Credit Union Organisation

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JOY CREDIT UNION (JCU) MEMBERSHIP Membership shall be open to all members of International Central Gospel Church – Joy Temple. To be recognized as a member of the Credit Union, prospective members are required to pick up membership forms at a cost of GH¢5.00 each. Completed application forms together with a copy of a current ID, 2 copies of Passport Size Pictures, and an application processing fee of GH¢10.00 will be required to complete membership formalities. Being a member does not automatically qualify a member for loan facilities. MINIMUM CONTRIBUTION The minimum contribution per member shall not be less than GH¢2.00 per week. LOANS FACILITIES To qualify for a loan, a bona fide member should have contributed regularly for a…show more content…
This will enable JCU pay more dividends to its members as the absolute amount to be shared by members will increase each year though the DPP will remain at 60%. During the first two years of operations, all the funds of JCU will be invested in short term money market instruments to ensure that as and when members require loan facilities, JCU will be able to meet this need within the shortest possible time. Over time, the funds of JCU will be invested in both short term money market instruments and in long term investments. The funds invested in long term investments will not be available for advancing loans to members but rather will be kept as an investment for JCU to earn an appreciable level of return. The split of investible funds between short term money market instruments and long term investments will be determined by the trend of membership loan requests over time. The two year period within which no funds will be invested in long term investments will hopefully throw up a good enough trend to enable management come up with a proper split for investing the funds of JCU. WITHDRAWAL FROM JCU If a member leaves the Union within three (3) years of membership, that member will forfeit 10% of the total contribution outstanding. If the member leaves after three (3) years of membership, that member forfeits only 3% of the total contribution outstanding to that
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