The registered office of the society shall be situated at Ukulima House Haile Selassie Avenue, Nairobi and its postal address shall be P.O. Box 44071 - 00100 Nairobi, Kenya. Any change of address of the society shall be given to the Commissioner for Co-operative Development and to all Members of the Society within 30 days of such change. a) “Applicable Law” in these By-laws, unless the context otherwise requires, words or phrases shall be defined/interpreted in accordance with the Co-operative Societies Act, No. 12 of 1997 and made there under, herein after referred to as “the Act” and “the Rules “respectively. .b) “Commissioner” means the Commissioner for Co-operative Development c) “SACCO” means Savings and Credit Co-operative Society Limited d) “Tribunal” means the co-operative Tribunal established under section 77 of the Act to hear and determine disputes under the Act and Rules. e) “Member in good standing” means a member who is current on the repayment of his loan payments due to the society and who is current on making his required contributions and has not in any way acted in a manner which is potentially damaging to the society and has fully complied with the policies and rules set by the society. f) “Institutional Capital” means and is comprised of statutory reserves, entrance fees, appropriation accumulated account and say other reserve established by the Society’s Committee for which there is no claim. g) “General Meeting” shall be read as Delegates Meeting h) “Directors” shall be read as Board of Directors. i) “Branch General Meeting” shall mean a meeting of members of that particular branch. j) “Users” in the SACCO shall mean groups and other co-operatives who may from time to time carry out some business with the SACCO. k) “Minors” shall mean persons who are not up to 18 years of age but who benefit from some of the services of the SACCO l) “Required amount” (provisions for loan losses) – The required amount is the amount which is to be set aside as a contra asset account, and is intended to be a provision for potential loan losses. The amount of the provision is based on the following formula; 15% of loan balance and where the loans have one to three payments in arrears; plus 35% of the loan balance where the loans have four to six payments in arrears; plus 50% of loan balances where the loan have seven to twelve payments in arrears, and 100% of loan balances where the loans have payments in arrears in excess of twelve months. m) “Net surplus” means the amount of income in excess of expenses of the society under these By-Laws. Net surplus is the amount computed before any allocation is made for members’ dividends and/or interest to be paid on shares. n) In these By-Laws, where the masculine gender is referred to, it shall include the feminine gender. o) “Members of the immediate family” include spouse(s) parents and children of the member or the person eligible to be a member of the Society whether or not residing in the same household. P) Any questions or dispute concerning the interpretation of these By-laws on any matter not provided for therein, errors and omissions shall be referred to the Tribunal with a final appeal to the High Court.