BY LAWS OF HAZINA SAVINGS AND CREDIT COOPERATIVE SOCIETY ...

BY LAWS

OF HAZINA

SAVINGS AND CREDIT

COOPERATIVE SOCIETY LIMITED

CS/ NO 1991

Prepared by: Board of Directors and Management

REVISED NOVEMBER, 1971 REVISED APRIL, 1979 REVISED JULY, 1987

REVISED MARCH, 1998 REVISED JANUARY, 2005 REVISED AUGUST, 2012

REVISED April, 2013

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Table of Contents

1. NAME AND AREA OF OPERATION ................................................................................................................ 5 2. REGISTERED OFFICE/ POSTAL ADDRESS .................................................................................................... 5 3. OPENING AND RELOCATION OF SACCO SOCIETYS BRANCH................................................................... 5 4. INTERPRETATIONS AND DEFINITIONS ........................................................................................................ 5 5. OBJECTS ........................................................................................................................................................... 7 6. CO-OPERATIVE PRINCIPLES AND VALUES ................................................................................................... 8 7. MEMBERSHIP .................................................................................................................................................... 9 8. QUALIFICATION FOR MEMBERSHIP .............................................................................................................. 9 9. APPLICATION FOR MEMBERSHIP .................................................................................................................. 9 10. ADMISSION INTO MEMBERSHIP.................................................................................................................. 9 11. REFUSAL OF ADMISSION ............................................................................................................................ 10 12. RIGHTS OF MEMBERS ................................................................................................................................. 10 13. OBLIGATIONS OF MEMBERS ...................................................................................................................... 10 14. MEMBERS PERSONAL STATEMENT........................................................................................................... 11 15. TERMINATION OF MEMBERSHIP ............................................................................................................... 11 16. SUSPENSION AND EXPULSION .................................................................................................................. 11 17. PROCEDURE OF SUSPENSION AND EXPULSION ..................................................................................... 11 18. WITHDRAWAL FROM SACCO SOCIETY..................................................................................................... 12 19. PAYMENT ON CESSATION OF MEMBERSHIP ........................................................................................... 12 20. NOMINEE ....................................................................................................................................................... 13 21. PAYMENT TO NOMINEE .............................................................................................................................. 13 22. ADMISSION OF NOMINEE........................................................................................................................... 13 23. FUNDS OF THE SACCO SOCIETY ............................................................................................................... 13 24. SHARES.......................................................................................................................................................... 14 25. TRANSFER OF SHARES................................................................................................................................ 14

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26. LIABILITY ...................................................................................................................................................... 15 27. POWER TO BORROW................................................................................................................................... 15 28. RECEIPTING OF MONEY.............................................................................................................................. 15 29. PAYMENT AND DISBURSEMENT ................................................................................................................ 15 30. BRANCH MEETING ....................................................................................................................................... 15 31. FUNCTIONS OF THE BRANCH MEETING................................................................................................... 16 32. FUNCTIONS OF THE BRANCH DELEGATES .............................................................................................. 16 33. GENERAL MEETING...................................................................................................................................... 16 34. NOTICE OF MEETINGS ................................................................................................................................ 17 35. QUORUM........................................................................................................................................................ 17 36. DUTIES OF GENERAL MEETINGS............................................................................................................... 17 37. RECORD OF BUSINESS................................................................................................................................ 18 38. ELIGIBILITY FOR MEMBERSHIP TO THE BOARD .................................................................................... 18 39. ELECTIONS.................................................................................................................................................... 19 40. THE BOARD ................................................................................................................................................... 20 41. BOARD MEETINGS ....................................................................................................................................... 20 42. RECORD OF BUSINESS OF THE BOARD ................................................................................................... 20 43. DUTIES AND POWERS OF THE BOARD..................................................................................................... 21 44. EXPENDITURE............................................................................................................................................... 23 45. LEGAL STANDARD OF CARE ....................................................................................................................... 23 46. DELEGATION TO EMPLOYEES .................................................................................................................... 23 47. INDEMNITY ................................................................................................................................................... 23 48. DECLARATION OF WEALTH ........................................................................................................................ 23 49. SUSPENSION OF A BOARD MEMBER......................................................................................................... 23 50. REMOVAL OF A BOARD MEMBER FROM OFFICE ..................................................................................... 24 51. BOARD CHAIRMAN AND VICE CHAIRMAN ............................................................................................... 24

