Tier 4 Microfinance Institutions and Money Lenders Act

1. This Act shall come into force on a date appointed by the Minister by statutory instrument

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) This Act applies to-
2. (a) tier 4 microfinance institutions; and
3. (b) money lenders.
4. (2) This Act does not apply to microfinance business conducted by institutions regulated by the Central Bank, except as otherwise provided.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) promoting legitimacy and building the confidence of members, customers and investors in the microfinance business;
2. (c) establishing prudential standards for microfinance institutions in order to safeguard the deposits of members, prevent financial system instability of the funds of depositors and ensure stability of the financial system;
3. (d) applying non-prudential standards to tier 4 microfinance institutions by-
4. (i) defining sources of capital;
5. (ii) establishing default protection mechanisms;
6. (iii) enforcing compliance with generally accepted accounting practices; and
7. (iv) instituting mechanisms for the prevention of fraud and financial crimes; and.
8. (e) providing a framework for the management and control of money lending business.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) non deposit taking microfinance institutions;
2. (c) self help groups; and
3. (d) community based microfinance institutions.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. "Board" means the Board of directors of the Authority;
2. "capital" means paid-in shares, reserves and profits or unappropriated surplus;
3. "Central Financing Facility" means a mechanism established on a co-operative basis in order to facilitate the financial stability of member SACCOs;
4. "chattels transfer" means a letter of hypothecation or a hire-purchase agreement;
5. "committee" means the governing body of a SACCO to which the management of its affairs is entrusted and includes a Board of directors of the SACCO;
6. "compulsory savings" means a sum of money that is obligatory for a borrower to deposit with a microfinance institution as a condition for receiving a loan or as collateral for a loan either as a percentage of the loan or as a nominal amount;
7. "core capital" means shareholders' equity in the form of issued and fully paid-up shares including retained reserves approved by the Authority;
8. "currency point" has the value assigned to it in Schedule 1;

26 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) There is established an autonomous body to be known as the Uganda Microfinance Regulatory Authority.
2. (2) The Authority shall be a body corporate with perpetual succession and a common seal and may, for the discharge of its functions under this Act-
3. (a) acquire, hold and dispose of moveable and immovable property;
4. (b) sue and be sued in its corporate name; and
5. (c) do, enjoy or suffer anything that may be done, enjoyed or suffered by a body corporate.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall have an official seal which shall be in a form determined by the Board.
2. (2) The official seal shall, when affixed to any document, be authenticated by the signatures of the chairperson of the Board and the secretary to the Board.
3. (3) In the absence of the chairperson, the person performing the functions of the chairperson shall sign.
4. (4) In the absence of the secretary, a person nominated by the chairperson shall sign.
5. (5) An instrument or contract which if executed or entered into by a person other than a body corporate would not require to be under seal may be executed or entered into on behalf of the Board by the Chairperson, or by any member of the Board or other person if that member of the Board or other person has been duly authorised by resolution of the Board to execute or enter into the instrument or contract as the case may be.
6. (6) A document purporting to be an instrument or contract executed or issued by or on behalf of the Board shall be deemed to be executed or issued until the contrary is proved.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority is responsible for regulating, licensing and supervising tier 4 microfinance institutions and moneylenders.
2. (2) Without limiting the general effect of subsection (1) the Authority shall-
3. (a) license tier 4 microfinance institutions;
4. (b) promote programmes and interventions that are necessary for the development of tier 4 microfinance institutions;
5. (c) protect the interests of the members and beneficiaries of tier 4 microfinance institutions, including the promotion of transparency and accountability by applying non prudential standards;
6. (d) promote the stability and integrity of the financial sector through ensuring the stability and security of tier 4 microfinance institutions;
7. (e) ensure the sustainability of the microfinance sector with a view to promoting long term capital development;
8. (f) establish and enforce standards of sound business and financial practices for tier 4 microfinance institutions;

