ADVOKS GLOBAL · KENYA
Building Societies Act
29. Additional powers of building societies
Edition: 2022-12-31 · In force
29. Additional powers of building societies
Subject to this Act, and to its rules, a building society shall have the following powers in addition to the powers hereinbefore conferred—(a)to borrow money at interest, other than in the form of deposit, from a bank, or, if the terms are approved in writing by the Registrar, from any person other than a banker, and to arrange overdraft facilities with a bank;(b)to act as the agent of insurance companies in effecting insurances in respect of property mortgaged or to be mortgaged to the society and any other insurances designed to secure a debt to the society, and to collect on behalf of such companies the premiums in respect of any insurance so effected and of the insurances pledged to the society;(c)to pay pensions or gratuities to its employees, or to establish a pension fund or to adopt a pension scheme for providing pensions or gratuities for its employees, or to join with other societies in establishing or adopting any such fund or pension scheme.