Guarantorship in Sacco Societies

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5 Responses

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  2. i want to start a kind of saving n crediting bussiness ….im hoping to give it a name sacco can thea be a problem with that..???

    • Hi John.

      Yes there is problem. Section 90 of the Co-operatives Societies Act prohibits people from using the word co-operative. It states: (1) No person, other than a co-operative society, shall trade or carry on business under any name or title of which the word “Co-operative” or its equivalent in any other language is part, without the written approval of the Commissioner.
      (2) Any person who contravenes subsection (1) of this section shall be guilty of an offence and shall be liable to a fine not exceeding fifty thousand shillings, and in the case of a continuing offence, to a further fine not exceeding two thousand shillings for each day on which the offence is continued after conviction therefor.

      Kind regards.

  3. i guaranteed a loan to a colleague and he has defaulted. consequentliy i have lost part of my shares as a result. what legal redress do i have given that i feel he has deliberately defaulted the loan.

    • Seek redress from cooperative tribunal.

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