11 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may, in the discharge of its functions-
2. (a) investigate or inquire into the operations of tier 4 microfinance institutions;
3. (b) inspect and examine books of accounts, records, returns and any other document of the tier 4 microfinance institutions;
4. (c) request for information related to the activities of tier 4 microfinance institutions;
5. (d) instruct on the proper management of tier 4 microfinance institutions; and
6. (e) at any time, at the Authority's discretion, enter any premises of a tier 4 microfinance institution or any premises in which it is believed, on reasonable grounds, that books, records, accounts or documents relating to the institution's business are kept;
7. (f) open or cause to be opened any strong room, safe or other container in which it is suspected, on reasonable grounds, that there are any securities, books, records, accounts or documents of an institution;
8. (g) remove and take extracts from and copies of any of the tier 4 microfinance institution's securities, books, records, accounts or documents;

4 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The Authority shall be independent in the performance of its functions and shall not be subject to the direction, instruction or control of any person or authority

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall have a Board which shall be the governing body of the Authority.
2. (2) The Board shall comprise seven members appointed by the Minister.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The members of the Board are-
2. (a) a representative of the Bank of Uganda;
3. (b) a representative of the ministry responsible for finance;
4. (c) a representative of the ministry responsible for cooperatives;
5. (d) three persons with experience in microfinance; and
6. (e) the Executive Director of the Authority, who shall be an ex officio member.
7. (2) The Executive Director shall be the Secretary to the Board.
8. (3) The members of the Board shall be persons of high moral character and proven integrity and shall be fit and proper persons in accordance with the criteria specified in Schedule 3.

2 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A member of the Board shall hold office for three years and is eligible for reappointment for one more term.
2. (2) A member of the Board shall hold office on terms and conditions specified in the instrument of appointment.
3. (3) A member of the Board may, at any time, resign his or her office by letter addressed to the Minister, giving notice of at least one month.
4. (4) The Minister may, at any time, remove a member of the Board-
5. (a) for inability to perform the functions of his or her office arising from infirmity of body or mind;
6. (b) for misbehavior or misconduct;
7. (c) for incompetence;
8. (d) for failure to disclose, at a Board meeting, a matter in which he or she has a personal interest;

4 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The chairperson of the Board shall notify the Minister of a vacancy that occurs in the membership of the Board within one month of the office falling vacant.
2. (2) Where a vacancy occurs in the office of the chairperson of the Board, the Secretary to the Board shall notify the Minister of the occurrence of the vacancy and the Minister shall appoint another person to the office of chairperson.
3. (3) Where the Minister is notified of a vacancy under this section, the Minister shall within three months of the notice appoint another person to fill that vacancy.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Board is responsible for the general direction and supervision of the Authority.
2. (2) Without prejudice to the general effect of subsection (1), the Board shall-
3. (a) oversee the operations of the Authority;
4. (b) advise the Minister on policy and other strategic matters relating to tier 4 microfinance institutions;
5. (c) review and approve the business and operating plans, budgets, reports and audited financial statements of the Authority;
6. (d) establish rules and procedures for the appointment, promotion, termination, discipline, and the terms and conditions of service of the staff of the Authority; and
7. (e) perform any other function which may be necessary for the proper implementation of this Act.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. Meetings of the Board shall be conducted in a manner prescribed in Schedule

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Board may appoint committees as they deem necessary to advise the Board on any matter as the Board may determine.
2. (2) A committee appointed under this section shall consist of a chairperson who shall be a member of the Board, and other persons, whether members of the Board or not, as the Board may determine.
3. (3) The Board shall specify in writing, the terms and conditions of service of the members of a committee of the Board.
4. (4) Subject to directions given by the Board, a committee appointed under this section may regulate its own procedure.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall be headed by an Executive Director.
2. (2) The Executive Director shall be appointed by the Minister on the recommendation of the Board, on terms and conditions specified in the instrument of appointment.
3. (3) A person shall not be appointed an Executive Director unless that person-
4. (a) is of high moral character and proven integrity; and
5. (b) has academic or professional qualifications and experience and competence to manage the affairs of the Authority.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Executive Director shall be the chief executive officer of the Authority and as such, subject to the general supervision and control of the Board, shall be responsible for-
2. (a) the day-to-day operations of the Authority;
3. (b) the management of the funds of the Authority;
4. (c) the administration and management of the property of the Authority;
5. (d) the supervision and control of the officers and other staff of the Authority;
6. (e) implementing the policies and programmes of the Board and reporting on them to the Board and ensuring that the agreed objectives, targets and service standards are met;
7. (f) providing advice to the Board as required on all matters which fall within the responsibility of the Board; and
8. (g) performing any other duty necessary for the implementation of this Act as may be assigned to him or her by the Board.

