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SACCO INDUSTRY WATCH

CO-OPERATIVES STRONGLY DENOUNCE
PROPOSED CO-OPERATIVE LAW
AMENDMENTS

By Macharia Kamau

Dr. Chris Kiptoo , CBS. going through the policy document with Mrs. Mary Mungai, OGW, Commisioner of Co-operative Development

The Co-operative movement has seeks to introduce, through the former, a treatment that emanates from alteration
displayed a united front condemning special group of members dubbed ‘Social of the SACCO Societies Act, CAP 490 B.
proposed policy amendments that Impact Members’ (SIM) in the SACCOs.
would see increased costs of conducting As a result, the amendment of the Act
business in the SACCO sector. “We have no problem with the special will make it possible for the SIM to create
group of members being introduced. a Special Fund with its own Advisory
In a meeting with top Government Our main concern is why they are being Board, Investment Committee, Special
N?BH@KREQNLSGD,HMHRSQXNE3Q@CD introduced and the manner in which they Fund Investment Policy, and Special Fund
Industry and Co-operatives, KUSCCO are being introduced in the movement, Trustee separate from the SACCO’s.
called on the Government to promptly which is a great mistake and a grave
withdraw the Statute Law (Miscellaneous violation of the Co-operative Law,” “Let the SIM be like the rest of the
Amendments) (No.2) Bill, 2018, that is said George Ototo, Managing Director, members in the SACCOs. No specialty
currently before Parliament. KUSCCO. should be tagged on them regardless of
their contribution,” said George Magutu,
The Bill that proposes amendments to The SIM will be exempted from the KUSCCO Chairman.
both the Co-operatives Act Cap 490 and common payments made by other
the SACCO Societies Act, Cap 490 B, SACCO members and will receive special

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