AIM AND OBJECTIVES OF THE COOPERATIVE
The objectives of the society are to promote the economic and social wellbeing of its members through any of the following means:
- To create funds to be lent to its members at interest free rate.
- To strengthen the bond of brotherhood in the keeping of cooperative spirit among members.
- To encourage among its members the practice of thrift and mutual cooperation.
- To provide facilities for regular thrift among members.
- To go into practice, engage in and/or carry on any Halal (Legal) business beneficial to the society.
-
01 Normal Savings
Normal Savings of N1,000 Monthly. (Note the savings comes only from salary deductions as the cooperative do not accept bulk deposit as savings)
-
02 Target Savings
Types of Loans
Procurement of Food Items
Procurement of food items and household consumables on credit while deductions are made from member’s salary installmentally on interest free basis.
Procurement of Electronics Items
Procurement of Electronic items also on credit and deductions are equally made from member’s salary installmentally on interest free basis.
Business Finance Loan
Business Finance Loan: - The co-operative also engaged in investment with business partners in and outside of the Board where profit is shared at an agreed rate.
Savings Withdrawal
Partial Withdrawal from Savings: - A member may at any time apply for partial withdrawal from his/her contribution provided that: Any member that is indebted/ to the Co-operative shall not be qualified to make partial withdrawal until he/she settles his/her debt/loan.
TERMINATION OF MEMBERSHIP AND EXPULSION
TERMINATION OF MEMBERSHIP
Membership of the society shall stand terminated on any of the following grounds:
- Death.
- Ceasing to be staff member of Federal Capital Territory Administration.
- Voluntary withdrawal of membership in line with the provision of this constitution.
- Expulsion from the society.
GROUNDS OF EXPULSION
No member shall be expelled from the society save and except on any of the following grounds:
- Conviction by competent court of law on criminal offence bordering on dishonesty and/or fraud.
- Failure to meet the requirement of monthly contribution for 3 months consecutively.
- Failure by member to settle his debt to the society for a period of 3 months after the debt has become due. In such a case, the society shall take appropriate steps to recover all outstanding debts due to it.
PROCEDURES FOR LOAN APPROVAL
Rules for Loan Approval
- Loan form is filled and submitted after the payment of the necessary fee and the application is send to the loan committee who review the application and recommended to the president for approval for issuing of cheques. The loan has a maximum repayment period of 30 months subject to monthly repayment of no more than one third of monthly net pay. Also, a member is entitled to apply for loan twice of his/her total savings balance.
- For 2 & 3 notice is place for interested members to apply, or where there is no notice, any member can make a written application to the president for whatever items needed.
- Subject to availability of fund, the society may grant loan (free interest) to members in accordance with the provisions of this constitution.
No member may be granted any loan unless
- He/she has returned a completed Loan Application Form setting out the purpose for which the loan is being sought and accompanied with a copy of the last salary slip certified by the issuing officer.
- He/she is a contributor and has so contributed for a minimum period of 6 months or such period as may be fixed from time to time by loan committee subject to the approval by the General Meeting.
- He/she presents two witnesses who must be a staff member of Abuja Environmental Protection Board and a member of the society.
- He/she has contributed at last 30% of the loan amount being applied for.
No member shall be entitled to receive loan if:
- He/she has not fully repaid the earlier loan given to him/ her.
- He/she is indebted to the society in any respect.
- He/she has stopped making monthly contribution into the Special Savings Account of the society.
If for any reason a member leaves the society, his loan account if any , shall at once be closed and action be taken to recover the unpaid balance.
Member seeking the loan shall be treated on first come first serve basis.
No application for loan shall be competent unless the applicant has paid the application form fees in the sum of N1000 or any such sum as may be prescribed from time to time by the Credit/Loan Committee subject to the approval of the General Meeting.
No member shall be allowed to review his/her monthly contribution downward but can do upward review if he/she is indebted to the Society.
The maximum period for repayment of loan shall be 30 months subject to the recommendation by the Credit and Loan Committee.