1 further item remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Executive Director shall hold office for five years and is eligible for re-appointment for one more term.
2. (2) The Executive Director shall cease to hold office where-
3. (a) he or she resigns;
4. (b) he or she is declared or becomes bankrupt or insolvent or has made an arrangement with his or her creditors;
5. (c) he or she is convicted of an offence involving dishonesty, fraud or moral turpitude; or
6. (d) he or she is removed from office by the Minister on the recommendation of the Board.
7. (3) The Executive Director may be removed from office by the Minister on the recommendation of the Board under subsection (2) (d) for -
8. (a) inability to perform the functions of his or her office arising from infirmity of body or mind;

2 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Board may, on the advice of the Executive Director, appoint other officers and staff of the Authority as may be necessary for the effective performance of the functions of the Authority.
2. (2) The Board may delegate its powers to appoint officers and staff to the Executive Director, subject to conditions as the Board may specify.
3. (3) The staff appointed under this section shall hold office on such terms and conditions as the Board may determine and specify in their instruments of appointment.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The funds of the Authority shall consist of-
2. (a) monies appropriated by Parliament;
3. (b) money that may accrue to the Authority in the discharge of its functions;
4. (c) grants, gifts or donations from Government or other sources made with the approval of the Minister;
5. (d) money from any other source as may be approved by the Minister; or
6. (e) any revenue derived from the sale of property, movable or immovable, by or on behalf of the Authority.
7. (2) All monies obtained under (b), (c), (d) and (e) shall be managed in accordance with the provisions of the Public Finance Management Act, 2015.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The Board shall not open or maintain a bank account to receive or spend public money without the written authority of the Accountant General

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The Board may, with the approval of the Minister, borrow money from any source as may be required for meeting its obligations or for the discharge of the functions of the Authority under this Act

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Executive Director shall, before the end of each financial year, cause to be prepared and submitted to the Board for its approval, estimates of the income and expenditure of the Authority and the work plan for the next financial year.
2. (2) The Board shall, on receipt of the estimates referred to in subsection (1), cause to be submitted to the Minister for approval, the estimates of income and expenditure as approved by the Board.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

This section states a single governing proposition and does not enumerate separate elements.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The Executive Director shall cause to be kept proper books of accounts and records of the financial transactions of the Authority in accordance with internationally accepted accounting standards

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Auditor General, or an auditor appointed by the Auditor General shall, in each financial year, audit the accounts of the Authority.
2. (2) The Board shall, within three months after the end of each financial year, submit the accounts of the Authority to the Auditor General or to an auditor appointed by the Auditor General.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Board shall, within one month after receipt of the audited accounts, submit to the Minister, an annual report on the operations of the Authority of the preceding year and the report shall include an audited financial statement.
2. (2) The Minister shall, within two months after the receipt of the annual report, submit the report to Parliament with any statement which he or she considers necessary.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The Authority shall, in managing the finances of the Authority, comply with the Public Finance Management Act,

