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 Cooperative Society of the same type (multipurpose).
  • Must belong to a trade or profession. 

Admission Process 

  1. Start your application by filling the membership application form and registering on the website
  2. After your email is validated, complete your personal profile
  3. Receive an email notification to download the coophub app and change the default password sent to you on that email.
  4. Complete your Wemabank KYC on the Coophub App.
  5. Pay the non-refundable membership fee
  6. Begin ordinary savings contributions and cooperative share purchase, as mandated for members by the management committee within 90days of membership 
  7. Begin mandatory monthly savings. 

Financial Obligations 

  1. Mandatory Ordinary Savings Contribution: Minimum ₦10,000 monthly. 
  2. Capital Contributions: Minimum of 1,000 shares per member at ₦10 each. For every 100k saved, 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 

  1. Shares are not transferable except by nomination. 
  2. 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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