ADVOKS GLOBAL · KENYA
The Co-operative Societies Rules
34. Limitation of borrowing powers
Edition: 2022-12-31 · In force
34. Limitation of borrowing powers
(1)A co-operative society which under its by-laws has power to borrow money shall from time to time at a general meeting fix the maximum liability which it may incur in loans or deposits from non members.(2)Notification of the maximum liabilities fixed shall be sent to the Commissioner in Form VIII set out in the Schedule to these Rules.(3)The maximum liabilities fixed shall be subject to the approval of the Commissioner who may at any time reduce it or impose such conditions as he may deem necessary.(4)Any member of the society may appeal against the decision of the Commissioner made under sub-rule (3) to the Cabinet Secretary within thirty days of such decision.