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Governing Rules And Regulations
All cooperators whose applications are accepted shall abide by the rules and regulations governing this cooperative which begins with filling the membership registration form and signing the necessary agreement and as stated in the cooperative’s bye-laws.
All cooperators will pay a non-refundable entrance fee of N2,000 at registration and a due of N3,000 payable annually.
All cooperators shall make a minimum investment deposit of N5,000 every month (or the stated monthly amount filled) either in cash to the designated bank account or in cheques/drafts/bank tellers to our administrative office.
A change in the monthly savings amount can be made by obtaining and filling an update/upgrade form from the cooperative secretariat/office or updating it online.
All cooperators shall subscribe to a minimum of 50,000 units of shares of the cooperative valued at N2.00 per share. This amount is to be fully paid up within 12 months of becoming a cooperator.
No cooperator shall have more than 10% of the share capital of the cooperative.
The cooperator shall have access to participate in home ownership schemes and other schemes initiated by the cooperative.
The cooperator shall have access to loan amount of up to twice his/her savings upon meeting the set terms and conditions for loans.
The cooperator shall apply for a loan by signing on to his dashboard on the portal and follow the steps outlined. After that, the admin will then take it up for processing and approval by the credit committee
The cooperator accessing a loan must be guaranteed by 2 other cooperators with like sum in savings in the cooperative.
Interest on deposits is 2% per annum while interest on loan is 10% per annum
The cooperator shall have 3 months’ moratorium (if required) before commencing repayment on the loan.
The loan amount along with the interest on it must be paid back within 12 months which brings the total loan tenure to 15 months.
In case of default, penal interest shall be charged at twice the nominal rate.
Whenever there is a change in any vital information supplied in this form, the cooperator shall update the information online and notify the cooperative in writing or via e-mail as soon as possible.
All cooperators are to attend the periodic meetings which is held on the last Saturday of every 4th month. Any change in meeting date will be communicated
All cheques and drafts should be raised in favour of OLIVE COOPERATIVE MULTIPURPOSE SOCIETY LIMITED or cash deposits made into designated bank account. Zenith Bank: 1015373916
It is important for every cooperator to keep records of payment(s) and other related documents, as it would serve as proof should there be disputes regarding deposits.