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall, in the exercise of its supervisory function of tier 4 microfinance institutions-
2. (a) analyse audited accounts of tier 4 microfinance institutions and information, documents, explanations related to audited accounts that the Authority may require;
3. (b) analyse statutory returns; or
4. (c) inspect and analyse records of tier 4 microfinance institutions.
5. (2) In this section "statutory returns" means information and data on the business of a tier 4 microfinance institution, including periodic returns called for by the Authority and the audited balance sheet and profit and loss account of the institution.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall require tier 4 microfinance institutions to furnish it with periodic reports of operations of the institution at such times and in such form as the Authority may by notice prescribe.
2. (2) In examining the reports, the Authority shall satisfy itself of-
3. (a) compliance with capital requirements of tier 4 microfinance institution;
4. (b) the composition of assets and liability items;
5. (c) the quality of the earning assets;
6. (d) financial risks, operational risks, business risks and event risks; and
7. (e) any other matter which in the opinion of the Authority is relevant to the discharge of its supervisory function under this Act.
8. (3) A tier 4 microfinance institution that fails to submit a report required under this section commits an offence and is liable on conviction to a fine not exceeding twenty currency points.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) a tier 4 microfinance institution fails to comply with the minimum capital requirements prescribed under this Act;
2. (c) a tier 4 microfinance institution refuses to be inspected by the Authority as required by this Act;
3. (d) a tier 4 microfinance institution's licence has been cancelled or revoked;
4. (e) the continuation of the business of a tier 4 microfinance institution is detrimental to the interests of its depositors; or
5. (f) a tier 4 microfinance institution is conducting its business in a manner contrary to this Act, the Authority may take over the management of the tier 4 microfinance institution for a period, that, in the opinion of the Authority, permits the institution's financial condition to be remedied.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. A party to a contract with a tier 4 microfinance institution shall not be relieved of his or her obligations on the ground that the institution is under the management of the Authority

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The costs of management of a tier 4 microfinance institution during the period of take over shall be payable by the Authority

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A SACCO shall not carry on the business of financial services unless it is-
2. (a) a registered society; and
3. (b) licensed under this Act.
4. (2) A SACCO shall provide financial services only to its members.
5. (3) Subject to subsection (1) a SACCO may carry on the business of financial services if-
6. (a) it is operating on a probationary period pending registration under the Cooperatives Societies Act; or
7. (b) it has applied for a licence under this Act.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A SACCO shall-
2. (a) mobilise and receive savings from members; and
3. (b) borrow in an aggregate amount not exceeding a limit prescribed by the Authority.
4. (2) A SACCO-
5. (a) shall provide loans to its members;
6. (b) may serve as a fiscal agent for and receive payments or deposits from a government body on behalf of the members;
7. (c) may acquire and hold property in trust for its members;
8. (d) may purchase or make available, various forms of insurance or risk management programs for its members, either on an individual or group basis in compliance with relevant laws; and

1 further item remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A SACCO that intends to carry on the business of financial services among its members shall apply to the Authority for a SACCO licence.
2. (2) An application under subsection (1) shall be accompanied by-
3. (a) a certified copy of the certificate of registration of the SACCO issued under the Cooperative Societies Act;
4. (b) evidence that the SACCO meets the minimum equity requirements prescribed under section 47;
5. (c) information on the prospective place of business, indicating the head office and branches;
6. (d) evidence of payment of the prescribed fees;
7. (e) a statement on the objectives of the registered society in relation to offering financial services;
8. (f) evidence of the membership and the shareholding of the members;

5 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall, within three months after receiving an application consider the application and may, if satisfied that the applicant meets the requirements, issue a licence to the applicant.
2. (2) The Authority may issue a licence subject to such conditions as the Authority may consider necessary and may from time to time add, vary or substitute the conditions as it deems appropriate.
3. (3) A licence shall indicate the location of operation for which the licence is issued.
4. (4) The Authority shall, before issuing a licence, take into account all the matters it considers relevant to the application and shall have particular regard to-
5. (a) whether the SACCO will be operated responsibly by persons who are fit and proper;
6. (b) the nature and sufficiency of the financial resources of the applicant as a source of continuing financial support to the SACCO;
7. (c) the effectiveness of the business plan submitted by the applicant for the future conduct and development of the business of the institution; and
8. (d) whether the public interest will be served if the registered society is issued a licence.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A SACCO which is licensed under this Act shall include the words "Savings and Credit Cooperative Society" or "SACCO" in its name.
2. (2) For the avoidance of doubt, a registered society which is not a licensed SACCO shall not include the words "Savings and Credit Cooperative Society" or "SACCO" in its name.
3. (3) Notwithstanding subsection (2), a registered society shall have up to twelve months from the date of its registration to apply for a licence under section 38 of this Act.
4. (4) A registered society which includes the words referred to in subsection (2) in its name commits an offence and is liable on conviction to a fine not exceeding twenty five currency points and where the contravention continues, shall be liable to pay an additional ten currency points for each day for which the contravention continues.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The SACCO shall pay a prescribed annual fee in respect of the licence.
2. (2) Where the SACCO fails to pay the annual fee prescribed under subsection (1), the licence shall be cancelled.
3. (3) The annual fee payable under subsection (1) shall be payable on the issue of a licence and thereafter annually upon application for renewal of the licence.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A SACCO may apply for a renewal of a licence.
2. (2) An application for the renewal of a licence shall be made every year in accordance with the regulations made under this Act.
3. (3) Subject to subsection (2), on application duly made for the renewal of a licence, the Authority may renew the licence.
4. (4) The Authority shall not renew a licence where the SACCO has violated a provision of this Act or a condition of the licence.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The Authority shall cause the list of the SACCOs to be published once every year in the Gazette and in at least one newspaper of wide circulation in Uganda

