ADVOKS GLOBAL · KENYA
Agricultural Finance Corporation Act
23. Loan to co-operative society
Edition: 2022-12-31 · Repealed
23. Loan to co-operative society
(1)The Corporation may make a loan to any cooperative society primarily engaged in agriculture to enable the society to erect buildings, install equipment or buy land or otherwise to promote any one or more of the objects of the society—(a)upon the society applying for a loan in writing in such form as the Board from time to time approves signed by the Chairperson and the secretary of the society; and(b)upon the Board being satisfied that the Chairperson and secretary of the society have been authorized, by a resolution of a meeting of the society passed by a majority of two-thirds of the members of the society and which does not offend any by-laws of the society, to apply for a loan; and(c)upon the society lodging with its application a list of the persons who were members of the society at the time of the resolution; and(d)upon the Board being satisfied that the accounts, books, papers, and documents of the society are in order; and(e)upon such security (if any) as the Board may require; and(f)upon the authority of a resolution of a meeting of the Board at which the application is properly considered and approved.(2)The Commissioner for Co-operative Development shall, at the request of the Board, furnish such lists and other information as the Board may require regarding any co-operative society.