Sacco Societies Act

56. The Board of Trustees

Edition: 2025-06-20 · In force

(1)The Board of Trustees shall consist of—

(a)the Chairperson who shall be elected from among the members appointed under subsection (2)(b) and (f);

(b)the Chairperson of the Board of the Authority;

(c)the Principal Secretary to the National Treasury or his representative;

(d)the Governor of Central Bank or his representative;

(e)the Commissioner or his representative;

(f)four members nominated by Sacco societies and appointed by the Cabinet Secretary;

(g)the chief executive officer of the Authority who shall be an ex officio member and secretary to the Board of Trustees.

(2)The Cabinet Secretary shall by regulations provide for the manner of nominations under subsection (2)(f).

(3)The Board of Trustees shall be responsible for the management of the Deposit Guarantee Fund and shall in particular—

(a)provide oversight function in the management of the Deposit Guarantee Fund;

(b)manage and apply the Deposit Guarantee Fund in accordance with this Act;

(c)levy contributions for the Deposit Guarantee Fund in accordance with this Act.