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may, by notice in writing, revoke the licence, of a SACCO if it is satisfied that the SACCO-
2. (a) has not commenced business within six months from the date of issue of the licence;
3. (b) ceased to carry on the business of financial services for which the licence was issued;
4. (c) furnished to the Authority, information or a document in connection with its application for a licence, which is false or misleading in a material particular;
5. (d) has been declared insolvent;
6. (e) has been wound up;
7. (f) is conducting business in a manner detrimental to the interests of its members;
8. (g) is misleading in respect of the financial condition, ownership, management, operations or other facts material to its business;

7 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The financial year of a SACCO shall be the period of twelve months ending on 31st December

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A SACCO shall maintain minimum holdings of liquid assets in relation to the savings of members.
2. (2) The minimum holdings of liquid assets in sub section (1) shall be in form of-
3. (a) legal tender;
4. (b) account balances in a financial institution or a microfinance deposit taking institution;
5. (c) money at call in Uganda;
6. (d) treasury bills issued by the Government of Uganda and maturing within three months; and
7. (e) any other asset as may be prescribed by the Authority by notice in the gazette and a paper of wide circulation.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The equity of a SACCO includes-
2. (a) share capital;
3. (b) retained earnings;
4. (c) capital donations and grants;
5. (d) statutory reserves; and
6. (e) other net-worth accounts owned collectively by all members.
7. (2) The Authority shall prescribe the minimum equity that a SACCO shall maintain.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A SACCO may offer an unlimited number of shares at a per value established in its bye-laws.
2. (2) An individual member of a SACCO shall not hold more than one-third of the paid-up share capital of a SACCO.
3. (3) The shares of the member of a SACCO-
4. (a) shall form part of the equity of a SACCO;
5. (b) are transferable;
6. (c) shall not be withdrawn; and
7. (d) shall not be used as security for a loan.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A member may operate a savings account with a SACCO, according to the terms and conditions under which the account was opened and classified.
2. (2) The Committee of a SACCO shall determine the basis and rate of interest to be paid on a savings account.
3. (3) Savings shall constitute the first call on the member's payment obligations.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A SACCO may borrow an amount up to the maximum set by members during the general meeting of the SACCO.
2. (2) Notwithstanding subsection (1), a SACCO shall not borrow an amount which in aggregate exceeds the limit prescribed by the Authority under section 37(1) (b).

