REGULATION AND SUPERVISION OF SACCO SOCIETIES Regulation and supervision of Sacco societies The Authority shall be responsible for the regulation and supervision of Sacco societies to which this Act applies. Without prejudice to the generality of subsection (1), the Authority shall— (a) prescribe prudential standards to be adhered to by Sacco societies; (b) undertake […]
REGULATION AND SUPERVISION OF SACCO SOCIETIES Read Post »
GOVERNANCE OF SACCO SOCIETIES Minimum capital requirements All Sacco societies shall comply with and maintain at all times the minimum capital requirements as may be prescribed by the Authority. Minimum liquid assets A Sacco society shall maintain such minimum holding of liquid assets of its members’ deposits and borrowings as may be prescribed by the
GOVERNANCE OF SACCO SOCIETIES Read Post »
LICENSING OF SACCO SOCIETIES Carrying out of deposit-taking business No person shall carry out deposit-taking business within the meaning of this Act, unless such person— (a) is a Sacco society registered under the Co-operative Societies Act of 1997 (b) holds a valid licence issued under this Act. A person who contravenes the provisions of this
LICENSING OF SACCO SOCIETIES Read Post »
SACCO SOCIETIES REGULATORY AUTHORITY Establishment of the Authority There is established an Authority to be known as the Sacco Societies Regulatory Authority. The Authority shall be a body corporate with perpetual succession and a common seal and shall be capable, in its corporate name, of— (a) suing and being sued; (b) taking, purchasing or otherwise
SACCO SOCIETIES REGULATORY AUTHORITY Read Post »
