BY-LAWS OF THE NPC STAFF COOPERATIVE THRIFT AND LOAN SOCIETY LIMITED
1. Name and Address
The Society shall be known as NPC Staff Cooperative Thrift and Loan Society Limited, with its registered office at the National Population Commission Headquarters, Abuja.
2. Objectives
The objectives of the Society shall be to:
- Promote the economic welfare and financial stability of its members.
- Encourage a strong culture of thrift and savings among members.
- Provide loan facilities to members for productive and provident purposes.
- Support members in times of financial need in accordance with the Society's regulations.
3. Membership
- Membership of the Society shall be open to all staff of the National Population Commission who are willing to abide by these by-laws and any regulations made under them.
- Every intending member shall complete the prescribed membership form and pay the approved entrance fee.
- Members shall participate in regular savings through agreed salary deductions or other approved payment methods.
- Members shall enjoy equal rights and privileges subject to compliance with these by-laws.
4. Sources of Funds
The funds of the Society shall be generated from the following sources:
- Entrance fees from members.
- Members' share contributions.
- Monthly thrift savings.
- Interest on loans granted to members.
- Donations, grants, or other lawful sources approved by the Society.
5. Loan Eligibility
- A member shall become eligible to apply for a loan after six (6) months of active membership and consistent savings through salary deductions.
- Loans shall be granted subject to the financial strength of the Society and approval by the Loan Committee or Management Committee.
6. Loan Top-Up
A loan top-up may be granted to a member after he or she has repaid more than half of the existing loan. Any new amount approved shall first be used to offset the outstanding balance of the previous loan, as two loans shall not run concurrently.
7. Interest Rates
- Eligible members shall be granted loans at an interest rate of eight percent (8%).
- Members who do not meet full eligibility requirements may be granted loans at an interest rate of ten percent (10%), subject to approval.
- Non-members who are staff of the National Population Commission may access loans at an interest rate of fifteen percent (15%), subject to the approval of the Management Committee and fulfilment of other conditions.
8. Loan Duration
- The repayment period for loans granted to members shall range from twelve (12) months to eighteen (18) months.
- Loan tenure may be extended up to twenty-four (24) months, subject to an upward review of the interest rate and approval by the appropriate authority.
- Loans granted to non-members shall have shorter repayment periods as determined by the Management Committee.
9. Account Closure
Any member who voluntarily withdraws or closes his/her account with the Society shall pay an administrative charge equivalent to three percent (3%) of his/her total savings or emolument with the Society.
10. Death Benefits
In the event of the death of a member, all benefits due to the deceased member from the Society shall be paid to the next of kin as indicated in the member's official records with the Society, after verification by the Management Committee.
11. Amendments
These by-laws may be amended from time to time by a resolution passed by the General Assembly of the Society, provided that such amendments comply with the Cooperative Societies regulations in force.