KINGDOM SACCO SOCIETY...

First Name: Middle Name: Last Name:

Others (specify)

ST1 SIGNATORY’S DETAILS

ST1 AUTHORIZED SIGNATORY

Website: www .kingdomsacco.com

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APPLICATION FOR MEMBERSHIP- CORPORATE / JOINT ACCOUNT

Date of Application:.............................

Town

Personal Details

Location

If in formal employment

Employer’ s Address:

KINGDOM SACCO SOCIETY LIMITED

ND2 SIGNA TORY’S DET AILS

ND2 AUTHORIZED SIGNATORY

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Others (specify)

Town

Personal Details

Location






RD3 SIGNATORY’S DETAILS

RD3 AUTHORIZED SIGNATORY

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Others (specify)

Town

Personal Details

Location






TH4 SIGNATORY’S DETAILS

TH4 AUTHORIZED SIGNATORY

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Date of Application:...........................................

Others (specify)

Town

Personal Details

Location



If in f or mal employment




Business /Group Details

Gener al Information

Name of Business/Group:

(as per registration certificate, copy of which is to be attached)

Registration No:

Physical Location :

Email Address:

Office Tel No.:

Office Tel No.: Mobile Tel. No.:

Town : County:

Current Bankers : Branch:

Number of Members/Shareholdrers:

Are you a member of any other Society Yes No If Yes, Name:

Common Bond:

1. Signature: 2. Signature:

3. Signature: 4. Signature:

BOSA Account Deta ils

Title of Account:

Voluntary Assignment:

We undertake to make contributions of Kshs ………………………… on a monthly basis

Mode of Operation: Any to Sign Two to sign Three to Sign All to sign

Other (Explain)

(Tick as appropriate and Fill the Application Form if sole proprietorship or if the signing instructions are “any to sign”)

BOSA Account Details

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e-Statements




Cheque Book

SMS Alert

Customer’s Instructions

The member will give to the SACCO in formacceptable to the SACCO a specimen of thesignature of the member and any other personauthorized by the member to operate the account.The SACCO reserves the right to reject the specimenand the SACCO shall not be obliged for giving itsreasons for so doing.

Joint Accounts

In the event of two or more members holding a jointaccount the following additional provisions willapply:

I) The holders of joint account authorize theSACCO to pay or deliver to the order ofsurvivors or survivor or the executors oradministrators of such survivor any moneysstanding to the credit of their jointaccount.

ii) All liability on the joint account is joint andseveral.

iii) Upon any change in the constitution of thepartnership, the partners will sign a newMandate.

iv) A mandate remains in force and may beacted upon by the SACCO until it has eitherbeen revoked in writing by all or any of thesignatories or until it has been replaced by anew mandate and such revocation or newMandate has reached the SACCO and notuntil that event has happened, the SACCOwill not be responsible for acting accordingto the original mandate.

Partnership Accounts

In the event of a member being a partnership, thefollowing additional provisions apply:

I) The partners authorize the SACCO to carryout instructions countermanding paymentof cheques, or other orders for paymentwhen such instructions are given by anyperson which is authorized to sign themandate whether or not that person hassigned the original payment instructions.

ii) The Partners authorize the SACCO to acceptby way of pledge or deposit as security orfor safe custody anything belonging to thepartnership on instructions of thepartnership for the time being made inaccordance with the mandate and todeliver the said instructions anythingaccepted or held on account of thepartnership.

Limited Liability Company Accounts

If the limited liability company or a public limitedliability company desires to open an account oraccounts with the SACCO, the followingdocuments/papers will require to be submitted inaddition to account opening forms.

I) Memorandum and Articles of Associationwhich should be certified by the Chairmanand Secretary of the Company to be an up todate and true copy, currently in force.

ii) Certificate of Incorporation (Original to besubmitted to the SACCO for perusal,inspection and return.)

iii) List of names and addresses of present andfuture Chairpersons and Directors; andtheir individual PIN numbers.

iv) Copy of Resolution passed by the Board ofdirectors of the company authorizing theopening of the Company’s Account with theSacco, with instructions regardingoperations etc(original specimen of thisresolution will be available from the bankon request).

