Every member of the Credit Union shall be:
- Not younger than Eighteen (18) years of age;
- Resident or in occupation of land within the Society’s area of Operations;
- Bonafide teachers or ex-teachers or relatives of teachers or members of staff of the Ministry of Education and all other persons other than bonafide teachers or ex-teachers who are at the date of these By-Laws registered as members.
- A body corporate may be a member of the Credit Union, subject to the approval of the membership of the Society and the Registrar.
Any person who has the necessary qualifications and who is desirous of becoming a member shall apply by filling out an Application For Membership Form.
This applicant shall state his Name, Address, Age and Occupation and shall contain such other information as the Board may from time to time decide.
Adult members are also encouraged to join their children as Minors and save monthly contributions on Deposits on these Children’s Accounts.
If money is to be withdrawn from the Minor’s Deposits, the adult member must write a letter requesting such a withdrawal.
When the children reach the age of eighteen (18), the Accounts are then changed to Adult Members Accounts; giving the children all the Rights and Privileges of Members.
A person ceases to be a member:
- On death;
- If he applies for bankruptcy or is declared bankrupt;
- On ceasing to hold at least Sixty (60) shares in the Society; and
- On the withdrawal or transfer of all his Shares.
No member shall resign and withdraw all of his shares while he is a borrower, an endorser (co-maker), or a guarantor on any loan due to the Society.
The Credit Union shall have a lien on the Shares; Deposits, Dividends, Bonus or any amount standing to the credit of a member for any sum due to the Society from the said member or for any loan endorsed by him and may apply any sum standing to the credit of the member towards payment of any such debt.
Members are encouraged to save at least $100.00 per month towards Shares; and to pay their monthly repayments/remittances by Payroll Deductions from their workplaces. Loans repayments should be made by the last working day of each month.
A person becomes a fully paid up member after saving three hundred dollars. (In Credit Union language, that means after he/she has bought sixty Shares).
Members are also encouraged to join their family members, especially the children. Money saved for children, can go a long way in helping to pay for their Education in the future. Members can also saved monthly on Special Saving, towards specific situations/events in the future.
A person can enjoy the benefits and apply for any Loan after he/she has been a member for six months and has saved continuously for those six months.
The main area of Business for the Credit Union is to provide Loans for Provident & Productive Purposes.
A person is eligible to apply for a loan at a Ratio of 3:1, after being accepted as a member.
After One Month of membership, the ratio moves to 5:1
After Two Months of membership, the ratio moves to 8:1
After Three Months of membership, the ratio moves to 10:1
Please Note that the member must make a contribution to Shares every month,
even though her/she might be repaying a loan.
Please Note that the Board of Directors has the Authority to Change any Section of the Loan Policy and Schedule of Loans & Repayment by A Majority Resolution at a Board Meeting.
Ordinary Loans up to $100,000.00 are insured by the Credit Union at no cost to the members. (The Insurance ceases, if the loans are delinquent.)
In the event of the death of a member and that member's loans are not delinquent, the Insurance Company repays the amount of the loans, up to $100,000.00 to the Credit Union.
In this way, the member's family would not be asked to repay any loans up to $100,000.00
Medical Loans are not covered by insurance.
Shares up to $25,000.00 are insured by the Credit Union at no cost to the member.
At the death of a member, fifty-five years and under, the insurance will pay 100 % on the Shares, up to $25,000.00.
After fifty-five years, the percentage of the payment is reduced.
A Funeral Grant may also be given.