ADVOKS GLOBAL · KENYA
Building Societies Act
35. Books and records to be kept by building societies
Edition: 2022-12-31 · In force
35. Books and records to be kept by building societies
(1)A building society shall keep the following books—(a)a minute book recording all proceedings of general meetings;(b)a minute book recording all proceedings of the board of directors;(c)a register of directors, showing the full names of every director, his postal and residential address, his nationality and, if that nationality is not his nationality of origin, his nationality of origin, the date of his appointment and the date of his ceasing to hold office as such director; and(d)such books of account as may be necessary to show the receipts and expenditure of the society, the amounts due to the holders of the various classes of shares respectively and to depositors and creditors for loans, the balance due or outstanding on the security of mortgages and the amount invested by the society.(2)A building society shall cause to be kept records showing with respect to every advance made by the society on the security of any land—(a)the amount at which the land was assessed and the name of the person by whom the assessment was made; and(b)particulars of any additional security taken by the society, including the amount at which it was assessed and the name of the person by whom the assessment was made.(3)A building society registered under section 6 shall keep all registers, minute books, books of account and other records, which it is required by this Act to keep, in English.(4)If a building society fails to comply with the provisions of this section, the society and every director, secretary or other officer of the society shall be guilty of an offence and liable to a fine not exceeding one thousand shillings.