RESOLUTIONS PASSED IN THE ANNUAL GENERAL MEETING ON 23RD MARCH 2024

Dear Member,

RE: RESOLUTIONS PASSED IN THE ANNUAL GENERAL MEETING ON 23RD MARCH 2024

We would like to appreciate your participation during our Annual General Meeting that was held at Tin Tin Restaurant, Nairobi on Saturday 23rd March 2024.

The following are the resolutions that were passed in the said meeting:

  • Review of Maximum Loan to Members
    The AGM reviewed the maximum loan a member can borrow from the Sacco from the current Ksh.12 million to Ksh.15 million with immediate effect.

  • Recovery of Share Capital Contribution Shortfall from Dividends and Interest
    The current minimum share capital of the Sacco is 9,000 per member, which should be paid in full within 25 months after joining the Sacco. The AGM resolved that any shortfall on the minimum share capital after the 25th month will be recovered from the affected member’s subsequent dividends on share capital and interest on deposits with effect from 31st December 2024. This is in addition to the current policy where loan repayment and insurance premium arrears are recovered from dividends and interest.

  • Eligibility for Membership to the Board of Directors and Supervisory Committee
    With effect from 1st January 2025, no person shall be eligible as a member of the Board of Directors or Supervisory Committee if he/she does not hold at least two thousand five hundred (2,500) shares of twenty Kenya Shillings (Ksh.20) each which is share capital equivalent of Ksh. 50,000. This condition is in addition to the other existing eligibility requirements.

Thank you.


Philip Muchiri

Hon. Secretary