Omnibus Global Multipurpose
Cooperative Society (Og-Mcs)
*Loans*
Loans May Be Granted To Members Subject Only To Availability Of Funds And Shall Be For The Purposes, Which In The Opinion Of The Management Committee Are Productive Or Necessary, And In The Best Interest Of The Borrower.
*Conditions Governing Loans:*
No Loan Shall Be Granted To;
A) Any Individual Other Than A Member Of The Society
B) Any Member Whose Installments Of Shares Are In Arrears;
C) Any Member Who Has Not Made Thrift Savings Under By law 8.0 For A Period Exceeding The Time Limit Fixed By The General Meeting, If It Would Bring A Member’s Total Indebtedness At The Time Of The Loan To An Amount Exceeding His Maximum Credit Limit.
D) Commercial Collateralized Loan Shall Be Granted To; Any Citizen Of Nigeria Subject To Availability Of Funds And Shall Be For The Purpose(S), Which In The Opinion Of The Management Committee Are Productive Or Necessary And In The Best Interest Of The Borrower.
E) Commercial Collateralized Loan Shall Be Granted To; Any Nigerian Company Subject To Availability Of Funds And Shall Be For The Purpose(S), Which In The Opinion Of The Management Committee Are Productive Or Necessary And In The Best Interest Of The Borrower.
*Application For Loans*:
These Shall Be Made To And Disposed Of, By The Credit Committee.
*Loans To Members:*
No Loans Shall Be Made To Members Earlier Than Six (6) Months (Or One Year) Of Becoming A Member Of The Society Except In The Case Of Transfer Or An Existing Loan Of A Past Member To His Nominee Or Other Successor In Interest Or As May Be Specially Considered By The Management Committee/President/Executive Director.
*Maximum Credit Limit:*
The Maximum Credit Limit Of Each Applicant For A Loan Shall Be Determined As Twice The Total Savings Of The Applicant As At The Time Of The Application. This However Is Subject To Maximum Credit Approved By The General Meeting, Availability Of Funds, The Principle Of Making Credit Available To As Many Members As Are Qualified And The Securities Offered.
This Society Shall Focus On The Objectives Of The Society Bye Laws 3.1-3.14 Which Is Predominantly Investment. Hence, Members May Only Access Up To 50% Of Their Voluntary Savings. This Shall Not However, Cover Any Funds Deposited Under Any Fixed Deposit Arrangements, Target Savings Etc.
*Interest On Loan To Members:*
Interest On Loan To Members Shall Be Charged At A Rate Approved By The General Meeting But Shall Not Exceed 24% Per Annum Nor Shall It Be Below 18% Per Annum. In Case Of Default In Repayment Pattern, Interest Shall Be Charged At Twice The Nominal Rate.
*Loans*
Loans May Be Granted To Members Subject Only To Availability Of Funds And Shall Be For The Purposes, Which In The Opinion Of The Management Committee Are Productive Or Necessary, And In The Best Interest Of The Borrower.
*Conditions Governing Loans:*
No Loan Shall Be Granted To;
A) Any Individual Other Than A Member Of The Society
B) Any Member Whose Installments Of Shares Are In Arrears;
C) Any Member Who Has Not Made Thrift Savings Under By law 8.0 For A Period Exceeding The Time Limit Fixed By The General Meeting, If It Would Bring A Member’s Total Indebtedness At The Time Of The Loan To An Amount Exceeding His Maximum Credit Limit.
D) Commercial Collateralized Loan Shall Be Granted To; Any Citizen Of Nigeria Subject To Availability Of Funds And Shall Be For The Purpose(S), Which In The Opinion Of The Management Committee Are Productive Or Necessary And In The Best Interest Of The Borrower.
E) Commercial Collateralized Loan Shall Be Granted To; Any Nigerian Company Subject To Availability Of Funds And Shall Be For The Purpose(S), Which In The Opinion Of The Management Committee Are Productive Or Necessary And In The Best Interest Of The Borrower.
*Application For Loans*:
These Shall Be Made To And Disposed Of, By The Credit Committee.
*Loans To Members:*
No Loans Shall Be Made To Members Earlier Than Six (6) Months (Or One Year) Of Becoming A Member Of The Society Except In The Case Of Transfer Or An Existing Loan Of A Past Member To His Nominee Or Other Successor In Interest Or As May Be Specially Considered By The Management Committee/President/Executive Director.
*Maximum Credit Limit:*
The Maximum Credit Limit Of Each Applicant For A Loan Shall Be Determined As Twice The Total Savings Of The Applicant As At The Time Of The Application. This However Is Subject To Maximum Credit Approved By The General Meeting, Availability Of Funds, The Principle Of Making Credit Available To As Many Members As Are Qualified And The Securities Offered.
This Society Shall Focus On The Objectives Of The Society Bye Laws 3.1-3.14 Which Is Predominantly Investment. Hence, Members May Only Access Up To 50% Of Their Voluntary Savings. This Shall Not However, Cover Any Funds Deposited Under Any Fixed Deposit Arrangements, Target Savings Etc.
*Interest On Loan To Members:*
Interest On Loan To Members Shall Be Charged At A Rate Approved By The General Meeting But Shall Not Exceed 24% Per Annum Nor Shall It Be Below 18% Per Annum. In Case Of Default In Repayment Pattern, Interest Shall Be Charged At Twice The Nominal Rate.
Omnibus Global Multipurpose
Online Cooperative Society Limited
FCTA/ARDS/COOP/2019/2832
Email:info@omnicoop.org
Tel. +2348185000488
Web:Www.Omnicoop.Org
Omnibus Global Multipurpose
Online Cooperative Society Limited
..sustainable investment