Halala Halala savings and credit cooperative (HASACCO) in Bulumbi sub-county, Busia district is set to block members with less than five shares from attending this year’s annual general meeting (AGM). The Sacco will be implementing a decision reached at during last year’s AGM, in which it was unanimously agreed that members with five shares attend the AGM as delegates representing those with fewer shares.
According to Albert Wamboka the chairperson HASACCO, the decision is aimed at cutting down, the AGM’s expenses and also deter members with less shares that have reportedly become critics to all the good resolutions passed by HASACCO particularly they feel affect them.
“At the start of this Sacco it was agreed that a member should at least have three shares,” he said, adding, however, that some original members have to date failed to meet this requirement.
Wamboka noted that the Sacco has been lenient enough to extend loan services to such members but some have failed to pay back and always wait for the AGM to come and oppose the recommendations made by the compliant members.
Members that have their Sacco at heart, he said, recommended that defaulters should be represented by delegates with five shares. HASACCO has a total of six hundred and fifty-one (651) members out of which three hundred and thirty-one (331) members have dormant accounts. Its loan portfolio is over shillings 62 million, with a savings portfolio of above shillings 55 million.