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52. HONORARY SECRETARY ............................................................................................................................. 24 53. TREASURER................................................................................................................................................... 24 54. BOARD COMMITTEES .................................................................................................................................. 25 55. FINANCE AND ADMINISTRATION COMMITTEE ....................................................................................... 25 56. EDUCATION AND MARKETING COMMITTEE ............................................................................................ 26 57. AUDIT AND RISK MANAGEMENT COMMITTEE ........................................................................................ 26 58. CREDIT COMMITTEE ................................................................................................................................... 27 59. SUPERVISORY COMMITTEE........................................................................................................................ 27 60. DUTIES OF THE SUPERVISORY COMMITTEE........................................................................................... 28 61. THE CHIEF EXECUTIVE OFFICER ............................................................................................................... 28 62. BOOKS OF ACCOUNTS AND RECORDS ..................................................................................................... 29 63. POLICIES & PROCEDURES .......................................................................................................................... 30 64. CODE OF CONDUCT..................................................................................................................................... 30 65. COMMON SEAL ............................................................................................................................................. 30 66. FINANCIAL YEAR .......................................................................................................................................... 31 67. DISTRIBUTION OF SURPLUS FUNDS ........................................................................................................ 31 68. FINES ............................................................................................................................................................. 32 69. DISPUTES ...................................................................................................................................................... 32 70. MISCELLANEOUS .......................................................................................................................................... 32 71. INSPECTION OF DOCUMENTS ................................................................................................................... 33 72. DISSOLUTION............................................................................................................................................... 33 73. AMENDMENT OF BY-LAWS ......................................................................................................................... 33 74. ACCEPTANCE .............................................................................................................................................. 343

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1. NAME AND AREA OF OPERATION

1.1 The society shall be called HAZINA Savings and Credit Cooperative Society Limited, herein after referred to in these by laws as "The Sacco society" and its area of operation shall be: WITHIN THE REPUBLIC OF KENYA.

2. REGISTERED OFFICE/ POSTAL ADDRESS

2.1 The registered office of the Sacco society shall be at: HAZINA SACCO SOCIETY LTD; HEAD OFFICE, KIBERA ROAD, OFF NGONG ROAD, and the postal address shall be Box 59877 ? 00200, NAIROBI.

2.2 Notice of any change of postal address shall be given to the Commissioner for Co-operative Development, herein after referred to as ,,The Commissioner, the Sacco Societies Regulatory Authority (SASRA), hereinafter referred to as "the Authority" and to all members of the Sacco society through their last known address as per records held at the Sacco society within 30 days of such change.

3. OPENING AND RELOCATION OF SACCO SOCIETY'S BRANCH

3.1 The Sacco Society shall seek a written approval from the Authority to open a new branch, relocate or close a place of business.

4. INTERPRETATIONS AND DEFINITIONS

4.1 In these by-laws, unless the context otherwise suggests words or phrases shall be interpreted in accordance with the Sacco Societies Act, 2008 and Regulations herein after referred to as the "Act" and "Regulations", respectively, the Co-operative Societies Act Cap490 Laws of Kenya and the Rules made there under herein after referred to as the "Cooperative Act" and "Rules" respectively.

4.2 In these by-laws where the masculine gender is referred to, it will be construed to include the feminine gender.

4.3 In these by-laws save as otherwise expressly stated:

(i) "Audit Committee" shall mean committee of the Board established as per the Regulations sec. 57(1)

(ii) "Authority" shall mean the Sacco Societies Regulatory Authority

(iii) "A nominee" means a person appointed by the member to inherit the shares, deposits and other interests in the society upon the

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