Kenya-GB diaspora sacco
Room 35, 4th Floor, YTL (Tigoni) Building (Near Equity Bank), Ngara Road, NAIROBI [email protected] Payments
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Membership


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

  1. An applicant shall be admitted to membership on application upon payment of an entrance fee of Kes 1,000 and for such other minimum shares as shall be fixed by the General meeting from time to time.
  2.  Upon admission the member’s name shall be entered in the membership register and a membership number issued.
  3.  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.
  4.  Members shall be admitted by the committee subject to Confirmation by the next general meeting.
  5.  The member shall pay for a copy of the society’s by-laws at its actual cost to the society

Finance Consulting Experience

85%

Investment Plan

77%

MEMBERSHIP

QUALIFICATION FOR MEMBERSHIP

A person who possesses the following qualification shall be eligible for membership: -

  1.  Is within the field of membership consisting of the following common bond including Kenya Citizen living abroad.
  2. Any group that is registered in Kenya e.g Chama, Society, Company  but owned by Kenyans Abroad etc
  3.  Has attained the age of 18 years.
  4.  Is of good character and sound mind
  5.  Pays the entrance fee and share capital as prescribed in these by-laws. Provided that no member shall belong to more than one Sacco society having similar objects operating within the same area of operation.

OBLIGATIONS OF MEMBERS

A member of the society shall have the obligation to:

  1.  Observe and comply with all the society’s by–laws and decisions taken by the relevant organs of the society;
  2.  Buy and pay up for shares or make any other regular payments provided for in these By–laws
  3. Each member is required to buy a minimum 5 shares at Kshs 10,000 each, totalling to Kshs 50,000. This is a mandatory requirement for Sacco membership. The shares are payable within 10 months of joining the Sacco. The 50,000 is the core portion of a member`s equity in the Sacco. It is Non-Refundable (Can only be transferred to an existing member). Members are encouraged to continuously buy more investment shares in the Sacco to facilitate significant investment projects. The shares are a long term investment/ownership and they dividend  depending on the performance of the sacco.
  4.  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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Timing

Mon Fri: 7:00am - 5:00pm
Saturday: 9:00am - 5:00pm
Sunday: Closed

Infomation

Bank: The Co-operative Bank of Kenya
Accountants & Auditors:
Henry Smith & Wilson
Certified Public Accountants
22 Crescent Road, Westlands.

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Minimum Share capital offer

During our several meetings, we have listened to so many people who wish to join the Sacco and the directors have resolved to reduce the minimum share requirement for those who register within the next 3 months to 5 share @ kes 10,000 =Kes 50,000. balance to be paid at kes 5000 per month. However, to qualify for the Benevolent and Welfare Fund, a member must have paid for  2 shares (kes.20,000). The maximum shares limit for a member is 1000 shares @kes10,000.

 

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