Bungoma Relisa members reject bid to sell Finlay House

BySacco Review

Jun 8, 2018

By Aggrey Buchunju

Members of Relisa Housing Co-operative Society Ltd Bungoma branch, have resolved not to sell Finlay House.
The society members were divided over whether the house should be sold and shareholders share the proceeds or not, during their education meeting day at Bungoma Railway station recently.
The decision was reached by a majority vote.
The society chairman, Michael Sande promised to present the branch resolution before the Annual Delegates Meeting (ADM).
The house is situated in Nairobi central business district (CBD) along Mufangano Street. It was bought in 1986 at Sh11 million by 12,714 members who were employees of the defunct Kenya Railways Corporation.
It was valued at Sh210 million at the end of financial year ended 31st December 2016.
Members also opposed the new proposed amendment to society’s by-laws s by the central management committee.
They were not happy with society’s management over administrative and governance expenses which they said exceeded 50 percent of the total income and eat into their annual dividends.

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