Survivors or survivor or the executors oradministration of such survivor any moneys standingto be credit of their joint account. All liability of thepartners to the SACCO is joint and several

Any Mandate, intimation, notice, request or lettervarying the original instructions regarding theoperation on the account, issue of mandate for orannulling the stop payment of cheques, debits tothe joint accounts etc, affecting the operations on the joint account will be acted upon by the SACCO only if these are signed by the minimum number ofsuch person who are authorized to operate on thejoint accounts. This applies with equal force toauthenticating material alterations(s) on thecheque(s) or other mandate(s) instructing theSACCO to debit such accounts.

Representations and Warr anties

Where a member is borrowing from the SACCO, youhereby represent and warrant to the SACCO that:a) All necessary consents and approvals required

for you to accept the facilities and to make all payments to the SACCO have been obtained andare in full force and effect;

b) The counter indemnity, the corporate guaranteeand the personal guarantees will constitutevalid and binding obligations of the partiesthereto (other than SACCO) enforceable inaccordance with your respective terms;

c) No action, suit or proceeding is pending orthreatened against you or any guarantor which could or might have a material adverse effecton the borrower’s or such guarantors respectivecondition, financial or otherwise.

d) Neither the borrower nor the guarantor (orwould with the giving of notice or passing oftime or both be) in default in respect of any ofits indebtness whether to the SACCO under thefacility and/or to any other person ( includingobligations under guarantees and indemnities.)

e) The borrower is duly incorporated with limitedliability as a private company and are validlyexisting under the laws of Kenya and theborrower has undertaken all necessarycorporate authorizations to enter into andperform its obligations under the facilities andthe counter indemnity and has complied with allmaterial statutory and other legal requirementsrelative to their business;

f) All information provided to the SACCO by theborrower was, when given, true and did notomit anything material to be known by anyproposed lender to the borrower and no changehas occurred since the date the information wassupplied which renders it inaccurate ormisleading.

g) Since the date of the borrower’s latest auditedaccounts ( which have been prepared inaccordance with generally accepted accountingprinciples and practices in Kenya consistentlyapplied and which fairly and accuratelyrepresent the financial position of the borrower,the chargers and the associates) there has beenno material adverse change in the borrower’sbusiness, assets or financial condition; and the representations and warranties set out here inabove shall be deemed repeated by theborrower and as of each day that there aremonies due to the SACCO hereunder and/orunder the securities referred to herein.

Set Off

The SACCO may, without notice to the member set off against any account or indebtness of the memberor any other person for whom the member is surety;I. Any other account whether transactional, loan,

saving or any other type of account; orii. Any time or other deposit

Simultaneous Order of Funds

Where the SACCO receives several instructions from

a Duly completed registration forma One(1) passport size photograph for each signatory

a

a

Original and copy of business registration certificate

Original and copy of national ID Card for the Signatories

a Resolutions/minutes authorising opening of theaccount with clear operating instructions

a Pay non-refundable registration fee of Kshs. 1,100 for BOSA Account

a Fully paid up share capital of 300 shares of Ksh. 20 each

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Requirements

a Copy of Business PIN

a KRA PIN Copy for Signatories

a Copy of Memorandum and Articles of Association/Partnership Deed/ Constitution

a If self- help group provide a list of all members of thegroup, their telephone numbers and ID numbers and

Gener al Terms and Conditions




a Minimum monthly contribution of Ksh. 2,000 for BOSAAccount

account opening letter from relevant Government Ministry

Page 7 of 8

the member at approximately the same time, thetotal amount of which exceeds the available assetsof or the credit available to the member, the SACCOmay in its sole discretion honour the orders inwhatever manner it thinks fit, subject to the limit ofthe funds available in the account to comply withthe said instructionsBank Charges and Expenses

The SACCO is entitled to be paid by the member andmay debit the account with.a) Interest-charges(including default interest) on

any overdrawn account, loan account or on anyother facility granted by the SACCO to themember, at a per annum rate to be determinedby the SACCO at its sole discretion, withoutnotice to the member and within the limitspermitted by law. Such interest is calculated ondaily balances and debited monthly.

b) Legal Charges- ‘Advocate and Client’ costsincurred by the SACCO in obtaining legal advicein connection with the accounts and/or anydealings by the member.

c) Commission- commission charges at such ratesand at such time or times as the SACCO maydecide.

d) Other charges and expenses-in addition to thedebits set out in sub-clauses (a), (b), and ( c) ofthis clause, all other expenses and chargesmade by the SACCO as more particularly set outin the SACCO’s tariff of charges which shallapply from time to time.

