Frequently Asked Questions

According to co-operative Act. Shares are only transferable but not redeemable.
A member can only sell shares to others at the prevailing market rate.

Yes, Members are allowed and encouraged to buy more shares as shares earn
dividends. The more shares a member has the more dividends he/she earns on annual
basis. Example the year 2022 members earned 9.6% dividends of the shares held.

Savings do not earn dividends. This is money that members save with an
intention of buying property of their choice whenever an attractive project comes up,
therefore the Society does not invest such money to earn profit. However, savings can
be withdrawn in the event a member has an emergency, the more reason as to why it
cannot be engaged in project. Imagine if a member deposit 100,000/= on 01.08.2023
and gets an emergency on 20.08.2023 and decides to call for it, what business could the
society have invested in to earn profit? You now have the answer.

Yes, a member who has full knowledge that shares are only transferable and
not redeemable but still decides to increase his/her shares by transferring his/her savings
can do so through formal instruction (In writing). The office can then go ahead and
transfer the said savings to shares account but cannot reverse.

Yes, that is the main reason why members save. In the event a project is
launched and the members with sufficient savings becomes interested, he/she only needs
to instruct the office to use the savings as deposit for that project or pay up for the project
at once using the savings if the savings are enough to clear for the price.

No, the society can only advise on the procedure to follow to acquire that
property at your own volition. The society has enough property floated to members to
take up. This being member owned co-operative, we acquired property together through
member investments and make some profits translated as dividends on annual basis. It’s
is on that basis that the society cannot divert from the core business of serving members
collectively.

hat is a matter under deliberation. Once it’s agreed and concluded, members
will be given house designs with probable construction costs to choose from. Then get
into a contract to have the house build at his/ her cost with the help of the society. A
small service fee will be charged

Yes, our model just like many co-operative societies allows members to raise
the required deposit for the property of his/ her choice and have it allocated to him/her,
then pay up the balance within the agreed period, normally, six months after paying the
deposit and signing the agreement