Cooperative And Thrift Society


Cooperative And Thrift Society
Introduction/Definitions
Cooperative is an association or group persons who voluntarily come together in order to achieve a targeted social, economic and cultural goals.
Thrift and Credit society is an organization that provides its members with convenient and secured means of saving money and obtaining credits (loans) at a reasonable interest rate on monthly basis.
Thrift and credit society started in Germany by Fredrick Wilhelm Raiffersen in 1818 and he is considered as the father of modern cooperative societies.
Fredrick Wilhelm Raiffersen

In Nigeria, this society is started by the Roman Catholic Teachers in 1940s for salary earners and to take care of their aged ones during retirement.
It is being aimed at improving the standard of living of the people in the communities. Before now, this society is commoner among the rural dwellers, but now it is not like that.
Members make contributions into the purse of the society on a monthly basis and could take loans which would be repaid on monthly basis by members.
Apart from the general guiding laws, individual group carved out laws guiding them, beneath are carved out laws for a group in Ilorin, Nigeria.
Laws Guiding Multipurpose Cooperatives Society

1. Attendance: It is a must for all members of this society to be punctual and regular at meetings,
2. Requirements: Attending meetings regularly and punctually and doing your duties as it should be done is one of the requirements to be fulfilled before a member can take loan
3. New Members:
(a) Before new members are eligible to take loans, she or he would have been regularly attending meetings for 6 months and above
(b) The first loan taken by new members is called trial loan and it is twice the person’s savings
(c) New members are expected to pay back in full the first loan taken on or before 6 months after collection
(d) The new members subsequent loan grants/approval would be subjected to scrutiny on how she or he has fared in his or her first repayment in 3c above,
(e) Before new members are eligible to be sureties for members who want to apply for loans, the new member must have been regularly attending meetings for 6 months and above
Note on 4e:
When you append your signatures and names to become a surety for someone who wants to take loan, you are saying that, “I will pay the loan taken by this person I am standing for if he or she defaults”
Mother disciplining daughter

4. Withdrawal From Society
(a) If a member wants to withdraw his/her membership from the society, the person will write a letter to the executives notifying them of his/her desire to leave the society,
(b) It is after 6 months after the acknowledgment of the receipt of the person’s letter that the person would be receive his/her entitlements back from the society if there is enough cash and if the person has no commitment in the society,
(c) Anyone who wants to withdraw his/her membership from the society will pay 5% into the purse of the society before leaving or 5% will be deducted from his/her entitlements before leaving
5. Sureties
(a) Members are expected and enjoined to stand for one another in the society,
(b) Before a member stands for another member, the person should make inquiries into what the person wants to use the loan for,
(c) It is of strong counsel that a member should know the house or shop or office of the person he or she wants to be a surety for,
6. Lateness: A member who comes late into the meeting will pay a fine of hundred naira (#100:00) without excuses neither options,
7. Loan Repayment: If a member fails to pay back the loans taken within the stipulated time, such a member would be punished accordingly,
8. Defaulters
(a) A member who could not repay the loans taken within the stipulated period would be punished by waiting for the exact months she/he has defaulted before he/she ca be given another loan
(b) Additional months after the regular (or stipulated) months for loan repayment would attract 2% interest until the person pays up the loan taken,
9. Taking Loans
(a) Loan bonds would be collected from each member who takes loan
(b) If your share is not up to the minimum amount, the balance could be deducted from the loan applied for,
(c) It is not a must to give any member thrice his/her savings as loan,
(d) A member who wants to take Million naira and above must bring an equivalent collateral,
(e) A member who wants to take million naira and above must have reputable sureties,
(f) A member who wants to take a million naira and above must have hundred thousand (#100,000:00) in his/her share and above
A Cooperative Chairman, Ilorin, Nigeria

10. Absenteeism
(a) A member that neither comes to meeting nor send messages before hand would pay two hundred naira (#200:00) as fine if the member is not servicing loans,
(b) A member who is servicing loans but who neither comes to meeting nor send messages beforehand would pay five hundred naira (#500:00) as fine,
(c) A member who is servicing loans who cannot attend meeting but sends messages would pay two hundred and fifty naira (#250:00) as fine,
Currencies

11. Chairman
(a) The chairman of the association has power to discipline and fine any member who errs or misbehaves while the meeting is in progress,
(b) The Chairman has no grace/obligation to stand as surety for any member apart from the committee members,
12. Law Review: Committee members can review the laws as the occasion demands.

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