Bylaws
Bylaws
Bylaws
BY-LAWS
(Revised 2012)
The Chief Executive Officer or CEO refers to the Chief Executive Officer of the
Society.
Annual General Meeting means an annual general meeting of the Society specified as such
in the notice calling it and which must be held every calendar year.
Apex Society means a Society formed at the national level by the cooperative movement in
Kenya and registered under the Co-operative Act to promote cooperative development and
represent the interests of co-operative societies locally and internationally.
Area Service Centre means a central place or other approved offices from where members
of area electoral zones may access loans and other authorised services.
Authority means the Sacco Societies Regulatory Authority.
Board of Directors or the Board means the governing body of the Society to which the
management of its affairs is entrusted.
Branch means any physical premises, other than at the Head Office, at which the Society
transacts business, but does not include Area Service Centre as defined herein.
CAK means the Co-operative Alliance of Kenya Limited, the apex Society in Kenya.
Capital means the permanent members equity in the form of common stock and includes
all disclosed reserves, retained earnings, grants or donations.
Common Bond shall mean any unifying factors that bring the members together. In this
context, it shall include individuals or organisations approved by a General Meeting.
k) Co-operative Act refers to the Co-operative Societies Act No. 12 of 1997 and
(Amendment) Act, No. 2 of 2004 and the subsequent amendments.
l) Core capital means the fully paid up members shares, capital issued, disclosed reserves,
retained earnings, grants and donations, all of which are not meant to be expended unless on
liquidation of the Society.
m) Date of Dissolution means the date on which the Commissioners order cancelling the
registration of the Society takes effect.
n) Delegate means members representative elected in accordance with these By-laws.
o) Deposits means a sum of money received or paid on terms under which it shall be repaid,
with or without interests or a premium, and either on demand or at a time or in circumstances
agreed by or on behalf of the member making the payment and the Society.
p) Dispute means a dispute within the meaning of section 76 of the Co-operatives Act.
q) Dividends means the share of the Societys surplus allocated to members or an amount of
the profit the Society pays to its shareholders.
r) Electoral Zone means a cluster of members in a certain location eligible for representation
by a delegate in accordance with these By-laws.
s) Financial investments shall mean investments in government securities, shares and stocks,
deposits in institutions licensed under the Banking Act and other licensed cooperative
societies.
t) General Meeting means Annual General Meeting or Special General Meeting of the
Society.
u) Governance Charter refers to the Society document that sets out the authority,
responsibilities, membership and operations of the various arms of governance of the Society.
v) Head Office means the registered office of the Society.
w) Institutional Capital means disclosed reserves, retained earnings, grants and donations, all
of which are not meant to be expended unless on liquidation of the Society.
x) Liquid funds means cash and deposits with a maturity of not more than 30 days.
y) Management refers to person(s) who are appointed to positions of responsibility and are in
charge of the day to day running of the Society.
z) Member in good standing means a member who is current in of his loan repayments and
required contributions to the Society and has not in any way acted in a manner which is
potentially damaging to the Society and has fully complied with its policies and rules.
aa) Member means a person admitted to membership in accordance with these By-laws and the
Societys Membership Policy.
bb) Members of the immediate family includes, but is not limited to, a spouse or other
family members living in the same household or under the direct influence of the officer,
member or employee of the Society.
cc) Minors shall mean persons who are not yet 18 years old but who benefit from some of the
products and services of the Society.
dd) NACOS means national cooperative organisations.
ee) Net Surplus means the amount of income in excess of expenses of the Society. It is the
amount computed before any allocation is made for members dividends and/or interest to be
paid on shares.
ff) Nominee means a person appointed by a member in accordance with clause 18 of these
By-Laws.
gg) Officer means a director or any other person holding a designated title, who carries out or is
empowered to carry out functions relating to the overall direction of the Society or takes part
in the general management thereof.
hh) Personal representative means a person who is entitled, under the Law of Succession Act,
to administer the estate of a deceased member of the Society.
