How to Join Ufanisi Sacco

April 4, 2021

in Wealth

Reading Time: 3 mins read

Advertisements

Every applicant for membership shall complete an “Application for Membership” form. The form shall be drawn so as to show all the requisite information and particulars for the purposes of a Register of Members. Join Ufanisi Sacco

ADMISSION INTO MEMBERSHIP

Upon receipt of a duly completed application form the Board shall consider the same and make a decision accepting or rejecting it. The said decision shall be communicated to the applicant in writing within a reasonable time; subject to ratification by the next general meeting.
The Board shall upon accepting an application for membership issue a membership number which shall be entered in the members’ register and the duly accepted form shall be filed in the member’s personal file.
An applicant shall be admitted to membership as provided in clause 6 above and on payment of an entrance fee of Kenya Shillings One Thousand (Kshs.1000/=) or such other fee as may be prescribed by the Board from time to time.
A member shall not qualify for the rights and privileges of membership until he has paid in full the minimum shares of at least two hundred and fifty (250) of Kenya Shillings Twenty (Ksh.20/=) each and deposits of Kenya Shillings Ten Thousand (Ksh.10,000/=) or as shall be fixed by the general meeting from time to time .
Any person who having previously been a member of the Society and wishes to rejoin , shall subject to clauses 6 and 6.1(iv) above be admitted to membership.
The Board may refuse admission to membership of any person giving reasons thereof, provided, however, that the person, whose membership has been declined, if otherwise eligible for membership, shall have the right to appeal to an Annual General Meeting. Any such appeal must be supported by at least ten (10) members.
The member shall pay for a copy of the Society’s by-laws at its actual cost to the Society.
Every member may be issued with a membership Identification card upon admission.
Payment on member’s shares, deposits and loan repayment shall be through cash contributions and/or check-off system. A periodic statement of account containing a record of the members’ transactions with the Society shall be sent to every member
at least once every six (6) months.
The spouse, children (Over 18 years) and parents living in the same household with the member, and employees of this Society may also become members under the same terms and conditions as all members.