Rights and Obligations of a Member

Rights and Obligation of Members.

Rights and Obligation of Members.

Rights of a Member

A right is what a member of a co-operative deserves to be given, or is entitled to get, enjoy or feel. In order to enjoy these rights, a member must have paid the necessary membership fees and purchased at least one minimum share and also have deposits in the Sacco Society.

These rights are:-

  • to attend and participate in general meetings.
  • to elect and be elected to the organs of the society subject to this by-laws.
  • to enjoy the use of all facilities and services of the society subject to the by-laws.
  • to receive periodically and regularly or upon request a statement of account in respect of transactions with the society.
  • to access all legitimate information relating to the society including: internal regulations, registers, minutes of general meetings, annual accounts, inventories and investigation reports at the registered office of the society subject to any regulations in force.
  • to transfer shares.
  • to share in the profits of the society, if any.
  • to vote on all matters put before the general meeting of the society.
  • to appoint a nominee.
  • to ask for a special general meeting subject to the rules and the society by-laws.

Members Obligations/Duties

The conferment of rights to a member also demands that a certain obligations be fulfilled. A member’s obligation is what the society expects from a member. As much as a member enjoys rights from the society, he has an obligation to:-

  • attend and participate in passing resolutions at general meetings.
  • observe and comply with all the society’s by-laws and decisions made by organs of the society in accordance with the by-laws.
  • buy and pay-up for shares or make any payments as provided for in the by-laws of the society.
  • patronize the society’s products.
  • attend members’ education meetings.
  • repay loans as per the agreement.
  • promote the society and its service or products.
  • pay for the debts of the society at the time of liquidation where the assets are insufficient to meet liabilities.
  • support projects of the society approved by the relevant authority.
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