consistent with these By-laws# asthey dee necessary for the condct of the Society9s bsiness. Any sch Rles shall be

recorded in the inte file and shall be posted on the society9s notice board; and shall coe

into force when and as deterined by the Manageent oittee and appro,ed by the

@eneral Meeting.

=). A&T0ORISATION TO SIGN DOC&MENTS

Fnless decided otherwise by the @eneral Meeting# all docents# contracts and che:es

shall be signed on behalf of the society by the hairan# Hice hairan# Treasrer# and

Secretary and contersigned by the Manager.

=*. DISPOSAL OF S&RPL&S

Sbect to the Act and Rles and appro,al of the @eneral Meeting# the net srpls reslting

fro operations of the Society dring any financial year shall be disposed off as follows>-

a. $ot less than 2)G shall be credited to the Stattory Reser,e !nd

b. The balance ay be disposed off as decided by the @eneral Meeting for

i. %aying di,idend on shares to ebers on record at the close of the financial year

. %aying an interest refnd to ebers on record at the close of the financial year

. Being carried forward to an edcation or any other fnd of the Society# inclding

the appropriation accont

. Applying an aont not e'ceeding *)G of the net balance to any conity or

chartable prpose

. %aying a gratity# honoraria or bonses to officers or eployees of the Society

. 4n any other way appro,ed by the @eneral Meeting


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=2. ELECTIONS

a. The ebers shall noinate candidates to the Manageent coittee and Sper,isory

oittee fro the floor. The ebers ths noinated shall be ,oted pon# e'cept if

a noinee declines or the nber of noinees is e:al to or less than the nber of

,acant positions.

b. All elections shall be by a show of ebers9 hands nless the secret ballot is

specifically re:ested by a aority of the ebers present.

c. $o eber shall be entitled to ,ote by pro'y.

d. 4rrespecti,e of the nber of shares held by hi# no eber shall ha,e ore than one

,ote.

=(. LOAN POLICY

a. There shall be a loaning policy and procedres# which shall be prepared by the

Manageent oittee and appro,ed by the @eneral Meeting. The policy shall be

re,iewed fro tie to tie as need arises.

b. "hen appro,ed by the @eneral Meeting# the Eoan %olicy shall ha,e the sae force as

these By-laws.

=8. LOAN APPLICATION AND GRANTING

a. All loans shall be appro,ed by the Manageent coittee or the redit oitteeassigned the dty.

b. 'cept when otherwise deterined by the @eneral Meeting# the rate of interest on loans

shall be fi'ed by the Manageent oittee and appro,ed by the @eneral Meeting on

declining balances# inclsi,e of all charges incidental to a3ing the loan.

c. All loans shall be applied for in the fors pro,ided by the Society for the prpose. The

loans application in each case shall set forth the aont applied for# the prpose for

which the loan is desired# the ters of repayent# the secrity# and sch other

inforation as the redit oittee or Manageent oittee ay re:ire. All

applications for loans and the reports of the redit oittee thereon shall be filed asperanent records of the Society.

d. Eoans shall be gi,en only for worthy prposes that will benefit the borrower. 4t shall be

the dty of the redit oittee to ,erify that the loan is sed for the prpose for which

it is gi,en.

e. Eoan applications shall be considered by the redit oittee in the order in which

applications are ade# nless the loans are deeed by the coittee to be an

eergency loan. "hene,er there are ore applications for loans pending# than there

are fnds a,ailable# preference shall be gi,en in all cases to applicants for saller loans.


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f. The redit oittee ay re:ire an applicant to appear before it personally to be

inter,iewed in respect of his application for a loan.

g. The loan repayent for shall clearly state aont of the loan# the rate of interest# the

ters of repayent# and the secrity.

h. $o loan shall be ade to any eber in e'cess of +G of the Society9s total share

capital and reser,es# nor for a period e'ceeding 8 years.

i. Eoans ay be granted to 'ecti,e &fficers# oittee Mebers# and ployees of

the society who are ebers only if> -

i. The loan coplies with the By-laws and is not on ters ore fa,orable than

those e'tended to other borrowers.

ii. The loan is appro,ed by the redit oittee and thereafter by the Manageentoittee.

iii. The applicant ta3es no part in the consideration of his application and does not

attend the redit or Manageent oittee eeting at which his application is

considered.

=+. SEC&RITY FOR LOANS

a. The redit oittee or Manageent oittee shall as3 for sch secrity for loans

as it ay consider necessary. The shares and deposits of a eber ay be ta3en as

secrity.

b. The coittee ay refse to accept as a garantor a person who is hiself in receipt of

a loan# and ay decline to grant a loan sbse:ently to a eber while he reains

liable as a garantor.

c. $o 'ecti,e &fficer# or eber of the Manageent oittee or any Sb-coittee

shall act as an endorser# garantor# for borrowers fro the society.

d. A borrower or garantor ay apply to the redit oittee for a change of garantors.

