Co-operatives told to comply with regulation laws

BySacco Review

Sep 4, 2018

By Wasike Elvis

Co-operatives in Uasin Gishu County have been challenged to ensure that they comply with Co-operatives and Societies Act to avoid being deregistered.
Speaking recently after meeting the leaders from various cooperatives, County Executive Committee Member in charge of Co-operatives and Enterprise Development Esther Mutai  said that all co-operatives in the County must comply with the law.
“We have given a grace period of up to October to all co-operatives to ensure they comply with the law and I have asked the Co-operatives Commissioner to enforce the law, which will include closing all bank accounts and deregistering of cooperatives,” said the CEC.
Mutai further noted that all cooperatives must have complied with the law by the 31st of December this year.
“You must ensure that you have held your Annual General Meeting, audited your books of accounts so that we move in the same speed as cooperatives in the county,” added Mutai.
She said that a qualified auditors approved by the co-operatives commissioner must audit the societies’ books of accounts.
Failure to comply, the CECM informed the leaders that they would not gain access to the budgeted Sh220 million to be given out by the department in form of loans.
She challenged the co-operatives to safeguard their properties and loans by insuring them to avert losses in the event of calamities.
On the proposed co-operatives amendment, the CECM urged National Assembly to consult with stakeholders before passing the laws saying that public participation is a key component in the Constitution of Kenya.

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