SHARES POLICY
  1. Every member must subscribe to a minimum share capital which shall be determined from time to time by the Management Board.
  2. Shares shall not be withdrawn either in part or whole except in the event of resignation where the member shall be required to give at least ninety (90) days’ notice in writing of the member’s intention to resign.
  3. Members may receive dividend on their shares at the end of the financial year. Dividend may be paid into savings account or declared as bonus shares.
SAVINGS POLICY
  1. The savings balance of any one member shall not exceed 20% of the total savings of the Union or as may be determined by the Management Board from time to time.
  2. Savings cannot be withdrawn if they are frozen to guarantee a loan.
  3. Savings cannot also be withdrawn if the member’s indebtedness is greater than the member’s savings.
  4. Interest on savings shall be paid quarterly or as may be determined by the Management Board.
LOAN POLICY
  1. The Credit Union shall grant loans to its members.
  2. All applications for loans shall be made on a prescribed form. The application form shall specify the amount applied for, the loan purpose, the terms of repayment and the type of security.
  3. Loans shall be granted for any worthwhile purpose, whether productive or provident.
  4. For the first six (6) months of membership, members shall be granted loans not exceeding their savings.
  5. The Management Board shall determine the maximum loan to be granted to a member from time to time, however no individual shall be allowed to borrow more than 20% of the total savings of the Credit union.
  6. Loans shall be secured by the borrower’s own savings and the savings of other members who guarantee for the borrower.
  7. Competitive interest rates shall be charged on members’ loans. The minimum interest rate charged on loans shall be determined from time to time by the Management Board, taking into consideration prevailing market rates.
  8. In the event where a loan is not repaid according to the terms of the loan agreement, the borrower shall be liable to pay for the collection expenses and may be liable to pay fines not exceeding 10% per annum of the unpaid balance.