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A SACCO shall have a credit policy which shall include-
2. (a) the terms and conditions of repayment;
3. (b) the maximum amount that may be borrowed; and
4. (c) an acceptable form of security for a loan.
5. (2) A SACCO shall provide credit according to the terms and conditions prescribed in the credit policy of that SACCO.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A SACCO shall create a Reserve Fund comprising ten percent of the annual surplus from the operations of the SACCO.
2. (2) A SACCO shall maintain a fund to be known as the Share Transfer Fund and shall allocate annually out of its surplus, if any, an amount to be determined by the Authority from time to time, not exceeding five percent of the SACCO's share capital.
3. (3) A SACCO may create any other reserve(s) as may be approved by members in the general meeting.
4. (4) The management of the reserves under this section shall be prescribed by regulations made under this Act.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) Where the savings account of a member in a SACCO in respect of which no transaction or business takes place and no statement of account is requested or acknowledged by a member during a period of two years-
2. (a) in the case of a saving for a fixed period, from the day on which the fixed period terminated; and
3. (b) in the case of any other saving, from the day on which the last transaction took place or a statement of account was last requested or acknowledged by the member, whichever is later, a withdrawal shall not be allowed on the saving account except with the permission of two officers of the SACCO authorized to grant the permission.
4. (2) An account referred to in subsection (1) shall be transferred to a register of dormant accounts in the books of the SACCO and the SACCO shall give notice in writing to the member at his or her last known address.
5. (3) Where an account is transferred to the register of dormant accounts and the account has been on the register for three years, the SACCO shall advertise the fact that it has been on the register for three years, and the cost of advertisement shall be charged on the account.
6. (4) A SACCO shall not charge on the dormant account any fee or cost apart from the cost of the advertisement referred to in subsection (3).
7. (5) An account may be transferred out of the register of dormant accounts if the member, or if he or she is dead, his or her legal or personal representative, makes a request to that effect.
8. (6) Unclaimed balances shall, after a period of five years, be transferred to the Authority and the Authority shall employ them to offset the costs of supervising SACCOs or as the Authority may deem appropriate.

1 further item remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) There is established a SACCO Stabilization Fund to be managed by the Authority.
2. (2) Every SACCO shall subscribe to the SACCO Stabilization Fund.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The object of the SACCO Stabilization Fund is-
2. (a) to provide financial assistance to SACCOs that are insolvent or are likely to become insolvent;
3. (b) to advance loans and grants to SACCOs that require financial assistance;
4. (c) to purchase the assets of insolvent SACCOs or take over all or any portion of the liabilities of the SACCO; and
5. (d) to supervise, administer and reorganize the affairs of SACCOs that is likely to become insolvent.
6. (2) A SACCO shall submit a quarterly financial report to the Authority.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) money realised from assets purchased from a SACCO in the process of dissolution.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) There is established a Fund to be known as the SACCO Savings Protection Fund.
2. (2) Every SACCO shall pay a prescribed subscription into the SACCO Savings Protection Fund.
3. (3) The SACCO Savings Protection Fund shall provide protection for savings of the individual members, up to an amount determined by the Authority, by notice in a news paper of wide circulation in Uganda.
4. (4) The SACCO Savings Protection Fund shall not provide protection for shares of individual members.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) an annual contribution from the SACCOs as determined by the Authority.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) commercial paper;
2. (c) deposits in a financial institution and a microfinance deposit taking institution; and
3. (d) any other investment approved by the Authority.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A member of a SACCO may, upon the SACCO becoming insolvent, lodge a claim with the Authority, for payment to the member out of the SACCO Savings Protection Fund, of the amount of savings which are protected under section 57(3).
2. (2) The Authority shall, before paying a claim, require the claimant to furnish documentary proof that the claimant is entitled to the payment.
3. (3) The Authority shall not pay a member who in the opinion of the Authority is wholly or partly responsible for or may have benefited directly or indirectly from the SACCO becoming insolvent.
4. (4) The Authority may, at any time, inspect the SACCO Savings Protection Fund to ascertain the type, number and value of the savings of members of a SACCO that are protected by the SACCO Savings Protection Fund.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) At least two or more SACCOs may establish a central financing facility.
2. (2) A SACCO shall not borrow from more than one central financing facility except with the approval of the Authority.
3. (3) A Central Financing Facility shall only serve member SACCOs and not individuals.
4. (4) A Central Financing Facility may be operated by-
5. (a) an apex society;
6. (b) a cooperative union; or
7. (c) a company incorporated by the SACCOs for purposes of operating a Central Financing Facility.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall, after receiving an application consider the application and may, if satisfied that the applicant meets the requirements, issue a licence to the applicant.
2. (2) The Authority may issue a licence subject to such conditions as the Authority may consider necessary and may from time to time add, vary or substitute such conditions as it deems appropriate.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The non deposit taking microfinance institution shall pay a prescribed annual fee in respect of the licence.
2. (2) Where the non deposit taking microfinance institution fails to pay the annual fee prescribed under subsection (1), the licence shall be cancelled.
3. (3) The annual fee payable under subsection (1) shall be payable on the issue of a licence and thereafter annually upon application for renewal of the licence.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A non deposit taking microfinance institution may apply for a renewal of a licence.
2. (2) An application for the renewal of a licence shall be made every year in accordance with the regulations made under this Act.
3. (3) Subject to subsection (2), on application duly made for the renewal of a licence, the Authority may renew the licence.
4. (4) The Authority shall not renew a licence where the non deposit taking microfinance institution has violated a provision of this Act or a condition of the licence.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. The Authority shall cause the list of licensed non deposit microfinance institution to be published once every year in the Gazette and at least one newspaper of wide circulation in Uganda