Statements Deemed Approved

The contents of any statements issued by the SACCOto the member to which the member has notobjected to within 28days of receipt shall bedeemed to be approved by the member, shall not bechallenged by the member on any ground, includingthe lack of mandate on the part of the SACCO or;

Delay by customer in lodging Complaints

The SACCO is not obliged to make any inquiry intoany matter relating to the account unless themember has made a written complaint of thematter to the SACCO as soon as is reasonablypossible after receipt by the member of suchnotification.

Deposit of Cheques

Any cheque or any other orders for payment ofwhatsoever nature shall be accepted by the SACCOfor deposit or collection at the risk of the member.Any money credited by the SACCO to the account inerror must be repaid to the SACCO together with anyapplicable interest within twenty four (24) hoursupon demand being made by the SACCO to themember.

Duty on SACCO to Protest

The SACCO is not liable to the member for any loss ordamage suffered or likely to be suffered by themember or any other party, if any dishonoured bill isnot protested. The SACCO will nevertheless use itsbest endeavours to ensure that any dishonoured billis to be noted or protested (or both) provided thatSACCO receives instructions from the member to doso in reasonable times.

Repayment of Overdr awn Account

The SACCO is entitled to demand from the memberthe immediate repayment in full, together withinterest, if the member’s account is Overdrawn.

a) Where cash cheque is presented not by themember but by a third party , the SACCO mayrequire confirmation from the member or froman authorized person before it makes paymentto the third party.

b) Where the member requests the SACCO to makea payment clause 16(b) hereto the memberindemnifies the SACCO on a full and unqualifiedbasis in respect of all payments made to thepresenter of the cheque whether or not themoney is received by the member and whetheror not the order for payment is in fact the orderof the member.

On receipt of a written notice from the accountholder to the SACCO to stop payment of a cheque,the SACCO shall within such reasonable period actupon the said notice provided that the notice issigned by an authorized signatory and is received bythe SACCO before the payment is effected.

Lien

a) A member is indebted to the SACCO, the SACCOhas a general lien over all the property of themember in the SACCO’s possession, includingbut not limited to cash, goods, securities orvaluables deposited for safe custody or assecurity, cheques presented for repayment.Bills and any other property ( movable orimmovable) charged by the member in favour ofthe SACCO to secure the repayment of anymoney ( actual or contingent) whether or notthat money has been repaid by the member tothe SACCO;

b) Where the right of set off arises, the property ofthe member set out in paragraph 12(a) is held bythe SACCO as security for the indebtness soarising;

c) The SACCO may, at any time give the membernotice in writing that if an accrued debt is notpaid within a stipulated period of time afterreceipt by the member of the said notice, theSACCO may without any further notice to themember enforce any of its rights and remedies under any securities or property held by theSACCO to discharge the debt.

In the event of the SACCO exercising its rights orremedies under the provisions of clause12(c) heretothen, any money held by the SACCO in foreigncurrency denomination which is subject to theSACCO’s lien maybe set off at the SACCO’s rate ofconversion on the date converted into Kenyashillings of such set off or conversion. The SACCOaccepts no liability for any loss caused by suchcurrency conversion fluctuations.

Variation $ Termination of Relationship

The SACCO may at anytime upon notice to themember, terminate or vary its business relationshipwith the member and may require the repayment bythe member of any indebtness of the member to theSACCO resulting from such determination orvariation.

Freezing of an Account

The SACCO in its sole discretion may at any timefreeze the account, it for so long as (i) there is anydispute between the member and the SACCO, or (ii)if the SACCO has any reason to suspect that a fraudhas been committed or (iii) if the SACCO account isbeing operated by the member for an illegaltransaction (iv) the SACCO has any doubt for anyreason that the member is not the person(s) entitled

to operate the account.Cheque Books

The cheque book is issued by the SACCO to themember, subject to the cheque book terms andconditions stipulated in the cheque book. TheSACCO may refuse to make payment to the memberor any third party on any cheque which is not drawnin the manner specified in the cheque book termsand conditions.

Payment of Cash

(a) The SACCO will only pay cash to the memberwhere the cheque form is signed by anauthorized signatory in the presence of theteller; the member’s account is overdrawn.

(b) Where a cash cheque is presented not by themember but by a third party , the SACCO mayrequire confirmation from the member or froman authorized person before it makes paymentto that third party.

