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83. No member shall without first obtaining the written consent of the Committee sell or otherwise dispose of any of his shares to any company, society or person other than to the member of the society.



a. Any member judged by the committee to be guilty of infringing on these By-laws, shall pay a fine not exceeding KShs. 20,000. The committee may come up with the exact amount for various types of offences subject to approval by the AGM but no fine shall exceed the amount above.

b. Any member failing to attend Annual General Meetings without any lawful reason shall pay a fine of Shs.500/- but the amount shall be subject to review by General Meeting.

c. Members failing to pay outstanding loans for two months will pay a fine of Shs.1,000/- (payable in cash or recovery from Shares). This is subject to review by the General Meeting from time to time.

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.


85. All documents contracts and cheques shall be signed on behalf of the society by any three of the holders of the following offices:-


And / or any other member or officer of the society mandated by the general meeting.


86. The financial year of the society shall be from 1st January to 31St December.


87. Subject to section 48 of the Act, the net gain or surplus resulting from the operations of the society during any one financial year, shall be disposed of as follows:-

a. 20% shall be credited to the Reserve Fund.

b. Paying of dividend on Share capital at a rate determined by the general meeting on fully paid shares.

c. Paying bonus to members in proportion to the value of shares or business done by them through the Society.

d. Reinvested in the activities of the society.

e. Contributed to any charitable or educational purpose.

f. Paying a gratuity or honorarium to both current and retiring officers or employees of the society.

g. Appropriation to any fund established by the society.

h. Any other profitable way approved by the Annual General Meeting.

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