TERMS AND CONDITIONS OF MEMBERSHIP

Preamble 

Wue Multipurpose Cooperative Society operates as a member-owned enterprise under the cooperative principles established by the Lagos State Ministry of Cooperatives. 

This document shall be used alongside the Cooperative Byelaws. Every member is expected to collect a copy of the byelaws upon membership. 

Eligibility & Admission 

  • Open to individuals aged 18+ of sound mind and good character. 
  • Must share Wue CMSL’s economic goals. 
  • Must not belong to another Multipurpose Cooperative Society of the same type
  • Must belong to a trade or profession. 

Admission Process 

  1. Collect or download the application form. 
  2. Fill and submit the completed form. 
  3. Pay a non-refundable entrance fee of ₦10,000. 
  4. Await approval by the Management Committee. 
  5. On approval of membership, gain access to the cooperative portal. 
  6. Pay for shares of the cooperative, (or the minimum amount) mandated for members by the management committee within 90days of membership 
  7. Begin mandatory monthly savings. 

Financial Obligations 

  1. Mandatory Savings: Minimum ₦10,000 monthly. 
  2. Capital Contributions: Minimum of 1,000 shares per member at ₦10 each. For every 100k deposited, 10% is put into shares. 
  3. Loan & Repayment: Governed by cooperative bylaws. 
  4. Cooperative Insurance Scheme: Compulsory participation for risk mitigation.
  5. Bonding: Officers handling funds must provide surety bonds. 
  6. Full disclosure of indebtedness is mandatory upon joining. 

Operational Duties & Ethical Conduct 

  • Attend at least 50% of general meetings. 
  • Participate in elections and committees. 
  • Avoid misuse of funds and fraudulent behavior. 
  • Report misconduct and update personal details promptly.

Financial Provisions 

  • Shares are not transferable except by nomination. 
  • Net Surplus Allocation: 

– 25% to reserve fund 

– 2.5% education fund 

– 2.5% for meetings 

– 5% for honoraria 

– 65% to member dividends and bonuses 

Termination & Dispute Resolution 

  • Withdrawal: 1-month notice required if no outstanding debts. 
  • Expulsion: Grounds include non-payment, misconduct, or criminal conviction. 
  • Disputes: Settled through the Director of Cooperatives, Lagos, under the Cooperative Societies Law, 2022. 
  • Surcharge: Up to ₦5,000 for repeated violations.

12. Contact Information

For enquiries regarding these Terms, contact us at admin@wuecoop.com

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