‘CERUDEB pioneers not shareholders’
Mar 10, 2005
THE Commercial Court has ruled that individuals, who contributed towards the formation of Centenary Rural Development Bank (CERUDEB) did not buy shares, but made contributions.
By Hillary Nsambu
THE Commercial Court has ruled that individuals, who contributed towards the formation of Centenary Rural Development Bank (CERUDEB) did not buy shares, but made contributions.
“The parishioners contributed money to start the bank, but the shares were registered in the names of their dioceses as trustees,†Principal Judge James Ogoola said on Wednesday.
Ogoola passed the judgment in a case in which a parishioner in Kampala Archdiocese, Michael Ssemyalo, sued CERUDEB claiming a refund of his shares, dividends and costs for failure to account for his money.
The judge ruled that Lubaga, the seat of the Archdiocese, should pay Ssemyalo.
“The Archdiocese has a duty to account for Ssemyalo’s contributions and show how his money was invested,†Ogoola said.
THE Commercial Court has ruled that individuals, who contributed towards the formation of Centenary Rural Development Bank (CERUDEB) did not buy shares, but made contributions.
“The parishioners contributed money to start the bank, but the shares were registered in the names of their dioceses as trustees,†Principal Judge James Ogoola said on Wednesday.
Ogoola passed the judgment in a case in which a parishioner in Kampala Archdiocese, Michael Ssemyalo, sued CERUDEB claiming a refund of his shares, dividends and costs for failure to account for his money.
The judge ruled that Lubaga, the seat of the Archdiocese, should pay Ssemyalo.
“The Archdiocese has a duty to account for Ssemyalo’s contributions and show how his money was invested,†Ogoola said.