Shares

One of the major objectives of the Co-operative is to receive the savings of its members either as payment on shares or deposit. It is the duty of every member to pay-up shares or make any other payments provided for in the by-laws. In having Shares, individual member of a primary co-operative shall have only one vote in the affairs of the co-operative, irrespective of the number of shares he or she holds, and such vote shall be exercised in person and not by proxy.

The minimum number of shares to be paid by each member shall be twenty dollars ($20.00). However, debts in excess of the nominal shares shall be given on case-by-case basis with the provision of additional security.

Shares paid-up by each member shall only be withdrawable after termination of membership or on the withdrawal of membership, while share subscribed more than the minimum contribution maybe withdrawable or transferable, subject to the provisions of the Co-operative Act and to any restrictions laid down in the by-laws.

The above table shows the bonus rate calculated on Shares when members apply for RETIREMENT, DEATH & BED RIDDEN RATE/TERMINATION ON MEDICAL GROUNDS.