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Sacco Societies (Non-Deposit-Taking Business) Regulations, 2020 🇰🇪

Kenya

REPUBLIC OF KENYA

Sacco Societies Act, 2008

Legal Notice No. 82

Sacco Societies (Non-Deposit-Taking Business) Regulations, 2020

  • Commenced on (exact date unavailable)
  • [This is the version of this document from (exact date unavailable).]
  • [Note: The original publication document is not available and this content could not be verified.]

Part I – PRELIMINARY

1. Citation and commencement

(1)These Regulations may be cited as the Sacco Societies (Non-Deposit-Taking Business) Regulations.
(2)These Regulations shall come into operation on the 1st January, 2021.[L.N. 215/2020, r. 2.]

2. Interpretation

In these Regulations, unless the context otherwise permits—"allowance for loan loss" means an amount set aside in the statement of financial position (balance sheet) to recognise probable Loan losses so that the true value of the loan portfolio is fairly stated;"amalgamation" is the consolidation of assets, liabilities and equity of two or more Sacco societies to form a new entity referred to as the amalgamate…

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