By JAMES NGUNJIRIMore by this AuthorThe Ministry of Industry, Investment and Trade has opposed the creation of a special category of membership in co-operatives for impact investors. The changes are proposed in the Co-operative Societies Act and the Sacco Societies Act by the Statute Law (Miscellaneous Amendments) Bill, 2018. Besides the special voting rights, they also seek to exempt members from paying membership fees imposed on ordinary co-operative members. Mr Ishmail said the ministry had given a submission opposing the new class of membership to the speaker of the National Assembly. The bill limits the voting powers of impact members to specific resolutions, maintenance and operation of the special funds, remuneration of the special fund trustee and similar affairs.

Source: Daily Nation May 30, 2018 18:33 UTC