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
- Collect or download the application form.
- Fill and submit the completed form.
- Pay a non-refundable entrance fee of ₦10,000.
- Await approval by the Management Committee.
- On approval of membership, gain access to the cooperative portal.
- Pay for shares of the cooperative, (or the minimum amount) mandated for members by the management committee within 90days of membership
- Begin mandatory monthly savings.
Financial Obligations
- Mandatory Savings: Minimum ₦10,000 monthly.
- Capital Contributions: Minimum of 1,000 shares per member at ₦10 each. For every 100k deposited, 10% is put into shares.
- Loan & Repayment: Governed by cooperative bylaws.
- Cooperative Insurance Scheme: Compulsory participation for risk mitigation.
- Bonding: Officers handling funds must provide surety bonds.
- 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
