Thursday, 26 September 2013

THE FUNDS OF THE SACCO SOCIETY

Sources of funds consist of:
(i)    An admission fee which may be reviewed from time to time by the General Meeting.
FUNDS(ii)    A re-admission fee which is payable by individuals who withdraw and reapply for admission and which may be reviewed from time to time by the General Meeting.
(iii)  An unlimited number of shares whose value and minimum amount may be revised from time to time by the General Meeting.
(iv)  Deposits or loans from members and/or non-members.
(v)   Any surplus resulting from operation of the Society.
(vi)  A reserve fund as provided under the Act, and any other reserve approved by the management.
(vii)  Any donations grant or gifts from other bodies, organizations or individuals.
(viii) Deposit Protection Funds.
(ix)  Funds obtained from fines and/or penalties as may be prescribed by the management from time to time as authorised by the Authority.
(x)   Funds obtained from other lawful miscellaneous sources.
(xi)  Income from interest, fees and charges and commissions as authorized.
(xii)  Liabilities, which include deposits from members and borrowings from other sources.

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