ii) Regulations means the regulations made by the minister in charge of cooperative
development, and includes the Sacco Societies (Deposittaking Sacco Business) Regulations,
2010 and subsequent amendments.
jj) Rules mean the rules made by the minister in charge of cooperative development and
include the Co-operative Societies Rules, 2004 and the subsequent amendments.
kk) Sacco Act means the Sacco Societies Act, 2008 and the subsequent amendments.
ll) Sacco means savings and credit cooperative society.
mm)Savings means deposits payable on demand.
nn) Share means the amount representing a members portion in the equity of the Society as a
co-owner.
oo) Special General Meeting means any general meeting of the Society which is not an annual
general meeting.
pp) Special Resolution means a resolution passed by two thirds of the members present and
voting at a general meeting of the Society.
qq) Supervisory Committee means an oversight committee elected at a general meeting and in
accordance with these By-laws.
rr) The Society means Stima Savings and Credit Co-operative Society Limited.
ss) Tribunal means the Co-operative Tribunal established under Section 77 of the Cooperative Act.
tt) Commissioner means the Commissioner for Co-operative Development and Marketing
appointed under Section 3 of the Co-operative Act and includes any person on whom any of
the powers of the Commissioner have been conferred in accordance with the Co-operative
Societies Act (Amendment) Act, No. 2 of 2004 .
(2) Where the masculine gender is used, it shall also refer to the feminine gender.
(3) Any questions or dispute concerning the interpretation of these By-laws or any matters not
provided for therein, errors and omissions, shall be referred to the Tribunal.
II. OBJECTS OF THE SOCIETY
4. VISION
To be a market leader in the provision of member-driven financial services.
5. MISSION
To empower members by providing quality and sustainable financial solutions.
6. OBJECTS
c)
d)
e)
f)
g)
h)
Provide an opportunity for each of its members to improve their respective economic and
social conditions.
Provide members with credit for purposes of providence, production or both.
Offer complementary savings and credit services and other financial products and services to
the members in response to theirs changing needs and preferences.
Ensure safety and soundness of the members funds through appropriate risk management
programmes.
Ensure the progress of its members by educating them continuously on the proper use of
financial products and services.
Perform the functions and exercise the power designated for savings and credit cooperative
societies under the applicable law for the benefit of the members.
For the attainment of the above objects, the Society may do all acts and things that are permissible
under the Co-operative Act, the Rules, the Sacco Act and Regulations and these By-laws, provided
that delegates at general meetings approve such acts or things either specifically or generally.
The objects of the Society shall generally be in accordance with the cooperative values and principles.
7. COOPERATIVE PRINCIPLES
In order to achieve the objects for which it is established, the Society shall practice the following
cooperative principles:
a) Voluntary and open membership;
b) Democratic member control;
c) Economic participation by members;
d) Autonomy and independence;
e) Education, training and information;
f) Cooperation among cooperatives; and
g) Concern for community in general.
The Board of Directors and Management shall endeavour to provide timely information, promote
cooperation and understanding amongst members and with other cooperative institutions locally,
nationally and internationally.
III. MEMBERSHIP
9. MEMBERSHIP ELIGIBILTY
The following persons, institutions or groups that applied for registration of the Society and have
fulfilled the membership conditions in accordance with these By-laws shall be eligible for
membership:
a) Original members, who signed the application for registration, provided that they comply
with these By-laws.
b) All persons, institutions and groups who thereafter apply for membership, and fulfill
conditions of these By-laws.
c) Employees of:
(i)
Kenya Power and Lighting Company.
(ii)
Kenya Electricity Generating Company.
(iii)
Energy Regulatory Commission.
(iv)
Kenya Electrical Trade and Allied Workers Union.
(v)
Stima Sacco Society Limited and its subsidiaries.
(vi)
Stima Investment Co-operative Society Limited.
(vii)
Ministry of Energy and its allied institutions.
(viii) Rabai Operations and Maintenance Limited.
