> For the complete documentation index, see [llms.txt](https://cahf.gitbook.io/kenya-legal-policy-and-institutional-review/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://cahf.gitbook.io/kenya-legal-policy-and-institutional-review/annex-f-laws-governing-financing-rental-taxation/10.-sacco-societies-amendment-act-2022.md). # 10. Sacco Societies (Amendment) Act, 2022 Quick Link: · Section 3 of the Bill provides that a person who does not meet the requirements of Chapter Six of the Constitution and a Member of Parliament are ineligible to serve as a board member of the Sacco Societies Regulatory Authority. · Section 4 amends section 20 of the Sacco Societies Act 2008 to require the Authority to submit financial statements to the Auditor General and not the Controller of Budget as is currently the case. · Section 6 which amends Section 27 of the Principal Act by providing for the alignment of revocation of licenses under the Sacco Societies Act with cancellation under the Cooperative Societies Act. · Section 8 amends section 51 of the Act to provide that where an Authority determines that a SACCO society has violated applicable rules or acted in a manner detrimental to the interests of members or is undercapitalized, the Authority shall impose financial penalties on the society or its officers as prescribed. · Section 9 amends the Principal Act by introducing Section 53A which provides for the establishment and maintenance of an electronic filing system by the Sacco Societies Regulatory Authority (“SASRA”) for purposes of filing statutory returns and other required documents. SASRA is expected to issue guidelines for the use and procedure of the electronic system. Implementation of an electronic filing system will greatly benefit SACCOs as there will be a transparent and accountable system from which necessary information and records can be accessed by both SASRA and the SACCOs. · Overall, the Act seeks to strengthen and improve the governance of Saccos to ensure their continued sustenance. The Act was passed by the National Assembly on 16th June 2022 and was assented to by the President on 6th July 2022. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://cahf.gitbook.io/kenya-legal-policy-and-institutional-review/annex-f-laws-governing-financing-rental-taxation/10.-sacco-societies-amendment-act-2022.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.