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may, by notice in writing, revoke a licence if it is satisfied that the non deposit microfinance institution-
2. (a) has not commenced or has ceased to carry on business within six months from the date of issue;
3. (b) furnished any information or document to the Authority in connection with its application for a licence which is false or misleading in a material particular;
4. (c) is insolvent or unable to pay its liabilities as they mature;
5. (d) has gone into liquidation;
6. (e) has been wound up;
7. (f) has been dissolved;
8. (g) is conducting business that is contrary to the objectives of the non deposit microfinance institution stated in the memorandum and articles of association or the Constitution, as the case may be;

7 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A non deposit microfinance institution may grant micro loans.
2. (2) A micro loan shall be in Uganda Shillings and may be granted with or without collateral.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) inform borrowers, prior to the acquisition of a micro loan, of the financial costs associated with the procurement and servicing of that micro loan to be met by the borrower;
2. (c) maintain confidentiality of information relating to borrowers; and
3. (d) inform borrowers of the rights and duties associated with the acquisition of micro loans.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A non deposit microfinance institution shall-
2. (a) assist in the development of micro, small and medium sized businesses; and
3. (b) expand access to micro loan resources to individuals for the promotion of their businesses, livelihoods, and land holdings.
4. (2) In the course of its activities, a non deposit microfinance institution shall make available for examination by its clients-
5. (a) the procedures for loan application and approval;
6. (b) the micro-loan agreement;
7. (c) the amount of the loan;
8. (d) the interest rate;

9 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The loan application form to be used by the non deposit microfinance institution shall be prescribed by regulations.
2. (2) The loan agreement form shall include-
3. (a) the names of the borrower;
4. (b) the amount of the loan;
5. (c) the purpose and drawdown period of the loan;
6. (d) the maturity date and repayment schedule of the loan;
7. (e) the total amount of interest to be paid over the course of the loan;
8. (f) the penalties in case a borrower is unable to fulfill a loan obligation;

2 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) shall enforce compliance with the terms and conditions of a micro-loan agreement.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A non deposit microfinance institution shall provide to the borrower full and accurate information on the procedure and conditions of micro lending, including information on the borrower's financial costs associated with the acquisition and servicing of a micro-loan.
2. (2) A borrower has a right to request for the information in subsection (1).

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (b) donations and charitable contributions from third parties;
2. (c) grants and non repayable special purpose financing from a local government or Government;
3. (d) earnings from the activities of the non deposit microfinance institution including micro-lending; and
4. (e) loans and credits.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A non deposit microfinance institution shall submit an annual report to the Authority, within three months after the end of a financial year.
2. (2) The annual report shall contain information on-
3. (a) audited financial statements;
4. (b) structure of management; and
5. (c) any other information as the Authority may from time to time, require.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A non deposit microfinance institution shall keep proper books of accounts which may be inspected by the Authority at anytime.
2. (2) The books of accounts of a non deposit microfinance institution shall be kept for at least seven years.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. A non deposit microfinance institution may, with the approval of the Authority, merge with one or more non deposit microfinance institutions

