Objects of the Society
To encourage regular savings amongst members so that each member may cultivate the habit of making savings at least once in every one month, with a view to build up funds for his/her future use.
To encourage fixed deposits from members out of which a fund may be established for giving short-term loans to members and non-members.
To undertake, where practicable, the production or manufacture of such consumers-or/and producers goods for distribution to members and non-members.
To acquire movable and immovable properties of any description either as assets of the Society or for distribution, supply or sale to members.
To engage in any other economic or social activity as may be approved by the general meeting of the members
To affiliate with such Secondary or Apex Co-operative Societies as may encourage and promote the above objectives.
To promote Cooperative spirit among the members, to work for the improvement of local educational and living standards and to encourage the development of Cooperative Nigeria as a whole.
Nominees & Right of Set-off
Every member of the Society shall nominate a person to whom in the event of the member's death; the Society shall pay a sum representing the deceased member's share or interest at the time of his death.
Every appointment of a nominee by any member shall be made in writing and signed by the member in the presence of two attesting witnesses or as contained in the membership registration form as next of kin.
Where desired by the member, the nomination may be confidential and may be kept in a sealed envelope.
Where any money is paid to a nominee who is a minor, a receipt given either by the minor or by his guardian and witnessed shall be sufficient discharge to the Society.
Any nomination made by a member may be varied when the member desires.
Where more than one Nominee is appointed by any member, the number of shares to be transferred, or the exact proportion of the amount available that is to be transferred to each of these nominees, shall be specified at the time of his appointment. The total value of any share or interest transferred shall be represented by the sum actually paid for this share or interest by the deceased unless these Bye-Laws otherwise provide.
Any money due on any account from this Society to a member, or a past member, shall be set off in payment of any sum which he owes or for which he stands Surety.