Members shall consist of:-
Original members who signed the application for registration; and
2.New members subsequently admitted in accordance with these by-laws.
A person of either sex shall be eligible for membership who possesses all of the following qualifications:-
1. Is within the field of membership consisting of the following common bond: Any employee or ex-employee of the University of Nairobi, and CHUNA SACCO LTD, resident in Nairobi or elsewhere in Kenya , and any other person who
2. meets criteria 3,4,5 and 6 below
3.Is not less than eighteen years of age, and
4. Is of good character, and
5. Is resident, or occupies land within the Society's area of operation, and
6. Is not a member of any other SACCO Society.
Every applicant for membership shall complete an "Application for Membership" form. This form may be drawn so as to show all the information required for the purpose of a Register of Members. The completed form, when filed in serial order, shall constitute the Register Of Members as required under the Rules.
An applicant shall be admitted to membership on being accepted by a majority vote of the Management Committee, but shall not qualify for the rights and privileges of membership until he has paid an entrance fee of Kshs.500.00, acquired a passbook and contributed shares continuously for a period of not less than six months.
The Management Committee may refuse membership to any person and give reasons therefore; provided, however, that the person whose membership has been refused, if otherwise eligible for membership, shall have the right to appeal to a General Meeting. Any such appeal must be supported by at least ten members.
Every member shall acquire a Pass Book, which shall contain full Particulars as to his membership, and in which shall be recorded details of his shares and CHUMBEFU contributions. A passbook signed by a fully authorized officer shall be conclusive evidence that the person named therein is a member of the Society and shall constitute a certificate of shareholdings, unless it is proved otherwise. If such a book is lost, issuance of a duplicate may be authorized by the Management Committee upon payment of such a fee as the latter may decide.
The Management Committee shall cause to be produced statements of members' personal accounts at the end of every financial year. The statements shall contain, at least, details of loans taken, repaid and balances and also the amount of interest paid during the year. Such statements shall be availed to members not more than three months after the end of the financial year.
A separate passbook shall be maintained for deposits or withdraw able savings and such other records as may be produced for the Front Office Services.
Every member may nominate in writing one person to whom, on his death, his shares, deposits, or any other interest shall be transferred. Appointment of a nominee by a member shall be in writing and signed by the member in the presence of two attesting witnesses. The name of the nominee shall be entered in the Register of Members or recorded and placed in a sealed envelope to be kept safely by the Society. A member shall have the right to change his nominee, but any such change or alteration must be in writing and signed by the member in the presence of two attesting witnesses.
The nominee shall be paid the value of the deceased member's shares or interest, subject to production of the deceased member's death certificate. Such dues shall be payable within sixty days after production of the death certificate. Loans outstanding with the deceased member will be offset through CHUNA MEMBERS BENEVOLENT FUND (CHUMBEFU), provided the deceased member was not in default in CHUMBEFU contribution for 3 months prior to death.
Membership in the Society shall cease with effect from the date of a member:-
Being expelled from the Society;
Withdrawing all his shares;
Ceasing to hold the qualifications stated in by-law 6;
Failing to contribute shares continuously for three months without a valid reason.
A member may at any time withdraw from the Society by giving sixty days written notice.
A member who has withdrawn from the society may be readmitted after a period of one year, or such period as may be determined from time to time by the management committee.