==. REPAYMENT OF LOANS

a. A borrower ay# on any day on which the society is open for bsiness# repay his loan in

whole or in part prior to atrity.

b. The re-financing of a loan balance# or any re:est for an e'tension of tie in which to

pay# shall be agreed to by the redit oittee only in the ost e'ceptional

circstance. Any e'tension so granted shall be treated as thogh it was a new loan#

and an e'tension agreeent shall be e'ected and signed.

c. At e,ery reglar eeting of the Manageent oittee# the ite E&A$S shall appear

on the agenda. At the eeting# the Treasrer shall present an p-to-date listing of;-

. $ew loans gi,en dring the onth.


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. /elin:ent borrowers showing> -

*. $ae of borrower;

2. Accont $ber;

(. /ate the loan was gi,en;

8. /ate of last payent;

+. Fnpaid balance of loan;

=. $ber of onths delin:ent;

7. Borrower9s share balance;

. Secrity or garantors if any.

d. Any loan ore than three onths o,erde ay be referred to Manageent oittee

for appropriate action.

=7. LI4&IDITY F&ND

'cept when otherwise athorised by the @eneral Meeting# a cash reser,e shall be

aintained of not less than *) G of the total Share apital and /eposits for the specific

prpose of eeting re:ests for Shares and /eposits withdrawals and other eergency

payots. The cash reser,e ay consist of cash in hand# the crrent accont# the society9s

sa,ings accont# and any short-ter in,estents.

=. COMMON SEAL

The seal of the society ay be a rbber-stap bearing the words 5Se$l o AMREF Co-

ope($'i/e +$/i"+ $") c(e)i' +ocie'# L')6. and shall be different fro the ordinary nae-

stap of the society. The seal shall be 3ept secrely nder loc3 and 3ey by the Treasrer orthe Manager and shall be sed only by# and in the presence of# the officers athori


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72. CONFIDENTIALITY OF OFFICERS

The 'ecti,e &fficers# oittees Mebers and ployees of the society shall hold in

the strictest confidence all transactions of the society with its ebers# and all inforation

respecting their personal affairs# e'cept to the e'tent deeed necessary by the Manageent

oittee in connection with the a3ing of loans and the collection thereof.

7(. PEC&NIARY INTEREST

$o e'ecti,e officer# coittee eber# or eployee of the society shall in any anner

participate in the deliberations pon# or deterination of# any :estion affecting his own

financial interest. 4n the e,ent of dis:alification of any sch e'ecti,e officer# coittee

eber# or eployee# he shall withdraw fro sch deliberation or deterination# and the

reaining :alified coittee present at the eeting# if constitting a :or with the

dis:alified person# ay e'ercise with respect to the atter# all the powers of the

coittee.

78. INSPECTION OF BOO!S AND RECORDS

All boo3s of acconts and other records shall at all ties be a,ailable to all coittee

ebers of the society and the oissioner. A copy of the Act# the Rles# the Society9s

registration certificate# its By-laws# and a list of Mebers e'clding details of noinees and

shareholdings or loans shall be a,ailable for inspection by any eber.

7+. AC4&ISITION OF BY-LAWS

A copy of the by-laws shall be frnished to e,ery eber on adission to ebershippon payent of a fee not e'ceeding its actal cost to the society.

7=. DISSOL&TION

The society ay be dissol,ed in accordance with the procedres set forth in the o-

operati,e Societies Act.

77. AMENDMENT OF BY-LAWS

These by-laws ay be aended in accordance with the o-operati,e Societies Act and the

Rles# bt no aendent shall becoe effecti,e ntil it is appro,ed by the @eneral eetingand registered with the oissioner.


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7. ACCEPTANCE

"e# the ndersigned 'ecti,e &fficers of AMREF Co-ope($'i/e S$/i"+ $") C(e)i'

Socie'# Li*i'e) naed herein do hereby accept and adopt these by-laws for and on behalf

of the Society.

@i,en nder or own hands at the Society9s &ffices this the day of

2))7.

$ae Signatre

hairan>

Secretary>

Treasrer>

RT4!4/ that the foregoing by-laws of CS789:;-AMREF Co-ope($'i/e S$/i"+ $")

C(e)i' Socie'# Li*i'e) ha,e been appro,ed by e and dly registered.

@i,en nder y hand at $airobi this the day of 2))7

COMMISSIONER FOR CO-OPERATIVE DEVELOPMENT.

Date post:	21-Feb-2018
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Amref Sacco Bylaws

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