ADVOKS GLOBAL · KENYA
The Co-operative Societies Rules
7. Power to make by-laws
Edition: 2022-12-31 · In force
7. Power to make by-laws
(1)A co-operative society shall make by-laws in respect of the following matters—(b)its registered office and postal address;(c)its area of operation and membership common bond;(d)the objects of the society;(e)the purposes to which its funds may be applied;(f)the disposal of its accumulated funds;(g)the qualification for membership, the terms of admission of members and the mode of their admission;(h)the withdrawal and expulsion of members and the payment, if any, to be made to such members and the time within which such payment shall be made;(i)the rights, liabilities and obligations of members, including the minimum share holding and produce delivery;(j)the transfer of the shares or interests of the members;(k)the manner of raising funds, including the maximum rate of interest on deposits;(l)its general meetings, the procedure and quorum of such meetings, power of such meetings and representation and voting at such meetings;(m)the appointment, suspension and removal of members of the Committee and officers and the powers and duties of the Committee and officers;(n)the period of its financial year;(o)the authorization of officers to sign documents on its behalf;(p)the settlement of disputes; and(q)such other matters as may be expedient for the better carrying out the provisions of these Rules.(2)If the objects of the society include the creatforfof funds to be lent to its members, by-laws shall also be made in respect of the conditions and other requirements on which loans and advances may be made to members including—(b)the maximum amount which may be lent to a member;(c)the extension, renewal and recovery of loans;(d)the period and purpose of loans;(e)the security for loans; and(f)the consequences of default in the repayment of any sum due.