Page 16 - SACCO STAR ISSUE 43

SACCO INDUSTRY WATCH

by members, in the current bill, the CS

“The SACCO shall have a first charge will approve a resolution of the Annual The special trustee will be in charge of
advancing loans and other monies from
over the share or interest in the capital General Meeting of a co-operative the SACCO. Further, profits accrued
from the money advanced will not be
and on the deposits of an eligible society under Section 17 (2). paid into the general account of the
SACCO but to the special fund and thus
person, and upon any dividend, bonus will only benefit the SIM. In this way
Co-operative leaders fear it will kill the
or accumulated funds payable to an Further, the bill once assented into saving culture in the country.

eligible person in respect of any debt law will allow creation of a special But the social impact members can
commit the SACCO money or use it as
due from such person to the SACCO fund that will only be managed by four collateral to borrow money from other
sources or advance the members’
society and the SACCO society may set well educated investment committee money to other sources. Further, profits
to be accrued from the loaned money
off any sum credited or payable to such members appointed by the special will be enjoyed by the social impact
members.
eligible person towards the payment of impact members. The committee will

any such debt,’’ states the bill. determine the amount of contribution

made in the Special Fund by social

Jane Mugo, CEO Bingwa SACCO added impact members.

that the proponents of the bill need

to be cautious as they might plunge “The Social Impact Members (SIM)

the movement into serious financial shall only vote on resolutions relating

consequences and thus lead to low to the special fund, the investment

savings, slow growth and mass exodus committee, the special fund trustee

of members. and the matters incidental thereto. The

members of the society, other than

Unlike today where the Cabinet social impact members shall not be

Secretary (CS) in charge of Co- entitled to vote on matters reserved for

operative movement is not involved the social impact members,” states the

in approval of the resolutions passed Bill.

THE AFRICAN CONFEDERATION OF COOPERATIVE SAVINGS
AND CREDIT ASSOCIATIONS (ACCOSCA),

in collaboration with the CUA,Ghana and partners will be hosting
the African movement in Accra, Ghana between
24th - 26th October, 2018

19TH ANNUAL SACCA
CONGRESS

Theme “Breaking the barriers through cooperative model, enhancing inclusive economy”

Josephine Nabuyungo (ADE) This year, ACCOSCA marks 50 years of service
Chairperson, ACCOSCA We welcome you to join us celebrate
George Ombado (ICUDE)
CEO ACCOSCA our golden anniversary as we discuss issues
pertaining the sector.

The 19th SACCA Congress will have some of the best
cooperators from across the

globe to speak to all of us on working practises
and innovation with a Keynote address from
Maurice Smith, President, CUNA- USA..

To register, log on to www.accosca.org or Email sacca@accosca.org. Call us through +2540202714648/9

14| SACCO Star Magazine Join us in making the Cooperative Factor Count!

#ACCOSCAat50