Unlike banks, (ENTER YOUR ORGANIZATION’S NAME HERE) has a unique approach. We are a financial cooperative owned and operated by its members. We are founded on democratic and cooperative principles. Members have rights to vote and to participate in (ENTER YOUR ORGANIZATION’S NAME HERE) profit sharing. And as a member-owned organization, (ENTER YOUR ORGANIZATION’S NAME HERE) returns members’ profits portion to their accounts.
To quality for membership in (ENTER YOUR ORGANIZATION’S NAME HERE), a person must possess the following:
ENTER YOUR ORGANIZATIONS MEMBERSHIP REQUIREMENTS BASED ON YOUR BYLAWS
Admission into Membership
An applicant shall be admitted to membership upon receipt of completed Application for Membership form and upon payment of an entrance fee of XXXXX.
Upon admission, the member’s name shall be entered in the membership register and a membership number issued. The membership number is issued by the Mifos system and becomes the member’s main account number.
The member must sign or make a thumb mark in the register of members in the presence of two members of the membership Committee to indicate his/her acceptance of the by-laws of the society.
The Committee, subject to confirmation, shall admit members by the next general meeting.
Shares of Members
Every member shall hold at least XXXX shares of XXXXX to have full voting rights in the organization. Members may transfer their shares to another registered member for a fee of XXXX.