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Monday, 27 February 2012 14:33

Treatment Of Shares On Withdrawal Of Deposits

Depositor remains in the register as a member and continues to earn dividends

  • Member not eligible for loans until resumption of deposits for next six months
  • Member may transfer the shares to another member Withdrawal from the Sacco.
  • Where a member wishes to withdraw his /her deposits or transfer the membership from the society, he/she will be required to give the society a written notice of up to 60 days of his/her intention to withdraw the same.
  • No member shall be allowed to withdraw his/her deposits or transfer his Membership from the society unless the members loan is repaid in full or the loan balance can be fully be offset by the members deposits.
  • Where a member is retiring or resigning and is not able to clear immediately, he/she will be required to:Make arrangements with the society for repayments. The society will be required to ensure that no loan is granted with repayment period going beyond the retirement /resignation date of a member if that date is known

Part Withdrawal

No member will be allowed to withdraw part of his /her deposits or offset part of the deposits against an outstanding loan unless he/she:

  • Ceases to be a member.
  • While a member changes employers, he/she may transfer his/her deposits to the Society of the new employer from the time he/she becomes a member of the Society of his/her former employer.
  • In all cases, a member must clear any outstanding loan with the society of his /her old employer first.
  • The society of his/her employer shall transfer deposits direct to the society of his/her new employer by drawing a cheque in the name of the society, if the member so advises

Departure From The Common Bond

Where a member leaves the common bond by virtue of transfer or retirement, he/she may continue to be a member or may transfer all his/her deposits to the society which he/she intends to join under the new employer

Risk Management To Loans

  • Members encouraged paying their loans promptly for eligibility to benefits that would accrue to the beneficiary in the event of death.
  • The cover demands up to date members account.
  • Any underpayments within the period will be deducted from the deposits.
  • The loan will be fully paid by the Insurance Company in case of death of a member.
  • And Funeral Fee of Kshs 20, 000 is also paid to the next of Kin by the Insurance company