TERMS AND CONDITIONS OF
UNITY FORGE MULTI COOPERATIVE SOCIETY

1. About Unity Forge Multi Cooperative Society

Unity Forge Co-operative is an autonomous and duly registered association, with people of a common bond of interest, who have voluntarily come together to achieve their economic, social, and cultural needs and aspirations, through a jointly owned and democratically controlled enterprise. This can be done through equitable contributions to the capital required, savings accrued, while patronizing their products and services. The primary goal here is about serving member’s needs.

2. Membership

1.1 Eligibility: Open to individuals aged 18+, upon approval by the Management Committee.
1.2 Fees: A non-refundable membership fee of N20,000 and minimum share capital of N100,000 per share capital are required.
1.3 Rights: Members may vote, access loans/savings, and attend AGMs.
1.4 Obligations: Attend meetings, uphold byelaws, and maintain share contributions.

2. Savings & Shares

2.1 Contributions: Regular savings are mandatory (minimum of N20,000 monthly).
2.2 Dividends: Profits are distributed annually based on shareholding and patronage.
2.3 Withdrawals: Share withdrawals require three months’ notice; savings withdrawals are subject to [Terms].

3. Loans

3.1 Eligibility: All outstanding loan must be paid in full before a new loan can be obtained.
3.2 Interest Rates: Loans attract 8% interest p.a.
3.3 Repayment: Defaulters face 10% of the minimum savings as penalty on late payment; fand [X%] on late payment of loans.
3.4 Approval: Loans are approved at the Committee’s discretion.

4. Governance

4.1 Meetings: AGMs are held annually; emergency meetings require 14 days’ notice.
4.2 Committee: Elected members serve not more than 2(two) terms of 2(two) years each.
4.3 Amendments:  Any amendment or addition to this Bye-laws shall be made by general meeting of the society and shall not be valid until registered by the Director.

5. Data Privacy

5.1 Collection: Personal/financial data is used solely for society operations.
5.2 Protection: Data is stored securely and retained for [X years] post-membership.
5.3 Third Parties: No sharing without consent, except for legal/compliance purposes.

6. Dispute Resolution

6.1 Mediation: Disputes are resolved internally via the Committee.
6.2 Arbitration: Unresolved issues escalate via mediation by the Society’s Committee or referred to the Director (Lagos State Cooperative Federation (LASCOFED) for settlement by dispute resolution (as appropriate).

7. Termination

7.1 Voluntary Exit: Members may withdraw with 3 months’ notice; shares are refunded per byelaws or internal policies instructions.
7.2 Expulsion: Misconduct may lead to expulsion after a hearing.

8. General

8.1 Force Majeure: The society is not liable for unforeseen events (e.g., natural disasters).
8.2 Jurisdiction: Governed by the laws of LASCOFED.

9. Complaints Procedure

9.1 Unity Forge Multi-Purpose Cooperative are committed to providing products and services of the very highest standards to all members. If you do have a problem or feel that we haven’t lived up to these expectations you can contact in writing to the Secretariat, currently at 41 Eric Moore, Ikeja. Lagos. Nigeria; by telephone to – +234 803 188 9682, +234 802 320 9497 or by email info.unityforgecoop@gmail.com