(ix)
Geothermal Development Company.
(x)
Kenya Electricity Transmission Company.
(xi)
Rural Electrification Authority.
(xii)
Tsavo Power Company Limited.
(xiii) Wartsila East Africa Limited.
(xiv) Ibera Africa Company Limited
(xv)
Or Power4 Company Limited
(xvi) Power, energy and utility related national and international companies incorporated
in Kenya.
(xvii) National and international oil companies incorporated in Kenya.
d) Business entrepreneurs and institutions approved by the Board.
e) Contractees of companies and institutions under category (c) above.
f) A person who is a resident within or occupies land within the Societys area of operation.
g) A person who is in employment, occupation or profession which falls within the category
or description of those in the energy and allied sectors.
h) A member of the immediate family of a Society member.
i) A nominee of a member of the Society.
j) Any other person employed by an organisation registered in Kenya, capable of making
regular contribution to the Society and fulfill loan repayment requirements.
All eligible persons shall become members in accordance with the Membership Policy of the
Society.
d) Is not, directly, a money lender or carrying out such activities detrimental to the objectives of
the Society.
e) Is of good character.
f) Has regular income from employment, business or trade.
g) Has paid the prescribed entrance fee and at least one share.
h) Has accepted the objectives of the Society, the obligations of members and other conditions
as stated in these By-laws.
e) Using the Societys services according to the policies and procedures approved by the Board
of Directors.
f) Submitting projects or initiative to the Board of Directors, for the improvement of the
Societys services.
g) Appointing a nominee.
h) Participating in the sharing of the Societys surpluses.
i) Accessing all legitimate information relating to the Society, including internal regulations,
registers, minutes of the General Meetings, Supervisory Committee reports, annual accounts
and inventories, investigation reports, at the registered office of the Society, subject to the
Societys policies and regulations in force at the time.
j) Voting on all matters put before the electoral zone.
k) Enjoying all other rights as prescribed by the Co-operative Act and the Rules.
17. PENALTIES
a) Any member who willfully acts in violation of these by-laws or regulations made there under
shall be liable to a fine not exceeding twenty thousand shillings (Kshs.20,000) for each
offence, notwithstanding any other action that may be taken against him in accordance with
the Co-operative Act, the Sacco Act, Rules, Regulations, these By-laws or any other law.
b) The Board of Directors of the Society shall have powers to hear and determine matters
relating to any alleged violation of the By-laws by members. Any member aggrieved by the
decision of the Board may appeal to the General Meeting, whose decision shall be final.
Provided this provision should not prejudice a members right to refer the matter to the
Tribunal, if the issue constitutes a dispute.
Upon notification to the Society of the death of a member, the nominee(s), or in his absence, the
legally appointed personal representative, shall be paid the value of the deceased members deposits
or interest within reasonable time subject to:
a) Submission of the deceased members copy of death certificate, and a copy of the national
identification card or passport of the nominee.
b) Recovery of all outstanding debts not covered under any insurance programme.
d) A member so suspended or expelled loses voting rights and cannot attend Society meetings,
unless invited by the Honorary Secretary in writing.
The decision of the General Meeting on such expulsion shall be final. Provided such a member shall
have the right to appeal to the Tribunal if the issue constitutes a dispute.
27. SHARES
a) The nominal value of each share shall be Kshs.100/= and every member shall hold at least
one share in the Society, subject to the minimum shares as shall be stipulated in the
Membership Policy. No member shall, however, hold more than one-fifth of the total shares
of the Society.
b) A member may purchase shares by installment provided that where the Board has set a
minimum installment amount that each member should comply with, no member shall be
permitted to contribute an amount lower than that set.
c) With the approval of the Board of Directors, a member may at any time transfer his shares
to another member. Such transfers must be in writing and shall be recorded in the Societys
books at the nominal value.
d) All transfers must be registered with the Chief Executive Officer, and no transfer shall be
valid unless so registered. A transfer fee to be determined by the Board of Directors shall be
paid to the Society by the transferee.
