DEFINITION OF CO-OPERATIVE An association of people who voluntarily come together for the purpose of improving their standards of living and have agreed to be guided and governed by certain specific co-operative principles, Laws and Rules. JUSTIFICATION FOR CO-OPERATIVES 1. Its an economic movement People will not always be able to satisfy their

economic needs individually due to shortage of sufficient funds to buy all they need. Provides opportunities for cooperators to buildup capital to finance their business through gradual but regular savings of money. Provides employment opportunities. Justification (cont) Substantial contribution to the commercial growth and development of the country by

undertaking business ventures economic productions and small scale enterprises financing. Promotion of workers empowerments. Many civil servants and other workers own houses, cars and other properties by virtue of being members of one cooperative society or the other. Justification (cont) Bonuses are given to members on patronage

which enhance their personal income which has improved the Standard of living of the cooperators thus guaranteeing quality of members' lives. Cooperative is a major vehicle for a nation's industrial development. Cooperative societies liberate people from the states of inferiority, economic dependence and insecurity. Cooperative societies have contributed to the wealth creation and reduction in poverty.

Justification (cont) 2. Its a social movement Members are able to interact and take part in leadership thus improving leadership skills and creating social harmony. Members from different backgrounds like tribes, races, religion and even country are able to integrate and work together Justification (cont)

3. Improves technology With introduction of technology productivity is increased by insuring there is effective and efficient in service delivery. e g information technology has simplified every work in cooperatives thus leading to quick processing, disbursement and loan recovery. CO-OPERATIVE MOVEMENT IN KENYA The Co-operative Movement in Kenya may be traced to the period immediately after the

countrys independence. It was supposed to play an important role in wealth creation, food security and employment generation and hence participate in poverty alleviation. Co-op movement(cont) To date, there are over 12,000 registered cooperative societies country-wide. The membership is over 7million and has

mobilized over Kshs. 200 billion which is about 31% of national gross domestic product. Out of the 12,000 co-operatives 5,000 are Saccos with 215 operating front office saving activity. The cooperatives have employed over 400,000 people besides providing opportunities for self-employment. Co-op movement(cont) Indeed, a significant number of Kenyans, approximately 65% draw their livelihood either directly or indirectly from cooperativebased enterprises

kenya is leading in Africa with the largest co-operative being Harambee Sacco in terms of membership and mwalimu Sacco in terms of savings mobilization. Harambee Sacco has got 30000 members having mobilized kshs 12billion and mwalimu Sacco has got 10000members having mobilized kshs 14 billion KENYA PHARMACEATICAL ASSOCIATION AMMENDED SACCO

BY LAWS 1. NAME AND AREA OF OPERATION The society shall be called Kenya Pharmaceutical Association Savings and Credit Co-operative Society Limited and its area of operation shall be Dagoretti District. By-laws(cont) 2. REGISTERED OFFICE/ POSTAL ADDRESS

The registered office of the society shall be at Golf Course Commercial Centre, 1st floor office no.10, Kenyatta Market off Mbagathi Road Dagoretti District, and its postal address shall be P.O. Box 20771-00202, By-laws(cont) 3.ELIGIBILITY FOR MEMBERSHIP A person of either sex shall be eligible for membership if he/she possesses the following qualifications: Is within the field of membership consisting of the following common bond;a) Is a member of Kenya Pharmaceutical Association.

b) Is an employee of Kenya Pharmaceutical Association c) Is a person who at the time of leaving Kenya pharmaceutical association employment he/she was an active member of the Sacco. d) Is not less than 18 years of age. By-laws(cont) e) Is of good character and sound mind f) Is an employee of the Sacco. g) Pays the entrance fee and share capital as prescribed in these by-laws. h) Is not a member of any co-operative society

with similar objective within the Societys area of operation. i) Has not been convicted of a criminal offence involving fraud or dishonesty. By-laws (cont) 4. ADMISSION INTO MEMBERSHIP An applicant shall be admitted to membership on application upon payment of an entrance fee of Kshs.1000, purchased at least 250 shares of kshs20/= each and paid a minimum of kshs 1000 for monthly deposits

or such other minimum shares as shall be fixed by the General meeting from time to time. By-laws (cont) 5. WITHDRAWAL FROM SOCIETY A member may at anytime withdraw from the society by giving at least sixty (60) days written notice to the committee. 6. SHARES Every member shall hold at least 250 shares of Kshs 20 each as shall be fixed by the

General Meeting. However, no member shall hold more than one-fifth of the total shares of the society By-laws (cont) 7.TRANSFER OF SHARES With the approval of the Committee, a member may at any time transfer shares to another member but not to any other person. Such transfers must be in writing and at nominal value. All transfers of shares shall be registered

with the society and no transfer shall be valid unless so registered. A fee of Kshs 500/= (five hundred) shall be payable by the transferee. By-laws (cont) 8. RESERVE FUND The society shall pay into the Reserve Fund maintained in pursuance of the provisions of Section 47 of the Act and the Rules one fifth (1/5) of any net surplus resulting from the operations of the society during a financial year. The Reserve Fund of the society shall be invested in the manner provided for in these by-laws.

The Reserve Fund shall be indivisible and no member shall be entitled to claim a specific share of it. No withdrawal shall be made from the reserve fund of the society without a resolution from the General Meeting and a written approval from the Commissioner. By-laws (cont) 9.QUORUM Except when convened by the Commissioner, the presence of at least 50 or one quarter (1/4) of the total membership, whichever is less, shall constitute a quorum for the conduct of business at the General

Meeting. When a quorum is not attained the chairman shall adjourn the meeting and fix a date for another meeting within one month, which shall be advertised as prescribed in these by-laws. If a quorum is again not attained, the chairman shall declare the meeting open with those present one hour after the advertised time of the meeting. By-laws (cont) 10. THE MANAGEMENT COMMITTEE The Committee shall be the governing body of the society elected from the general membership and shall consist of

9(nine) members. It shall include the Chairman, Vice chairman, Treasurer and Secretary all of whom shall be elected by the Committee from amongst the members of the Committee. Members of the committee shall hold office for a period of three years subject to one-third retiring annually except for the chairman and vice chairman who shall retire at the end of the third year. The retiring members shall however be eligible for re-election. Where the membership of the committee falls below five the committee shall co-opt qualified member(s) into the committee until the next General Meeting

By-laws (cont) 11. ELIGIBILITY FOR MEMBERSHIP TO THE MANAGEMENT COMMITTEE No person shall be eligible for membership in the committee of the society if he/she:Is not a member of the society; Is under eighteen years of age; Is unable to read and write; Receives any remuneration, salary or other payments from the society save as in accordance with this Act; Is a committee member in two other societies; Lends money on own account;

By-laws (cont) Is an undischarged bankrupt; Is of unsound mind; Has been convicted of any offence involving dishonesty or is sentenced to imprisonment for a term exceeding three months; Has been convicted of any offence under this Act or rules. Has any uncleared debt owing to the society at the end of its financial year other than in respect of a loan granted under the provision of any regulations made under this Act;

Is a person against whom any amount of money is due under a decree, decision or order or is pending recovery under this Act. THANK YOU END

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