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall regulate and supervise the money lending business.
2. (2) The Authority shall, in the exercise of its function under subsection (1)-
3. (a) grant, renew and revoke money lending licences;
4. (b) keep and maintain a register of money lenders;
5. (c) sensitize the public about the money lending business;
6. (d) conduct inspection and examination of books of accounts, records, returns, and any other document or premises of a money lending business; and
7. (e) conduct an inquiry into money lending business.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A person intending to engage in money lending business shall be a company.
2. (2) A money lender does not include-
3. (a) a company carrying on the business of banking or insurance;
4. (b) a society registered under the Cooperative Societies Act; or
5. (c) a body corporate, incorporated or empowered by an Act of Parliament to lend money in accordance with that Act.
6. (3) An application for a licence for money lending shall be made in writing to the Authority and shall be accompanied by-
7. (a) the certificate of incorporation of the company;
8. (b) a resolution of the particulars of the directors of the company;

3 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall, within three months after receiving an application under this section, consider the application and may, if satisfied that the applicant meets the requirements, issue a licence to the applicant.
2. (2) The Authority may issue a licence subject to such conditions as the Authority may consider necessary and may, from time to time, add, vary or substitute the conditions as it deems appropriate.
3. (3) A licence issued under this section-
4. (a) shall expire on the thirty first day of December in every year;
5. (b) shall specify the name under which, and the address at which, the money lender is authorised to carry on business; and
6. (c) shall not authorize a money lender to carry on business under more than one name.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority shall not issue a licence for money lending where-
2. (a) the Authority is not satisfied that the shareholders and persons responsible for the management of the company or firm are of good character;
3. (b) the applicant, or any person responsible for the management of a company that is issued with a money lending licence has been convicted of an offence relating to embezzlement or any other financial impropriety; or
4. (c) the applicant has not complied with section 78(3).
5. (2) Any applicant aggrieved by the decision of the Authority not to grant a licence may appeal to the High Court.
6. (3) Where the application has been rejected, notice of rejection shall be given within 30 days.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The money lender shall pay a prescribed annual fee in respect of the money lending licence.
2. (2) Where the money lender fails to pay the annual fee prescribed under subsection (1), the licence shall be cancelled.
3. (3) The annual fee payable under subsection (1) shall be payable on the issue of a licence and thereafter annually upon application for renewal of the licence.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A money lender may apply for a renewal of a money lending licence.
2. (2) An application for the renewal of a money lending licence shall be made every year in accordance with the regulations made under this Act.
3. (3) Subject to subsection (2), on application duly made for the renewal of a money lending licence, the Authority may renew the licence.
4. (4) The Authority shall not renew a money lending licence where the money lender has violated a provision of this Act or a condition of the licence.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) The Authority may by notice in writing revoke a money lending licence if it is satisfied that the money lender-
2. (a) has not commenced business within twelve months from the date of issue of the money lending licence;
3. (b) ceased to carry on the money lending business for which the licence was issued;
4. (c) furnished to the Authority, information or a document in connection with its application for a licence, which is false or misleading in a material particular;
5. (d) has been declared insolvent;
6. (e) has been wound up;
7. (f) is conducting business in a manner detrimental to the interests of the public;
8. (g) transferred or assigned its licence; or

6 further items remain in the statutory text above.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A person who-
2. (a) carries on business as a moneylender without a money lending licence; or
3. (b) carries on business in a name or at any other place other than the name or address specified in the money lending licence, commits an offence and is liable, on conviction, to a fine of two hundred currency points and on a second or subsequent conviction, is liable to a fine of four hundred currency points.
4. (2) In addition to the penalty under subsection (1) the court may-
5. (a) by order suspend a money lending licence; or
6. (b) in the case of a conviction under subsection (1)(a) disqualify that person from engaging in money lending business.

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

1. (1) A money lending contract shall be in writing and shall be signed by the money lender and the borrower and shall be witnessed by a third party.
2. (2) The contract shall take the form of a note or memorandum which shall contain all the terms of the contract and, in particular, shall show-
3. (a) the date on which the loan is disbursed;
4. (b) the amount of the principal of the loan;
5. (c) the interest charged on the loan expressed in terms of a percentage per year;
6. (d) the nature of the security, if any;
7. (e) the duties and obligations of the borrower;
8. (f) the mode of repayment;

2 further items remain in the statutory text above.