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34. EXPENDITURE
The Societys expenditures shall be within the budgetary allocations and limits approved by the
General Meeting.
35. LIQUIDITY MANAGEMENT
a) The Board of Directors shall formulate a Liquidity Policy to monitor liquidity for the Society in
accordance with the Regulations.
b) The Board shall put in place a contingency plan to handle liquidity matters. The plan shall
include procedures for making up liquidity shortfalls in emergency situations and back-up
liquidity strategy for circumstances in which the normal approach to funding operations are
disrupted.
36. RESERVES
a) Subject to the provisions of Section 47 of the Co-operative Act, and approval of the Board,
the Society shall pay to the Reserve Fund a minimum of one-fifth of its net surplus resulting
from the operations during the financial year.
b) The Reserve Fund of the Society shall be invested or deposited in the manner provided for
in Section 45 of the Co-operative Act and the Rules.
c) The Reserve Fund shall be indivisible and no member shall be entitled to claim a specified
share of it.
d) On dissolution of the Society, the Reserve Fund shall be applied in the manner provided in
the Co-operative Act and Rules.
37. INVESTMENTS
a) The Society shall have a written Investment Policy consistent with the relevant provisions of
the Co-operative Act, Rules, the Sacco Act, Regulations and any other applicable laws.
b) The Society shall only invest in non-earning assets or property and equipment, real estate
and financial investments to the extent permitted by the Regulations.
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e)
Every member shall belong to one electoral zone and one Area Service Centre, provided
that a member may be served at the head office or any branch.
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47. QUORUM
Except when convened by the Commissioner, the presence of at least one quarter of the total
number of delegates or 50 delegates, whichever is less, shall constitute a quorum for the conduct of
business at a general meeting. When a quorum is not attained, the National Chairman shall adjourn
the meeting and fix a date within one month of the adjourned meeting, which shall be advertised as
prescribed in these By-laws. If at the subsequent meeting, a quorum is again not attained, the
National Chairman shall declare the meeting open with those present, not more than one-half hour
after the advertised time of the meeting.
f)
g)
h)
i)
j)
k)
Elect, suspend or remove members of the Board of Directors and the Supervisory Committee,
provided that proper notice and the purpose of the meeting have been given in advance.
Fix maximum liability, which the Society may incur in loans.
Approve the estimate of expenditure for the next financial year following the Boards Annual
General Meeting.
Receive the inspection notes of the Commissioner and the Authority, if any.
Fix honoraria, if any, for officials.
Transact any other business of the Society for which seven (7) days notice shall have been
given prior to the meeting.
Provided that the newly elected Board members may not take office until all the items of the
meetings agenda have been concluded.
53. MINUTES
a) All business discussed at a general meeting shall be recorded in a minute book, which within one
week of the meeting, shall be signed by the National Chairman and at least one other Board
member present at the meeting to verify that in their opinion, the minutes are a true and
complete record of all important matters which were discussed or decided at the meeting.
b) At the next meeting, after approving any alterations or variations, which shall be written
immediately below the above signatures and not as alterations to the original record, the meeting
shall, by resolution, authorise its National Chairman to sign and date the final record.
54. ELECTIONS
a) The Society shall operate under a delegate mode of representation.
b) To facilitate services to members countrywide, the Board shall establish Area Service Centres
and electoral zones and circulate or cause to be circulated a list of such centres and zones to
all members for their information.
c) Every member shall belong to one electoral zone, based on his place of employment or
business, from which he will participate in elections. It is the members responsibility to
inform the Board of any change of electoral zone.
d) The term of the delegates shall be one year, provided they are eligible for re-election
thereafter.
e) Area Service Centre officials shall be elected by the delegates from the area electoral zones.
f) The delegates so elected shall represent their electoral zones at all General Meetings.
g) For best services to members and effective management of the Society, the Board of
Directors and Supervisory Committee members shall be elected from among the Nairobi
County delegates.
h) Within fourteen (14) days of their election, the names and addresses of all persons elected to
office shall be forwarded by the Chief Executive Officer to the Commissioner and to the
Authority.
i) A candidate who is evidently known to engage in bribery, corruption, undue inducement of
other members, or an election malpractice of any description, shall stand disqualified
regardless of the seat he seeks.
j) The following procedure shall be followed during voting:
i. All elections shall be by secret ballot, show of hands, or queuing.
ii. No member shall be entitled to vote by proxy.
