Building Societies Act, 1956 🇰🇪

Kenya

Preface

Part I – PRELIMINARY

1. Short title

2. Interpretation

3. Appointment of Registrar

4. Certificates, etc., to be evidence

5. Indemnity of the Registrar and other persons

Part II – FORMATION AND REGISTRATION

6. Formation of building societies

7. Maintenance of register

8. Effect of registration

9. Names of building societies

10. Contents of rules of building societies

+2 more sections

Part IIA – ANNUAL LICENCES

12A. Annual licences to be held

12B. Issue of annual licence

12C. Display of annual licence

12D. Change of name and amalgamation

12E. Revocation or cancellation of annual licence

+1 more sections

Part III – MANAGEMENT OF BUILDING SOCIETIES

13. Directors

14. Secretary

15. Audit

16. Officers to give security

17. Officers to account

+5 more sections

Part IV – POWERS OF BUILDING SOCIETIES

22. Power to borrow

23. Power to hold land

24. Power to make advances to members

25. Power to invest

26. Power to make further advances

+5 more sections

Part V – MEETINGS AND PERIODICAL RETURNS

31. Annual general meeting

32. Other meetings

33. Annual accounts and statement

34. Returns of sales and transfers

Part VI – MISCELLANEOUS PROVISIONS

35. Books and records to be kept by building societies

36. Rules to be binding on members and others

37. Duty to supply copies of rules

38. Evidence of rules

39. Persons under twenty-one

+6 more sections

Part VII – CHANGE OF NAME, ADDRESS, OFFICERS AND CONSTITUTION

46. Change of name

47. Change of address

47A. Consent required for branch office

48. Change of directors

49. Alteration of rules

+1 more sections

Part VIII – AMALGAMATION OF SOCIETIES AND TRANSFER OF ENGAGEMENTS

51. Amalgamation of building societies

52. Transfer of engagements

53. Special provisions relating to amalgamations and transfers of engagements

54. Registration of amalgamation or transfer of engagements to operate as conveyance

55. Amalgamation or transfer of engagements not to prejudice creditors

+2 more sections

Part IX – DETERMINATION OF DISPUTES

56. Determination of disputes by arbitrators or the Registrar

57. Determination of disputes by the High Court

58. Determination of disputes by arbitrators or the Registrar to be final

Part X – POWERS OF THE REGISTRAR

59. Power to require production of books, etc.

60. Power to cause inspection of books

61. Power to appoint inspector

62. Power to forbid invitations for subscriptions, etc.

63. Power to suspend or cancel registration

Part XA – INSPECTION, PRUDENTIAL REGULATIONS AND COLLECTION OF INFORMATION BY CENTRAL BANK OF KENYA

63A. Inspection by Central Bank

63B. Central Bank may issue orders after inspection

63C. Registrar to be notified of inspection

63D. Powers upon audit or inspection report

63E. Collection of information by Central Bank of Kenya

+6 more sections

Part XI – DISSOLUTION AND WINDING-UP

64. Repealed by Act No. 7 of 2001, s. 11.

65. Repealed by Act No. 7 of 2001, s. 11.

66. Repealed by Act No. 7 of 2001, s. 11.

67. Repealed by Act No. 7 of 2001, s. 11.

68. Repealed by Act No. 7 of 2001, s. 11.

+2 more sections

Part XII – OFFENCES

71. Prohibition of unregistered building societies

72. Withholding or misapplying property of a building society an offence

73. False Statements

74. Offences

Part XIII – FOREIGN BUILDING SOCIETIES

75. Registration of foreign building societies

76. Provisions of Act generally to apply to foreign building societies

Part XIV – ORDERS, RULES AND REGULATIONS

77. Orders, rules and regulations

FIRST SCHEDULE

Paragraph (i)

Paragraph (ii)

Paragraph (iii)

Paragraph (iv)

SECOND SCHEDULE

THIRD SCHEDULE

FOURTH SCHEDULE

Paragraph (a)

Paragraph (b)

Paragraph (c)

REPUBLIC OF KENYA

Building Societies Act, 1956

Act 29 of 1956

Commenced on 6 July 1965
[This is the version of this document from 6 July 1965.]

An Act of Parliament to provide for the formation and registration of building societies; and for matters incidental thereto and connected therewith.

Part I – PRELIMINARY

1. Short title

This Act may be cited as the Building Societies Act.

2. Interpretation

In this Act, unless the context otherwise requires—“annual licence” means an annual licence issued in accordance with section 12B;“basic advance”, in relation to an advance made or to be made by a building society for the purpose of its being used in defraying the purchase price of land, means the maximum amount which the society would consider proper to advance upon the security of that land if no other security were taken by the society;“board of directors”, in relation to a building society, means the managing body thereof by whatever name called;“building society” means a society formed for the pu…

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Building Societies Act, 1956 🇰🇪

Table of Contents

REPUBLIC OF KENYA

Building Societies Act, 1956

Act 29 of 1956

Part I – PRELIMINARY

1. Short title

2. Interpretation

Read the Full Legislation on judy.legal