Membership And Liability

MEMBERSHIP AND LIABILITY

MEMBERSHIP

The members shall consist of:

  •  Persons who join on the application for registration.
  •  Persons admitted in accordance with the bye-laws.
  •  Applicants after being successfully interviewed by the Executive Committee and ratification at the Ordinary General Meeting (OGM)

QUALIFICATION OF MEMBERSHIP

Every member of the Society must:

  •  Be A Muslim “since it is an Islamic cooperative”
  •  Be ordinarily resident in Nigeria (But a member who relocates to another country may retain his/her membership).
  •  Share the desire to promote Islamic economic principles.
  •  Be of good character.
  •  Be of sound mind.
  •  Not be less than 18 years of age except in the case of a minor heir of a deceased member and where the Registrar grants exception from this qualification

ADMISSION

  •  Application for membership shall be in writing and the applicant shall be interviewed by the Executive Committee who may grant or refuse admission. In the case of refusal, the committee shall state their reasons and the applicant(s) so refused shall be informed that he/she may appeal through a member of the Society to the next general meeting of members, which may take such decision as it thinks fit.
  •  Every member on admission shall pay an approved registration fee of five thousand naira only (N5,000.00) or any amount subsequently determined by the Executive Committee.
  •  The approved fee must be paid within the first month of admission.
  •  Every member on admission shall sign or thumb print the Membership and Attendance Register.

DECLARATION OF OBLIGATION

Every Member shall, on joining the Society render to the Executive Committee true and complete statement of his/her indebtedness outside the Society.

LIABILITY

  •  The liability of members for the debits of the Society shall be limited to member’s thrift savings.
  •  A past member shall be liable for the debts due to the Society, as they existed on the data when he ceased to be a member.

NEXT OF KIN

Every member shall nominate a person to whom should he/she dies or become permanently incapacitated, his/her shares shall be transferred to. The member may at any time change his/her nominee to the Society by payment of a nominal fee of one thousand naira (N1000.00) or any amount subsequently approved by the Executive Committee. The name of the nominee shall be entered in the register of members and any alteration shall be signed by such member.

TERMINATION OF MEMBERSHIP

Membership shall terminate by:

  •  Death
  •  Permanent incapacitation.
  •  Expulsion by two-thirds majority of a general meeting.
  •  Completely withdrawing ordinary savings and any other deposits.
  •  Withdrawal of membership must coincide with the end of the financial year.

EXPULSION

A member may be expelled for:

  •  Repeated failure to make thrift savings for six (6) consecutive months.
  •  Repeated absence at three (3) consecutive meetings without written apology.
  •  Repeated failure to pay debts due to the Society.
  •  Conviction on a criminal offence involving dishonesty.
  •  Misconduct or other acts contrary to the stated object of the Society or to the interest of the cooperative movement.

SOURCES OF FUNDS

The funds of the Society shall be made up of:

  •  Registration fee (Non-refundable).
  •  Members thrift savings which can be reduced or increased with one month notice.(Minimum monthly savings for members is #2000).
  •  Deposits and loan repayment from members.
  •  Surplus arising out of the businesses of the Society.
  •  Change of nominee fee.
  •  Annual dues (To be paid latest by March 31st of each year after which it will be deducted from members savings).
  •  Special savings.

SHARE CAPITAL

  •  The share capital is statutorily 20% of the thrift savings of each member.
  •  Members voluntarily subscription to share capital contribution should be in multiples of 20% of the monthly thrift savings of each member.
  •  Payments for share capital subscription will be made between 1st October to 31st December of the current financial year in preparation for the following/subsequent financial year.