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MEMBERSHIP

9. Members shall consist of:-

a. Original members who signed the application for registration.

b. New members subsequently admitted in accordance with these By¬laws.


10. A person who possesses the following qualifications shall be eligible for membership: -

a. Good character and is of sound mind

b. Not less than 18 years of age.

c. i. Is an employee (permanent or contract) of Orbit Chemical Industries Ltd. Or any other organization aligned to the mother company and employees of this society.

ii. Is a casual employee of Orbit Chemical Industries Ltd. For this case, credit will be advanced to such members in line with the law on casuals.

d. Has not applied to be adjudicated as insolvent or is not an un-discharged insolvent or has not been convicted for any criminal offence involving dishonesty or fraud and jailed for a period of three months or more within the last five years, and is in employment or in business within the society's area of operation

e. Is not a member of any other SACCO.


11. A member admitted in the society as per By-law 10 may continue with his/her membership in the society even on ceasing to be in the common bond so long as he/she continues being an active participant in the activities and undertakings of the society

12. Members shall be admitted by the Management Committee subject to confirmation by the next General Meeting. On being accepted by the Management Committee, a member shall sign his name or make his thumb print in the register of members in the presence of two members of the Management Committee to indicate his acceptance of the by-laws of the society.

13. Every applicant for membership shall complete an “Application for Membership” form which will indicate the name, age, address, occupation and his / her nominee.

14. An applicant shall be admitted to membership on being accepted by the Management 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 at least 150 shares of Kshs.20/= each worth KShs.3,000/- within a period of six months. Those amounts may vary from time to time under a resolution of a general meeting.

15. The Management Committee shall be entitled to refuse membership to any person without giving a reason thereof. However, a member whose admission to membership has been so rejected shall have a fight to appeal at a General Meeting. Such an appeal shall be supported by at least 20 active members.

NOMINEE

16.

a. Every member shall nominate in writing one or more persons to. whom, on his / her death, his shares or interest shall be transferred. The member shall have the power to change the name(s) of the nominee(s). The name(s) of the nominee(s) shall be entered in the register of members or recorded in a sealed envelope to be securely kept by the society and any alterations thereon shall be signed by the member. The nominee shall be paid the value of the shares or assets less any sum due from the deceased member to the society. Such payment shall be made within one year of the death of the member.

b. Where a member appoints more than one person as a nominee he/she shall be required to specify the percentage of his/her shares, deposits, or any other interests payable to each nominee(s) in the event of death or incapacitation.

c. Where any money is paid to a nominee who is a minor, receipt given either by the minor or by his/her guardian shall be sufficient to discharge the society of any liability.

d. Where a member dies before appointing a nominee, the society may pay any money due to the deceased member to the personal representative or recognized heirs of the deceased member.


17. Membership of the society shall cease with effect from the date of the member:-

a. Dying;

b. Ceasing to hold the qualifications for membership as specified in these By¬laws, the Rules or the Act;

c. Being expelled from the society;

d. Voluntarily withdrawing from the society in accordance with By-law No. 18;

e. Ceasing to hold shares in the society in accordance with the provisions of By-law No. 14.

f. Becoming of unsound mind.

18. A member may withdraw from the society at any time, provided that he/she shall have given 60 days notice in writing of his intention to withdraw from the society or transfer to another society. The Management Committee of both Societies must approve such transfer.

EXPULSION OF A MEMBER FROM THE SOCIETY

19. The General Meeting may expel a member whom:-

a. Is convicted in a Court of Law of a criminal offence involving dishonesty or imprisoned for a period of three months or more.

b. Acts in a manner prejudicial to the interests of the society in respect to the provisions of the Act, the Rules and these By-laws.

c. Contravenes the provisions of these By-laws


20. A member who withdraws or is expelled by the General Meeting shall be paid the following amounts after deductions of any debts owed by him / her to the society as a borrower, endorser, guarantor or otherwise:-

a. The nominal or book value of his shares whichever is less; provided however, that the Management Committee may require a written notice of 90 days of intention to withdraw from the society.

b. Any bonus, dividend or interest due to him / her at the date on which membership ceases.

c. Any deposit or sum held by the society on his / her behalf [no penalty for rejoining unless it is passed as an AGM Resolution.

MEMBERS’ RIGHTS

21. Each and every member of this Society shall have the right to:-

a. Observe and comply with all the provisions of these By-laws and decisions taken by the relevant organs of the Society in accordance with these By-laws.

b. Buy and pay up for shares, deposits and loans and pay for charges provided for in these by-laws.

c. Meet the debts of this Society in case of bankruptcy in accordance with the provisions of the Act and these By-laws.

MEMBERS’ OBLIGATIONS

22. A member of this Society shall have the obligation to:-

a. Observe and comply with all the provisions of these By-laws and decisions taken by the relevant organs of the Society in accordance with these By-laws.

b. Buy and pay up for shares, deposits and loans and pay for charges provided for in these by-laws.

c. Meet the debts of this Society in case of bankruptcy in accordance with the provisions of the Act and these By-laws.

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