MWALIMU SACCO MEMBERSHIP- HOW TO JOIN, REQUIREMENTS

APPLICATION FOR MEMBERSHIP AND RE-ADMISSION NEW MEMBERSHIP

(a) Every applicant for membership shall complete an “Application for Membership” form. This form may be drawn so as to show all the information required for the purpose of Register of members.

(b) The completed form upon receipt and admission shall be allocated a membership number, filed in the members personal file and the number given be entered in the members register

(c) An applicant shall be admitted to membership on being accepted by the Board and upon payment of Ksh.2,000 or such other amount for entrance fee as may be determined by the board from time to time.

RE-ADMISSION

(a) A member who withdraws from the Society may rejoin after a period of not less than 3 months of the withdrawal. However, such time frame shall be reviewed by the Board from time to time

(b) A Re-Admission fee of Ksh. 2,000 or such other amount as may be determined by the board from time to time.

(c) Upon re-admission, the rejoining member shall be treated as a new member for purposes of qualification of members’ rights and obligations.

(d) Upon admission/re-admission by the Board, a member will be issued with a membership biometric identification card. The Bylaws shall be available on the website.

REFUSAL OF ADMISSION

The Board may refuse admission to a person after assigning reasons for its decision. Such a person, whose membership has been refused, if aggrieved, shall have the right to appeal to the next Annual Delegates meeting through his Branch.

Such an appeal shall be heard and determined if the necessary notice has been given in accordance with the applicable law

DIFFERENCE BETWEEN SHARES AND DEPOSITS

(a) SHARES

The nominal value of each share shall be KSh.20.00 and every member shall hold at least 1,500 shares in the Society, but no member shall hold more than one fifth of the total shares.

Shares shall form part of the core capital of the Society as stipulated by the Sacco Societies Act No. 14 of 2008.

(b) DEPOSITS:

Any amount may be accepted towards members’ shares/deposits provided that, the Board may fix a minimum amount that may be paid by a member at any one time for those without loans different from those with loans.