ADVOKS GLOBAL · KENYA
The Building Societies Regulations
5. Limitation on advances
Edition: 2022-12-31 · In force
5. Limitation on advances
(1)For the purposes of section 24 of the Act, no society shall, without the consent in writing of the Registrar, make an advance in excess of three million, five hundred thousand shillings, or a sum exceeding five per centum of the total amount of moneys subscribed to the society by members of the society, whichever is the less.(2)An application for the written consent of the Registrar, as required under section 24 of the Act, shall be made in duplicate in Form BS 4 in the First Schedule.(3)Where the Registrar consents to the application he shall endorse the application accordingly and return a copy thereof to the applicant society.