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MEMBERSHIP

Membership shall consist of:-

  1. Original members who signed the application for registration.
  2. New members subsequently admitted in accordance with these by – laws.

QUALIFICATION FOR MEMBERSHIP

A person who possesses the following qualification shall be eligible for membership:-

  • Lives or works in Kandisi and its environs within Kajiado County.
  • Has attained the age of 18 years.
  • Is of good character and sound mind
  • Pays the entrance fee and share capital as prescribed in these by-laws.

Provided that no member shall belong to more than one Sacco society having similar objects

APPLICATION FOR MEMBERSHIP

Every applicant for membership shall complete an “application for membership” form. This form shall be drawn to show all the information required for the purpose of registration of members.

ADMISSION INTO MEMBERSHIP

9.1 An applicant shall be admitted to membership on application upon payment of an entrance fee of Kshs. 1,000.00 and for such other minimum shares as shall be fixed by the General meeting from time to time.

9.2 Upon admission the member’s name shall be entered in the membership register and a membership number issued.

9.3 The member shall sign or make a thumb mark in the register of members in the presence of two members of the committee to indicate his/her acceptance of the by-laws of the society.

9.4 Members shall be admitted by the committee subject to confirmation by the next general meeting.

9.5 The member shall pay for a copy of the society’s by-laws at its actual cost to the society.

Membership Form
Loan Form

Nyanam Kandisi Savings and Credit Co-operative  Society Limited

RINCIPLES

(a)  Voluntary and open membership

The society shall always be guided by the principle of voluntary and open membership in its member recruitment drive without political, ethnic, religious, gender or social discrimination.

(b) Democratic member control

The society will be fully controlled by members who will have equal voting rights on the basis of one member one vote.

 

(c) Economic participation by member

Members shall contribute equitably to the capital of the society and share in the results of its operations.

 

(d) Autonomy and independence

The society shall operate on mutually acceptable terms with its stakeholders who will ensure its autonomy and independence.

(e) Education, training and information

The society shall foster reciprocal, on–going education programmes for members, leaders, staff and the community so that they can teach and learn from each other or from the appropriate resource persons in understanding and carrying out their respective roles.

LOANS

LOANS

(a) The society shall have a loan policy approved by the General meeting.
(b) All loans shall be approved by the committee with recommendation from the credit committee.
(c) Loans shall only be given for worthy purposes that benefit the borrower.
(d) The rate of interest on loans shall be determined by the General Meeting on recommendation by the Committee.

APPLICATION FOR LOANS

(a) All loans shall be applied for on forms provided by the society.
(b) The loan application in each case shall set forth the amount applied for, the purpose for which the loan is desired, the terms of repayment, the security if any, and such other information as the Committee may require.
(c) All applications for loans and reports thereon shall be filed as permanent records of the society.

LOAN GRANTING

a) Loans shall be granted by the committee in respect to the credit limit approved by the general meeting.
b) No loan shall be granted except for a specified and approved purpose, for a definite period and at a fixed rate of interest.
c) No loan shall be made to any member in excess of 5% of the society’s total share capital and reserves.
d) Loans shall be granted to Executive Officers, employees of the society who are members

SECURITY FOR LOANS

The Credit Committee shall require the member to give the following securities for loans:
a) The shares and deposits of a member
b) The shares and deposits of guarantor(s)
c) Any other as it may consider necessary.
Provided that;
(i) The committee shall not accept as guarantor, a member who has taken a loan and has already guaranteed three loans.
(ii) No member of the Management and Supervisory Committee member shall act as endorser or guarantor for borrowers from the Society.
(iii) A borrower may apply to the Committee for change of guarantors.

REPAYMENT OF LOANS

a) Loans shall be repaid according to the terms in the loan application form. However, a borrower may, on any day on which the Society is open for business, repay his loan in whole or in part prior to its maturity, subject to approval of the Committee.
b) Any request for an extension of time in which to pay, shall be accepted by the Committee only in exceptional circumstances; provided such extension shall not result in financial losses to the society. Any extension so granted shall be treated as a new loan and an extension agreement shall be executed and signed.

RE-FINANCING OF LOANS

a) Notice shall be given to all members when the society intends to re-finance loans.
b)The re-financing of a loan shall be allowed by the Committee only when the society has satisfied all loan demands and has sufficient funds.
c) The re-financed loan shall be treated as a new-loan, and subjected to the normal loan approval procedures.