(c) Where the member request the SACCO to makea payment clause 16(b) hereto the memberindemnifies the SACCO on a full and unqualifiedbasis in respect of all payments made to thepresenter of the cheque whether or not themoney is received by the member and whetheror not the order for payment is in fact the orderof the member.

On receipt of a written notice from the member tothe SACCO to stop payment of a cheque, the SACCOshall within such reasonable period act upon thesaid notice provided that the notice is signed by anauthorized signatory and is received by the SACCObefore the payment is affected.

Liability

The SACCO shall not be liable in any way to theCustomer or to any third party for making paymenton the presentation of a cheque, even negligently,where the signature or content of the cheque hasbeen forged if;a) The member has facilitated in such forgery; orb) There has been a previous forgery of a cheque

of the member without the member havingobjected to the payment.

Validity of Documents

The SACCO is not responsible for the authenticity,validity, regularity or value of documents includingbut not limited to bills of lading, delivery orders,consignment documents, receipts, warrants andinsurance policies.Communications

(a) All notices, statements, letters and othercommunications to or from the SACCO to theMEMBER(or vice versa) shall be sent to theaddresses provided.

(b) Any written communication from the SACCO tothe member including but limited to any noticegiven pursuant to these terms and conditionsshall be deemed to have been received by themember, if delivered, at the date and time ofdelivery, and if sent by post it shall be sufficientto prove that the letter containing thecommunication was properly stamped andaddressed.

( c) The member has no claim on the SACCO fordamages resulting from loss, delay,misunderstanding, mutilation, duplication orany other irregularity due to the transmissionof any communication whether to or from the




member, the SACCO or any other third party bydelivery, post, fax, telegraph, telephone, telexor any other form of cable communications.

InterpretationIn these terms and conditions the expression the‘Member’ shall mean a person admitted tomembership after registration in accordance withthe by-laws.

DisclosureThe SACCO may disclose any information about themember to any person in connection with any actualor likelihood of default by the member.This right to disclose includes disclosing informationunder these terms and conditions (including theassignments or transfer of all the company’s or theSACCO’s rights and obligations under these termsand conditions.)AssignmentThe SACCO may assign and/or transfer all or any ofits rights, benefits and obligations under theseterms and conditions to any person at any time.Where the customer is borrowing from the SACCO,they shall not be entitled to assign any part or wholeof any facilities or to transfer to any or theborrower’s (and/or any of the guarantors’) therights and obligations under any facility in theaccount opening form.

VariationThe SACCO may vary these terms and conditions orany part thereof at any time or times subject to therequirements of any statute. Notification of anysuch variation shall be given to the Customer eitherin writing or by publication thereof by such meansas the SACCO may decide and a variation soeffected shall be binding on the member.

Safe Custody ItemAny article received by the SACCO for storage orsafe keeping is received on the following terms andconditions;a) The article is received by the SACCO for the

account of the depositor.b) The article is received by the SACCO at the sole

risk of the depositor as regards any damage to or loss of the article through any causewhatsoever including but not limited to moth, vermin, heat, leakage and the bank accepts noresponsibility for any such damage or lossexcept in so far as this clause expresslyprovides to the contrary.

c) The SACCO undertakes to exercise reasonablecare in looking after the article and in ensuringthat no one article and its contents (if any)attributable to negligence of the SACCO or itsemployees shall be limited to Kshs. 5,000

unless the SACCO has acknowledged in writing after such proof as it may require that sucharticle together with its contents (if any) is of aspecified value in excess of that sum.

d) The SACCO has a lien over the article and anyother such article deposited with the SACCO forstorage or safe keeping for any outstandingcharges payable to the SACCO on account ofservices provided by the SACCO for storage orsafe keeping of the article or any other sucharticle and pursuant to that lien the Bank isauthorized to open any package or envelopecontaining the article or any other such articleand to exercise in respect of the article or anyother such rights as the Bank is permitted bythe general terms and conditions to exerciseover any property over which the SACCO has a lien.

e) In the event of death of the depositor theSACCO will release the article to the depositorspersonal representatives upon the productionby such personal representatives of a validgrant of probate or administration andpayment of all outstanding charges due to the SACCO in respect of storage or safekeeping ofthe article.

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Verified By

Name

Stamp

Approval:

Application approved Not approved (Tick as appropriate)

Signature

Name

Stamp

Signature

For Official Use Only




Date post:	15-Apr-2018
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