Rights of A Member

A member of the SACCO Society shall have the right to –

1. Attend, participate and vote in decision making at all General Meetings of the SACCO Society.
2. Be elected to governance organs of the SACCO Society, subject to compliance with any written law and these By-Laws.
3. Enjoy the use of all the facilities and services of the SACCO Society, subject to compliance with any written law and these SACCO Society’s By-Laws.
4. Access all legitimate information relating to the SACCO Society, including a copy of these By-Laws; any internal Policies and Procedure Manuals; registers; minutes of General Meetings and Supervisory Committee reports; Annual Financial Statements; and any other inventories or accounts at the SACCO Society’s registered office;
5. To be furnished with a free statement for each account that provides adequate details of each transaction made during the period accessed through the Sacco’s portal or upon request by a member, through an electronic media to the members’ disclosed electronic address.
6. An advance written notice of at least thirty (30) days before the effective date of a change in the features of the SACCO Society’s products and services in accordance with the Regulations, 2020.
7. A full and accurate disclosure of the terms and conditions for subscription to the SACCO Societies’ shares or the terms and conditions for the mobilization of non-withdraw able deposits or the opening and operation of a non- withdraw able deposit account including the savings frequency, tariffs, penalties, commissions, charges and fees among others in accordance with the Regulations, 2020.
8. A full and accurate disclosure of the minimum lending terms, legal obligations and requirements of either party, including the amount to be financed; the finance charges, such as the interest rate, fees and any other charges that may be imposed; the interest computation method (variable, fixed, flat or reducing) and the date interest charges begin to accrue; the conditions for refinancing of loans; frequency of issue of statements; and the collateral or security required to secure the lending.
9. A full and accurate disclosure of the method employed to calculate any dividends payable on shares and interest payable on non-withdraw able deposits; and the frequency of the dividend or interest calculation and the time the dividends or interest are paid or credited to an account.
10. Any other right as may be conferred upon the member by the Co-operative Societies Act, the SACCO Societies Act, the Regulations 2020, these By-Laws and any other applicable law.