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Cooperatives read mischief in proposed law change - 9 months ago, 16 Maý 18:08

By: Sophie Kinoti

Cooperative societies have opposed a move to change the Cooperative Societies Act and the Sacco Societies Act to bring in non members into the societies.

According to the Co-operative Alliance of Kenya, the proposed changes contained in the Miscellaneous Amendment Bill 2018 are punitive and run the risk of breaking the spirit of the cooperative movement.

The cooperative movement has over 22,000 registered co-operative societies with an estimated membership of 15 million people which has mobilized more than Sh640 billion as at the end of 2016 and an asset base of Sh780 billion.

Of particular concern is a clause that seeks to bring in social impact members which the alliance argues creates an avenue to divert member savings into risky investment avenues.

In a letter to the clerk of the National Assembly, Co-operative Alliance of Kenya executive director Daniel Marube said the special class of members will only vote in matters concerning them and ...
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