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iii. No member, irrespective of the number of shares or deposits held by him, shall
have more than one vote.
k) The presiding officer shall spell out the minimum requirements for election to the members
or delegates prior to conducting any election.
55. NOMINATION COMMITTEE
a) The Board shall on an annual basis appoint a Nomination Committee that shall vet all
candidates seeking to be considered for election.
b) The Nomination committee shall comprise five members, two representatives from the
ministry in charge of cooperatives serving as chairman and member respectively and the
Chief Executive Officer as secretary. There shall also be one Management staff and a
person from a recognised and relevant professional association, both of whom shall serve
as members to the committee.
c) A 21-day notice shall be provided for interested candidates to present their names for
consideration.
d) The Society shall comply with the regulations and guidelines from the Authority and the
Governance Charter in respect to the electoral process.
a)
The Board of Directors shall be elected by and from the delegates and shall comprise a
minimum of five (5) and a maximum of nine (9) members, including the National Chairman.
b) The Executive Board shall include the National Chairman, National Vice-Chairman,
National Treasurer and Honorary Secretary, all of whom shall be elected from the members
of the Board.
c) Subject to clause 75(e), the Chief Executive Officer or his appointee shall be an ex-officio
member of the Board of Directors and any Board committee of the Society.
d) The Board may appoint ad hoc committees with specific terms of reference and time
frames to address specific issues. Such committees shall be entitled to allowances at the
prevailing rate.
e) The Board of Directors shall meet not more than twelve (12) times in a financial year and
not more than two months shall lapse between two consecutive meetings.
f)
The Board of Directors shall deliberate and be informed about the condition of the Society
in order to provide oversight guidance and policy direction to the management.
g) A member of the Board who fails to attend three consecutive meetings, without reasons
acceptable to the Board, may be suspended.
h) Quorum shall be five (5) members. In case the National Chairman and the National ViceChairman are absent, a chairman for the meeting shall be elected from among those present.
57. CONDUCT OF BUSINESS
(1) The Board of Directors may make such rules not inconsistent with these By-laws, as they may
deem necessary for the conduct of the Societys business. Any such regulations shall be recorded in
the Minute Book and shall be posted on the Societys notice board, and shall come into force when
and as determined by the Board.
(2) Each decision taken by the Board shall be made through a written resolution, and no action may
be taken on a decision purported to be by the Board unless the same is evidenced by a written
resolution duly signed in accordance with the Governance Charter.
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procedures, powers and duties shall be as prescribed in the Co-operative Act, the Rules and the
Governance Charter and in particular, it shall:
a) Observe in all its activities the Co-operative Act, the Sacco Act, Rules, Regulations and these Bylaws.
b) Generally direct and monitor the affairs of the Society.
c) Admit new members to the Society.
d) Establish appropriate policies, including but not limited to Human Resource Policy, Credit
Policy, Investment Policy, Savings Policy, Liquidity Policy, Pricing Policy, Information
Preservation Policy, Dividend Policy and Risk Management Policy.
e) Ensure that true and accurate records and accounts are kept of the Societys money, and its
properties, capital reserves, liabilities, income and expenses.
f) Decide the amount and kind of surety, bond or other security, which shall be required of the
Chief Executive Officer and any other officer or employee having the custody of, or handling
funds or property of the Society.
g) Cause returns to be filed as may be required under the relevant laws.
