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Membership terms

Version SAMPLE-2

Sample text, to be replaced by the terms the board approves.

1. Admission

Membership is open to the people, groups and organisations the by-laws allow. An application is complete when the form, the documents and the declaration are in. The SACCO may ask for more information and admits members as the by-laws provide [admission procedure to be confirmed].

2. Fees, share capital and deposits

  • Registration (entrance) fee: [amount to be confirmed]. It is not refundable [to be confirmed].
  • Share capital: at least [amount to be confirmed], paid [at once or by instalments, to be confirmed]. Share capital is transferable as the by-laws provide; it is not withdrawn as cash while you are a member.
  • Monthly deposits: at least [amount to be confirmed] every month. Deposits secure your loans and decide how much you may borrow.

3. Loans and guarantees

Loans are given under the SACCO's credit policy. A member who guarantees a loan may have to repay it if the borrower does not; guaranteed deposits cannot be withdrawn while the guarantee stands.

4. Nominees

Name one or more nominees to receive your savings and shares when you die, with their shares adding up to 100%. Keep them up to date through the member portal or the office.

5. Messages and the member portal

The SACCO sends notices by SMS, e-mail and the member portal. Keep your phone number and e-mail up to date; keep your password and verification codes to yourself.

6. Leaving the SACCO

Give written notice of [period to be confirmed]. Your deposits are refunded, less what you owe and the loans you guarantee, as the by-laws provide; your share capital is transferred, not withdrawn.

7. Dormant accounts

An account with no activity for [period to be confirmed] becomes dormant; it is reactivated on request.

8. Your information

The SACCO uses your information as the privacy notice explains.

9. The by-laws

These terms summarise the by-laws; where they differ, the registered by-laws apply. The general meeting may change the by-laws; the SACCO will tell members of changes to these terms.

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