Take Note:

Terms and Conditions for Community-Based Group Savings Club

1. Membership:

• Membership is open to individuals who meet the eligibility criteria set by the club.

• Members must complete the registration process and agree to abide by these terms and conditions.

2. Contributions:

• Members are required to make regular contributions as agreed upon by the club.

• Contributions must be made on time to ensure the smooth operation of the savings club.

3. Savings Pool:

• All contributions will be pooled together to form the savings fund.

• The savings fund will be managed by the elected officials of the club.

4. Withdrawals:

• Members may request withdrawals from the savings fund as per the club's rules.

• Withdrawals must be approved by the club's officials and will be subject to the availability of funds.

5. Loans:

• Members may apply for loans from the savings fund.

• Loan applications will be reviewed and approved based on the club's loan policy.

• Loans must be repaid within the agreed-upon timeframe, with any applicable interest.

6. Meetings:

• Regular meetings will be held to discuss the club's activities and financial status.

• Members are encouraged to attend meetings and participate in discussions.

7. Governance:

• The club will be governed by elected officials, including a president, treasurer, and secretary.

• The members will elect officials and will serve for a specified term.

8. Code of Conduct:

• Members are expected to conduct themselves with integrity and respect towards others.

• Any form of misconduct or violation of these terms may result in disciplinary action, including termination of membership.

9. Amendments:

• These terms and conditions may be amended by a majority vote of the members.

• Members will be notified of any changes to the terms and conditions.

10. Dispute Resolution:

• Any disputes arising from the operation of the savings club will be resolved through mediation or arbitration.

• Members agree to abide by the decisions made through the dispute resolution process.

11. Termination:

• Membership may be terminated by the member or the club's officials.

• Upon termination, any outstanding contributions or loans must be settled.

12. Liability:

• The club and its officials will not be held liable for any losses or damages incurred by members.

• Members participate in the savings club at their own risk.