h) Cause to be prepared estimates of the Societys income and expenditure, including recurrent and
capital estimates for approval by the General Meeting at least three (3) months before the end of
the preceding financial year.
i) Cause to be kept proper books of accounts prepared in accordance with International Financial
Reporting Standards.
j) Display audited accounts in a conspicuous place at the registered office and branches at least two
(2) weeks before presentation of the accounts to members at the General Meeting.
k) Ensure that the Society makes adequate provisions for known and probable losses likely to occur
as required by the regulations.
l) Ensure that the Society maintains a positive image within the industry and the economy as a
whole.
m) Draft or cause to be drafted the Internal Regulations which shall include all matters which have
not been taken care of in these By-laws to ensure smooth functioning of the Society.
n) Approve interest on members loans and deposits and other tariffs from time to time.
o) Lay before the Annual General Meeting a balance sheet and final accounts and budget for the
following year.
p) Recommend to the Annual General Meeting the dividend and interest rates to be paid on shares
and deposits.
q) Fill vacancies occurring in the Board and its committees.
r) Determine the Societys electoral zones, Area Service Centres and branches.
s) Authorise investments of the Society and make capital expenditure.
t) Authorise the conveyance of the Societys property.
u) Authorise borrowing and lending operations of the Society in accordance with the Co-operative
Act, the Sacco Act, Rules and Regulations.
v) Designate a depository or depositories, for the funds of the Society.
w) Submit proposals to the General Meetings and provide information necessary to enable the
delegates to deliberate and take appropriate actions.
x) Employ, terminate and fix compensation of staff in accordance with terms and conditions of
service of the Society.
y) Impose fines on errant members.
z) Approve transfer of shares between members.
aa) Review monthly delinquency reports and supervise the collection of loans to members and
authorise write-offs of uncollectible accounts.
bb) Where appropriate, affiliate and maintain liaison with the national and international apex
organisations.
cc) Elect the Societys representatives in national or international cooperative organisations, or apex
societies of which the Society is a member or affiliate.
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dd) In the performance of their duties, employ the services of such experts as they may consider
necessary for proper discharge of their duties.
ee) Perform such other duties as are necessary to preserve the sound management of the Society.
ff) Perform their responsibilities with diligence, taking into account the obligations set out in Part X
of the Regulations.
gg) Perform or authorise any action consistent with the Co-operative Act, the Sacco Act, Rules and
these By-laws, unless specifically reserved for the General Meeting.
(2) The directors shall perform their duties collectively as a Board and shall adhere strictly to the
Governance Charter.
interest. In the event of disqualification of any such executive officer, Board member or
employee, he/she shall withdraw from such deliberation or determination, and the remaining
qualified Board members at the meeting, if constituting a quorum, may exercise with respect to
the matter, all the powers of the Board of Directors.
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Management staff as may be appointed to facilitate effective deliberations. The CEO and the
management staff shall be ex-officio members without voting rights.
g) Each Board committee shall, unless the Board determines otherwise, be comprised of not
more than three members.
h) Subject to clause (i) below, a Board member shall not serve in more than two committees.
i)
A member serving in the Audit Committee shall not be entitled to sit in any other committee
of the Board.
j)
Subject to clause (i) above, a Board committee may co-opt other members of the Board
where necessary for purposes of transacting a particular business.
k)
The Board Committees shall perform such other duties as may be specified in the
Governance Charter.
In discharging its obligation, members may rely on the honesty and integrity of the Societys
senior executives and its outside advisors and auditors, to the fullest extent permitted by law.
The Committee members shall exercise their business judgment to act in what they
reasonably believe to be in the best interests of the Society and its members.
l)
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70. TREASURER
The National Treasurer shall have a financial management background as shall be stipulated in the
Governance Charter. The powers and duties of the National Treasurer shall be to:
a) Generally manage or cause to be managed the financial affairs of the Society in a competent and
efficient manner.
b) Cause to be maintained full and complete records of all assets, liabilities, income and expenses of
the Society.
c) Ensure the safekeeping of the Societys money, securities and books of accounts.
d) Ensure that all payments and expenditures are duly authorised.
e) Ensure compliance with the regulations and all directives of the Board.
