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Mzima Springs Invest. Co

Mzima Springs Invest. Co.

Mzima SACCO was mandated to register a company that would be used to facilitate the acquisition of property (Land and Buildings) for its members. This is because, currently the law prohibits the SACCO from using members funds to acquire land and buildings.

The company was registered and members can now apply and buy shares alongside the contributions they make to the SACCO.

Directors

Josephine Muli

Executive Director

Geoffrey Injeni

Non Executive Director

Dr. David Wang’ombe

Board Chairman

Daniel Kiilur

Managing Director

Josphat Manani

Executive Director

Joram Wambua

Accountant

Company’s Background

As explained in the section for the Annual General Meeting, in the AGM of 2012 held on 21/9/2013, the members mandated the Management committee to register a company that would be used to facilitate the acquisition of property (Land and Buildings) for its members. This is because, currently the law prohibits the SACCO from using members funds to acquire land and buildings.

The company was registered and members can now apply and buy shares alongside the contributions they make to the SACCO.

The name of the company is “MZIMA SPRINGS INVESTMENT COMPANY.”

Activities

The company will do the following under its memorandum of association:

  • To carry on the business of an investment company and to buy, undertake invest in and acquire and hold venture capital, shares, stocks debentures, debenture stock bonds obligations and securities issued or guaranteed by any company.
  • To acquire by purchase, lease, exchange, hire or otherwise lands and property of any tenure or any interest in the same and to buy sell for any persons freehold or any less estate or interest in any house property buildings or land or any share or shares and to transact on commission or otherwise the general business of a land or estate agent.
  • To erect and construct houses, buildings or works of every description on any land of the company or upon any other lands or property to pull down rebuild enlarge alter improve existing houses buildings or works thereof convert and appropriate any such lands into and for roads streets squares gardens and pleasure grounds and other conveniences and generally to deal with and improve the property of the company.
  • To sell lease, let, mortgage or otherwise dispose of the lands, houses, buildings and other property of the company and to manufacture buy sell bricks tiles brick earth stone marble slates chalk and other building materials.

The liability of the members is limited.

The share capital of the company is Kenya shillings One Hundred Thousand (K.Shs. 100,000/=) divided into One Hundred Thousand (100’000) Ordinary shares of Kenya Shilling One (K.Sh. 1/=) each.