Terms and Conditions

Membership Eligibility: Prospective members must usually be at least 18 years old, reside or work within the society's operational area, and share a common economic goal or occupation.

Financial Obligations: Members are required to pay a registration fee, buy a minimum number of shares, and make regular monthly savings or financial contributions.

Loan and Credit Policies: Members can typically access loans after a specific qualifying period (often 6 months of active membership). Loans are subject to interest rates or administrative charges, and generally require guarantors or collateral.

Democratic Control: Every member has equal voting rights (one member, one vote) regardless of the number of shares they own. Members participate in electing the management committee during Annual General Meetings (AGMs).

Withdrawal and Termination: Members who wish to leave the society must give a formal notice period (e.g., 30 to 90 days). Their accumulated savings and dividends, minus any outstanding debts, are then refunded.

Dispute Resolution: In the event of a dispute between a member and the society, matters are first handled internally. If unresolved, they are typically escalated to a state-appointed Cooperative Registrar or a Cooperative Tribunal rather than a standard civil court.