ASAYI SACCO
Member Shares
Member Shares represent your ownership stake in Asayi SACCO Ltd. Every member is required to purchase the minimum prescribed share capital upon joining the SACCO. Unlike savings, share capital is a permanent investment that demonstrates your commitment to the SACCO and forms part of its capital base.
Why Shares Matter
Owning shares means you are not just a customer—you are a co-owner of Asayi SACCO Ltd. Your shares give you a stake in the growth and success of the SACCO and entitle you to participate in its governance.
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Purpose
The Ordinary Savings Account is the primary savings product offered by Asayi SACCO Ltd. It enables members to build a strong savings culture, accumulate funds for future financial needs, and establish eligibility for SACCO products and services, including loans.
Benefits
- Proof of Membership: Share capital confirms your ownership and membership in Asayi SACCO Ltd.
- Ownership Rights: Every member becomes a part-owner of the SACCO.
- Voting Rights: Members are entitled to vote during the Annual General Meeting (AGM) and other general meetings, in accordance with the SACCO's By-laws.
- Leadership Opportunities: Eligible members may nominate themselves or be elected to serve on the Board of Directors or committees, subject to the SACCO's policies.
- Strengthens the SACCO: Share capital provides a stable financial foundation that supports the SACCO's growth and sustainability.
- Potential Dividends: Members may receive dividends on their share capital, subject to the SACCO's financial performance and approval by the Annual General Meeting.
- Long-Term Investment: Share capital remains invested in the SACCO throughout your membership unless otherwise provided by the By-laws.
Eligibility
To own shares, an individual must:
- Be a registered member of Asayi SACCO Ltd.
- Complete the membership registration process.
- Pay the prescribed membership fee.
- Purchase the minimum required share capital as determined by the Board of Directors.
Share Ownership
Each member’s shareholding represents their ownership interest in Asayi SACCO Ltd. The greater your share capital, the greater your financial stake in the SACCO. However, voting rights are exercised in accordance with the SACCO’s By-laws, which generally operate on the cooperative principle of one member, one vote, regardless of the number of shares held.
Note: While your share capital represents your ownership interest, most cooperative societies do not allocate voting power based on the percentage of shares owned. Instead, every member has an equal vote to ensure democratic governance.
Withdrawal Terms
- Share capital is not withdrawable while a member remains active.
- A member wishing to exit the SACCO may apply for the refund or transfer of share capital in accordance with the SACCO's By-laws and applicable laws.
- Any refund shall be subject to the clearance of all outstanding obligations and approval by the SACCO.
- Share capital pledged as security for loans cannot be refunded until the secured obligations have been fully settled.
