Rules and Regulations

1. The registration or entrance fee for each member is ₦14,300. Account Name: Good Treasure Mcsl. FCMB Account number: 6640475016. Sterling Bank: 00759475016. Polaris Bank: 1140079890. The fee is non-refundable. A passport photograph must be uploaded through the registration portal.
2. The minimum monthly contribution for shares and savings is ₦5,000.00. Shares are for business purposes, while savings are for loan purposes.
3. The Association passbook costs ₦1,000.00.
4. The maximum loan credit available to a member is two times the member’s total savings and shares.
5. The interest rate charged on loans is 1% per month.
6. Loan interest shall be deducted monthly and shall reduce as the loan is repaid or be fixed according to the approved repayment arrangement. The Association uses the reducing balance method.
7. The application fee for each member is ₦1,000.00 and is non-refundable.
8. The maximum loan repayment period is 18 months.
9. The monthly development levy is ₦200.00 and is non-refundable.
10. The monthly building levy is ₦200.00 and is refundable.
11. The penalty for lateness to a meeting is ₦50.00.
12. Absence from a meeting by a member with an active loan attracts a penalty of ₦200.00.
13. Absence from a meeting by a member without an active loan attracts a penalty of ₦100.00.
14. Sending a message in place of attendance by a member with an active loan attracts a penalty of ₦200.00.
15. Sending a message in place of attendance by a member without an active loan attracts a penalty of ₦200.00. Members who are outside the state or country are exempted.
16. No member shall be granted a loan until after completing six months of membership in the Association.
17. The Association reserves 25% of the annual revenue generated from interest.
18. Emergency loans are available to members and non-members for a period of 3–6 months, depending on the amount collected.
19. Members who obtain emergency loans shall pay double interest, while non-members shall pay 5% interest, which may be negotiable. The reducing balance method shall apply.
20. A member currently servicing a long-term loan may be eligible to obtain an emergency loan.
21. Non-members applying for emergency loans must provide collateral security equivalent to the loan requested. Only house and land documents located within the state capital and approved extensions, including Okinni, Owode-Ede, Kajola and Dagbolu, shall be accepted.
22. Every member applying for a loan must provide two reputable, non-defaulting guarantors from among the members of the Association.
23. Any member who wishes to withdraw from the Association must submit a written letter of withdrawal. The member shall be attended to accordingly after six months from the date the letter is submitted to the Committee.
24. Any member absent from the Annual General Meeting (AGM) shall forfeit his or her annual gift.
25. The products of the Cooperative Society include:
    
    (i) Cooperative Account
    (ii) Twelve-Month Savings Account
    (iii) Investment Account
    (iv) Educational Plan
    (v) Joint Heir
    (vi) Welfare Package
    (vii) Retirement Plan
26. Any amount paid into a member’s account that has not completed one month shall not be included in the balance used to determine the loan amount available to the member for that month.
27. A member who makes a bulk loan repayment shall not be eligible to obtain another loan immediately. Such an account shall remain under the supervision of the Committee.
28. Any member intending to obtain a loan must give at least one month’s notice.
29. Any member who defaults in the payment of either the development levy or building levy shall not be eligible for a loan.
30. Any member who defaults during loan repayment may experience a delay or receive a penalty when applying for another loan.
31. Bulk deposits made solely for the purpose of obtaining a loan shall not be allowed.
32. The meeting schedule is as follows:
    
    Star 1: Second Saturday of every month.
    Star 2: Last Saturday of every month.
    
    Time: 3:00 p.m. – 4:00 p.m.
    Venue: Shop 33, Afi-Adura Shopping Complex, Akinlade Junction, Alekuwodo Street, Osogbo, Osun State.
33. The Commodity and Investment Account is open to any interested member. Share and savings deposits are not permitted for commodity and investment accounts; only fresh funds are allowed.
34. Any member who posts irrelevant information in the Association’s WhatsApp group shall be removed from the group after receiving two yellow cards (warnings) and one red card (removal).
35. Withdrawal of shares and savings from a member’s Cooperative Account is not permitted unless the member withdraws his or her membership mandate. Due process shall be followed, and all eligible funds shall be credited accordingly.
36. Any member who does not operate his or her account for twelve months (one year) shall not be eligible for Cooperative benefits. Such an account shall be classified as dormant, and the member may be advised to withdraw membership.
37. The Executive has the constitutional right to visit a member’s office, home or business location for enquiry, confirmation, loan recovery or relationship-building visitation.
38. The claims and entitlements of a deceased member shall be paid to the registered next of kin, provided that the deceased member has no outstanding loan.