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TIBA ASILI SAVINGS AND CREDIT CO-OPERATIVE ... By-Laws of TIBA... 1 TIBA ASILI SAVINGS AND CREDIT CO-OPERATIVE SOCIETY LTD BY-LAWS 1. NAME AND AREA OF OPERATION This Society shall

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    TIBA ASILI SAVINGS AND CREDIT CO-OPERATIVE SOCIETY LTD

    BY-LAWS

    1. NAME AND AREA OF OPERATION

    This Society shall be called Tiba Asili Co-operative Savings and Credit Society Limited; hereinafter

    referred to in in these By-Laws as “the society “ and its area of operation shall be NAIROBI.

    2. REGISTERED ADDRESS

    The registered office of the society shall be at 215 Sirona House, Koinange-Kaunda Street and its Postal

    Address shall be P.O BOX 35487-00100 Nairobi. Notice of any change of address shall be given to the

    Commissioner for Co-operative Development and Marketing and all members of the society.

    3. DEFINITIONS/INTERPRETATIONS

    In these By –Laws, unless the context otherwise suggests, words or phrases shall be

    defined/interpreted in accordance with the Co-operative Societies Act No.12 of 1997(Amended 2004)

    and the Co-operative Societies Rules2004 made there under; hereinafter referred to as the”the Act”

    and “the Rules” respectively.

    a) Commissioner means the Commissioner for Co-operative Development and Marketing.

    b) Sacco means Savings and Credit Co-operative Society Limited.

    c) Tribunal means the Co-operative Tribunal established under section 77 of the Act t

    to hear and determine disputes under the Act and Rules.

    d) Capital means the permanent members equity in the form of common stock and

    Include all disclosed reserves, retained earnings, grants or donations.

    e) Apex Society means the Kenya National Federation of Co-operatives Limited formed at

    The national level by the Co-operative Movement in Kenya and

    Registered under this Act to promote Co-operative Development and

    Represent the interests of Co-operative Societies Locally and

    Internationally.

    f) Date of Dissolution means the date on which the Commissioner’s order cancelling the

    Registration of a Co-operative Society takes effect.

    g) Deposit means a sum of money paid on terms, which it shall be repaid, with or

    Without interest or premium, and either on demand or at a time or

    In circumstances agreed by or on behalf of the person making the

    Society to receive it at the risk of the society receiving it.

    h) Share means the amount represented by a member’s portion in the equity

    Of a society as a co-owner.

    i) Special resolution means a resolution passed by two thirds of the members

    present and voting at a special general meeting of a society.

    j) Supervisory Committee means an oversight committee elected at a general meeting.

    4. OBJECTS

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    The objects for which the society is established are: -

    (a) To encourage thrift among its members by affording them an opportunity for accumulating

    their savings.

    (b) To create a source of funds at a fair and reasonable rate of interest.

    (c) To provide an opportunity for each of its members to improve the member’s respective

    economic and social conditions.

    (d) To provide members with credit for provident and productive purposes.

    (e) To offer to the members complementary savings and credit services and other financial

    Products as may be required by the members from time to time.

    (f) To ensure safety and soundness of the members’. funds through a risk management

    Programme or appropriate insurance coverage.

    (g) To ensure the progress of its members by educating them continuously on the proper use

    Of credit.

    (h) To perform the function and exercise the powers designated for savings and credit Co

    Operative societies under the applicable laws for the benefit of the members,

    5. VALUES

    The Co-operatives are based on the values of self-help, mutual responsibility, equality and

    equity. They practice honesty, openness and social responsibility in all their activities.

    6. CO-OPERATIVES PRINCIPLES

    In order to achieve the objects for which it is establish, the society shall practice the following

    principles: -

    i) Voluntary and open membership

    ii) Democratic member control

    iii) Economic participation by members

    iv) Autonomy and independence

    y) Education, Training and information

    vi) Co-operation among co-operatives

    vii) Concern for the community in general

    7. MEMBERSHIP ELIGIBILITY

    A person of either sex shall be eligible for membership if he/she possesses the following

    qualifications: -

    (a) Is within the field of membership consisting of the following common bond.

    (i) Is a regular member providing natural health care services and any other matter

    related to

    (ii) Is in the full time employment of Tiba Asili Sacco Society Ltd.

    b) Is not less than 18 years of age.

    c) Is not a member of another Sacco in the country

    d) Has not been convicted of a criminal offence involving fraud or dishonesty.

    e) Is of good character and sound mind.

    f) Is an employee of the Sacco and not a member of any other Sacco within the Sacco’s area of

    operation.

    g) Members who lose the common bond may retain their membership.

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    8. MEMBERSHIP COMPOSITION

    Members shall consist of:-

    (a) Original members who signed the application for registration.

    (b) New members subsequently admitted in accordance with these By-Laws.

    9. APPLICATION INTO MEMBERSHIP

    Every applicant for membership shall complete an “Application for Membership form. This form shall

    be drawn so as to show all the information required for purpose of registration of members.

    10. ADMISSION INTO MEMBERSHP

    An applicant shall be admitted into membership on being accepted by a majority vote of the managing

    committee but shall not qualify for the rights and privileges of membership until he/she has paid an

    entrance fee of Kshs. 500 and paid in full for at least 25 shares of Kshs. 20 or such other minimum

    shares as shall be fixed by the General Meeting from time to time. Upon admission to membership,

    the secretary shall cause the name and relevant particular of qualified applicant to be entered in the

    register of members.

    11. MEMBER NUMBER

    (a) A number shall be assigned to each member as a means of identifying his or her account with the society.

    (b) The Management Committee may refuse membership to any person without giving reasons therefore;

    provided however, that the person, whose membership has been refused, if otherwise eligible for

    membership, shall have the right to appeal in a General Meeting.

    12. CEASSATION OF MEMBERSHIP

    Membership in the society shall be terminated upon: -

    (a) Voluntary resignation by the member

    (b) The death of the member

    (c) Expulsion from membership

    (d) Becoming of unsound mind

    (e) Acting contrary to the relevant provisions of the Act, Rules and the By-laws.

    (f) Losing any of the qualifications set out in these By-Laws.

    (g) Withdrawing all its share holdings

    13. REFUSAL OF MEMBERSHIP

    The Management Committee may refuse membership to any applicant giving him/her reasons for the refusal

    ¡n writing, provided the person, whose membership has been refused, if aggrieved by the decision, shall have

    the right to appeal to the next General Meeting through a registered member. The decision of the General

    Meeting on the matter shall be final.

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    14. MEMBER’S PERSONAL STATEMENTS

    Every member shall receive regular statements at least once every quarter of a year, which shall

    contain particulars of his/her membership, shares, deposit and loan transactions with the society.

    15. NOMINEES

    (a) Every member shall nominate one or more persons in writing as his/her nominees to whom on his/her

    death, shares, deposits, or other interest shall be vested and such appointments shall be attested by two

    witnesses who are members of the society and thereafter, the names of such nominees shall be entered in the

    member’s nominee register provided that a member shall have the right to change his/her nominee(s) in

    writing and signed by the member in the presence of two attesting witnesses who are members of the society.

    (b) No member of the society shall be entitled to appoint more than one nominee unless that member holds

    more than one share.

    (c) Where more than one nominee is appointed by any member, the number of shares to be transferred to

    each of these nominees shall be specified at the time of appointment.

    (d) In the event of any person so nominated dying or of the member desiring to cancel any suc

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