Migori Teachers Co-operative Saving & Credit Society Limited v MSL Savings & Credit Co-operative Society Ltd; Co-op Holding Co-operative Society Ltd (Interested Party) [2020] KEHC 2249 (KLR)
- Court
- High Court of Kenya
- Case number
- 2249
- Citation
- [2020] KEHC 2249 (KLR)
- Decided
- 15 October 2020
The application should succeed and there shall be a stay of execution in terms of prayer 3 of the Notice of Motion provided that the applicant shall file a bank guarantee for any decree and costs that may be declared against it, limited to Kshs. 15,000,000/= (fifteen million). This has to be filed within 30 days from the date of this ruling.
Facts
The applicant, Migori Teachers Co-operative Saving & Credit Society Limited, filed an application seeking a stay of execution of the decision of the Co-operative Tribunal dated 26th February, 2020. The applicant was aggrieved by the decision and lodged a Memorandum of Appeal alongside the application.
Issues
- Whether the application for stay of execution should be granted
- Whether the applicant should file a bank guarantee for any decree and costs that may be declared against it
Reasoning
The court considered the entire dispute and found that substantial loss may occur if the order of stay is not granted, given the nature of co-operative societies and the interests of the members.
Outcome
Application granted
Orders
- Stay of execution of the Co-operative Tribunal decision
- Applicant to file a bank guarantee for any decree and costs that may be declared against it, limited to Kshs. 15,000,000/= (fifteen million) within 30 days from the date of this ruling
Remedies
- Stay of execution of the Co-operative Tribunal decision
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