Terms and Conditions
These Terms and Conditions govern the relationship between Precious Heritage Cooperative, Investment and Credit Society Limited (hereinafter referred to as "the Society") and its members. By becoming a member, you agree to abide by these Terms and Conditions.
1. DEFINITIONS
The Society – Precious Heritage Cooperative, Investment and Credit Society Limited, a legally registered cooperative society.
Member – Any individual or entity that has met the membership requirements.
Board of Directors – The governing body overseeing the affairs of the Society.
Savings – Amount contributed into the Society.
Interest – A return on a member’s investment in the Society.
Loan – Financial assistance granted to members under agreed terms.
2. MEMBERSHIP
2.1 Eligibility
Membership is open to individuals and entities that meet the requirements set by the Society.
Applicants must complete a membership form and pay the required fees.
2.2 Rights and Obligations of Members
Members have the right to vote and participate in decision-making.
Members are required to make regular financial contributions as specified.
Members must abide by the Society's rules and policies.
2.3 Termination of Membership
Voluntary withdrawal requires written notice.
Membership may be revoked due to misconduct, breach of terms, or failure to meet financial obligations.
Upon termination, a member’s financial entitlements will be settled per the Society's policy.
3. FINANCIAL CONTRIBUTIONS & INVESTMENTS
3.1 Savings & Contributions
Regular contributions are mandatory for financial sustainability.
Savings may earn interest, as determined by the Board.
3.2 Investment Structure
The Society may engage in various investment ventures to bring gain to the society.
Members must abide by investment terms, including minimum participation requirements.
4. LOANS & CREDIT FACILITIES
4.1 Loan Eligibility
Only active members with a required minimum savings balance can apply.
Loan amounts are based on savings, contributions, and creditworthiness.
4.2 Loan Repayment
Members must adhere to the agreed repayment schedule.
Late payments attract penalties.
4.3 Loan Default & Recovery
In cases of default, the Society reserves the right to recover outstanding loans through savings, investments, or by other legal means.
Loan defaulters may face suspension or termination of membership.
5. GOVERNANCE & MANAGEMENT
5.1 Board of Directors
The Board shall oversee the Society’s operations and ensure compliance with legal and financial regulations.
5.2 General Meetings
An Annual General Meeting (AGM) shall be held to review performance and make key decisions.
Special meetings may be convened as necessary.
6. CODE OF CONDUCT & COMPLIANCE
Members must act with integrity and uphold the values of the Society.
Misuse of funds or fraudulent activities will lead to disciplinary action.
Members must comply with all applicable laws and regulations.
7. DISSOLUTION
In the event of dissolution, the Society’s assets shall be liquidated, and funds distributed to members based on their investments after settling liabilities.
8. DISPUTE RESOLUTION
Disputes will be resolved through internal mediation or arbitration before legal action is taken.
9.AMENDMENTS
The Society reserves the right to amend these Terms and Conditions with the approval of the Board and members at a General Meeting.
By accepting membership, you agree to comply with these Terms and Conditions.
