Withdrawals
14.1. Where a member wishes to withdraw from the Society’s membership, he may be required to give the Society a written notice of up to 60 days, of his/her intention to withdraw.
14.2. A member shall not withdraw his/her membership from the Society while still on loan or whilst a guarantor to a member on loan unless he/she clears the outstanding loan or makes a suitable substitution of a guarantor in consultation with the borrower. In both cases sixty (60) days written notice will be required except as provided under section 16 of the Society’s by-laws.
14.3. A member who retires from employment, but retains his membership in the Co-operative Society shall be granted a loan just like an active member provided he/she is guaranteed by members within the common bond. Such members may be entitled for loans as per the regulations in force, provided that they offer sufficient proof that they have another source of regular income. The member may also guarantee his/her loan provided his/her savings are not committed.
Loan Appeals
Any difficulties encountered in the implementation of this loan policy should be referred to the Management Committee. The individual Committee members or staff has no powers to vary, amend or in any way disregard any provision of this policy.
