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Saturday, 02 September 2006 |
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Savings and Loan Societies (S&L) are registered under the Savings and Loan Societies (Amendment) Act, 1995. The S&Ls are established by people sharing common bond of membership such as those employed in the same organization, industry or originating from the same province. Under the act, the members own the society by virtue of their membership.The objects of S&Ls are to; (i) receive savings and make loans to their members, (ii) promote thrift amongst their members, and (iii) educate their members in financial responsibility.
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