News & Notices

ADM Resolutions 2019

By:KEWISCO SACCO LTD            2019-05-07

-Distribute Surplus of kshs 80.89 milion(10%) on deposits and kshs 7.26   million(15%) as dividend on share capital.

-Capitalize 20% of interest on deposits and 100% of dividends on share capital.

-Raise the Minimum share capital from kshs 10,000 to kshs 20,000. Members are required to raise the amount within a period of two years with effect from 1st April 2019. This will be achieved by capitalization of the 2018 dividends and the rebates of 20% interest on deposits and transfer of any residual shortfalls from deposits.

-Write-offs: To increase the annual write-off of the old unaccounted for  loan balance amount from the annual kshs 2 Million to kshs 5 Million with effect from 2018

-Retain the Sacco borrowing powers to a maximum of 50 million.

-To introduce minimum deposits for retirees of kshs 1,000 and kshs 1,500 for individual members(not on check off) with effect from  1st April 2019.

M/s Henry Smith and Wilson, Certified Public Accountants(K) were re-appointed as external auditors of the Sacco for 2019 financial year.