uXpress SACCO Society
Registered under the Co-operatives Act [Chapter 24:05]
Registration No. 9043
5% per month
2022 Back-2-School Packs Member Credit
TERMS AND CONDITIONS
Maturity Period: 24 (thirty six) months from date of issue of debentures.
Coupon: 5% (five) percent per month paid quarterly in arears.
Conversion: The Debenture holders shall have the right to convert its outstanding Optionally Convertible Debentures into uXpress SACCO Society Shares.
Redemption: Each Optionally Convertible Debenture shall be promptly redeemed at par on or before the Maturity Date.
Default: In the event of default by the Co-operative to redeem / convert the Optionally Convertible Debentures on the Maturity Date, the Co-operative shall be liable to pay penal interest, compounded on a daily basis at a rate of 10% (ten percent) per month from the date of default till the date of actual redemption. This remedy shall be in addition to all other remedies available to the Debenture holder.
Transfer/Transmission/Issue Of Duplicate Certificates: The provisions relating to transfer, transmission and issuance of duplicate Certificate and other related matters in respect of debenture contained in the ByLaws of the Co-operative (which provides for transfer by an instrument in writing and execution of the instrument by transferor and transferee respectively) shall apply, mutatis mutandis, to the debenture.
Security: The Debenture shall not carry any security or collateral and hence shall be unsecured in nature
REDEMPTION: For this purpose all the debenture holders should discharge the debenture and lodge the same, at least 15 days before the redemption Date in person or by Registered post with acknowledgement due at the Registered Office of the Co-operative.
NOTICES: All notices to the debenture holders required to be given by the Co-operative and the notices to be given by the debenture holders to the Co-operative, shall be in the manner as provided under the Co-operatives Act [Chapter 24:05] (‘the Act’).
RIGHTS OF DEBENTUREHOLDERS
- The debentures shall not confer upon the debenture holders thereof the right to receive any notice or annual report of the Co-operative and to attend and/or vote at any General Meeting of the Co-operative.
- The Register of Debenture holders will be maintained for debentures and all sums becoming due and payable on the debentures will be paid to the registered holder thereof for the time being.
- In case of death/dissolution/bankruptcy/winding-up of a Debenture holder, the debentures shall be transmittable to the legal representative (s), successor(s) or the Liquidator in accordance with the Law on such terms as may be deemed appropriate by the Co-operative.