SHARES

By the Credit Union standard in Ghana, the portion of the Capital or Equity funds to the total assets of the Credit Union must be in the region of 15% or more. Further to this, the laws of the country NLCD 252 OF Regulation 6 and the bye-laws of the Credit Union – section 6, gives powers to the General meeting to decide on the minimum shares to be subscribed by a person interested to become a member of BEREKUM AREA TEACHERS’ CO-OPERATIVE CREDIT UNION LTD. The subscription of the minimum Shares therefore qualifies one to partake in every business activity of the Credit and to enjoy the privileges of a member as provided in the Decree and the bye-laws.

1. QUALIFICATION FOR SHARES SUBSCRIPTION

a. A person wishing to acquire Shares in BEAT CO-OPERATIVE CREDIT UNION LTD., and thus to become a member must be of sound mind and aged as specified in paragraph 34 of the Decree.

b. The person must also be a resident or having permanent business to do in Berekum and its environs. – bye-laws section 34.

c. The person must have duly completed the membership application form and submitted for consideration and approval by the BOD or their representative.

d. The person must have accepted to acquire the minimum Shares as agreed by members and currently in practice by the time of the application for membership.

e. The person must have participated in the initial education provided for potential members before they are admitted.

f. The person must have paid the admission fees as agreed by members of the Credit Union and in place for all new entrants by the time of the application.

2. SUBSCRIPTION OF SHARES

a. Shares may be acquired by any of the following methods.

i. Direct cash payment for the minimum amount in full or by installments

ii. Source deductions by installments or in full for the minimum amount with the consent of the person(s) concerned.

iii. Transfer from Savings by completing the withdrawal form for the purpose or with the written consent of the member.

iv. Through the electronic transfer using the BEATCOP Mobile or the USSD.

b. The shares as subscribed shall be evidence in the members passbook and in the statement in the records of the person in the Credit Union’s Office.

c. The minimum Shares once attained shall be enough evidence of one’s membership in the Credit Union and to partake in all other business activities as provided in the bye-laws.

3. RIGHTS OF SHARE HOLDERS

A person having acquired the minimum share currently Gh. 200.00 becomes recognized as a member and co- owner of the credit union.

a. Each member of BEREKUM AREA TEACHERS CO-OPERATIVE CREDIT UNION Ltd. enjoys one vote irrespective of the number of shares acquired.

b. Each member shall have the right to vote and to be voted for in the event of elections.

c. A member shall have the right to male savings, attend meetings and enjoyed every other facility by the process as agreed and enjoyed by all members.

d. The member shall have the right to contribute to the decision making process either by his/her presence at a meeting or by a written correspondence or a telephone conversation where convenient and as may be required.

e. A member’s liability to the debts of BEREKUM AREA TEACHERS CO-OPERATIVE CREDIT UNION LTD. Shall be limited to the amount of Shares subscribed in the society.

f. Dividend shall be paid to members on the strength of their Shares as may be decided by the General Meeting. The amount due to the member shall be credited to the Savings or may be shared as may be agreed by the members.

g. Any shares amount falling below the minimum amount shall not attract any Dividend or any benefit when so declared.

4. OTHER CONDITIONS

a. Shares cannot be withdrawn or transferred unless one wishes to terminate his/her membership with BEREKUM AREA TEACHERS CO –OPERATIVE CREDIT LTD; during which at least 14 clear days notice shall be required.

b. A member who is delinquent on his/her loan for more than three (3) months shall not enjoy any benefit on his/her shares when provided.

c. A member whose membership is terminated by the decision of members as a result of Loan delinquency shall have balance of the shares used to defray the Loan and interest or part thereof before any balance remaining paid to him or her.

d. Any decision taken by members at a General Meeting on Shares becomes binding on all shares holders whether one was present or not.