Provided that within fifteen (15) days after the close of each month, the National Treasurer shall
cause the preparation and submission to the Board of Directors financial statements showing the
position of the Society at the end of each such month.
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b) It shall comprise not more than three members, with the Chief Executive Officer and the Head
of Human Resource as ex-officio members. The Head of Human Resource shall be the
committees secretary.
c) The duties shall be as provided in the Governance Charter.
The Audit Committee shall report to the Board on measures taken to implement
recommendations and corrections of findings reported.
g) The duties and responsibilities of the Audit Committee shall be as prescribed in the
Governance Charter.
h) The Audit Committee shall carry out its responsibilities diligently and shall, in the
performance of its duties, have regard to Regulation 57 of the Regulations and the Sacco
Act.
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Societys business or honoraria from the net surplus as allowed by these By-laws or any other legal
payment as determined by delegates at a General Meeting of the Society.
84. AUDIT
a) The Annual General Meeting shall select and approve an auditor from the names presented
to it by the Board. The Board shall ensure that the auditors presented to the Annual General
Meeting are selected from a list of auditors approved by the Authority.
b) The Society shall submit to the Authority the name of the selected external auditor within
thirty days after the Annual General Meeting together with an extract of minutes appointing
the external auditor.
c) After every three years, the Society shall appoint a new external auditor for purposes of this
clause. Subject to any law in force, the Society may appoint an external auditor to serve
beyond three years. Nothing in these By-laws shall be construed to prevent the Society from
appointing a new person as an external auditor before the lapse of three years.
d) The Auditor shall present the audited reports of the Society to the Annual General Meeting
only after the accounts have been submitted to the Authority in such form as prescribed.
e) The Society shall pay such audit and supervision fees as the General Meeting may authorise
the Board to determine in accordance with the relevant laws.
85. DEPOSIT GUARANTEE FUND
The Society shall pay the assessed annual premiums to the Deposit Guarantee Fund.
duly designated officer for that purpose and shall be used only by, and in the presence of the
officers authorised to sign documents on behalf of the Society.
b) A register of all sealed documents shall be maintained by the Society.
XIII. MISCELLANEOUS
90. DISSOLUTION
a) The Society may be dissolved in accordance with the procedures set forth in the Co-operative
Act, Sacco Act, Rules and the Regulations.
b) In the event of Liquidation, the assets of the Society shall be realised, all liabilities shall be paid,
all savings shall be refunded to the members and any surplus or deficit thereafter shall be
apportioned to each member in proportion to the value of each members shares at the date of
liquidation.
91. DISPUTES
Any disputes arising out of these By-laws or concerning the business of the Society and its members
shall be referred to the Tribunal.
92. DEBT
a) In case of debts due to the Society from a member or debts owing to a member or past member
of the Society, a general meeting of the Society may, at its discretion, issue such instruction to the
Board of Directors for liquidation of the debts as may be necessary or refer the dispute to the
tribunal.
b) The Society may request the commissioner to intervene in case the employers fail to remit
deductions from members salaries on expiry of seven (7) days from the date of such deductions.
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96. ACCEPTANCE
We, the undersigned officers of the Society named herein, do hereby accept and adopt these By-laws
for and on behalf of Stima Savings and Credit Co-operative Society Limited together with any
changes or alterations that have been initiated or signed by us.
NAME
SIGNATURE
National Chairman
........................................
................................
National Vice-Chairman
National Treasurer
........................................
.................................
Honorary Secretary
........................................
.................................
.......................................
.................................
Certified that the foregoing By-laws of the Stima Savings and Credit Co-operative Society Limited
have been approved by me and duly registered
Fredrick F. Odhiambo
COMMISSIONER FOR CO-OPERATIVE DEVELOPMENT AND MARKETING
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