MEMBERSHIP ADMISSION TERMS & CONDITIONS By applying for membership of OASIS NUSEA MPCS LTD, I confirm that I have read, understood and agreed to abide by the following Terms & Conditions and the Society’s Constitution and Bye-Laws. 1. ADMISSION OF MEMBERS 2. Membership application shall be made through the recommendation of an existing member and submitted through the designated Society platform/Secretary. 3. Admission of every applicant is subject to verification and approval by the Management Committee. 4. Membership may be continued by the recognized next of kin/heir of a deceased member, subject to the approval of the Society and applicable rules. 5. MEMBERSHIP QUALIFICATION 6. Applicants must be 18 years or above, except where a minor is the recognized next of kin of a deceased member and seeks to continue the deceased member’s membership, subject to applicable rules. 7. An applicant must provide accurate and verifiable information during registration. 8. A member shall become fully entitled to membership privileges after payment of the ₦5,000 admission fee and the minimum monthly contribution of ₦5,000. 9. The admission fee may be reviewed by the Society from time to time. 10. Persons convicted of fraud, robbery, stealing, murder, dishonesty or other serious offences may be denied membership, subject to applicable law. 11. MEMBER RIGHTS Every active member shall have the right to: * Enjoy the benefits and opportunities available to members. * Vote and, where qualified, be voted for. * Attend and participate in Annual General Meetings (AGM) and Monthly General Meetings (MGM). * Be considered for appointment or election into eligible positions or committees. * Receive dividends as declared by the Society, subject to the Society’s rules and the member’s account status. 1. MONTHLY CONTRIBUTION The minimum monthly contribution is ₦5,000, allocated as follows: 50% Shares — ₦2,500 30% Thrift Savings — ₦1,500 20% Deposits — ₦1,000 Shares, Thrift Savings and Deposits constitute the member’s financial assets in the Society. 1. WITHDRAWALS 2. Members may request withdrawals from their Thrift Savings and Deposits, subject to the Society’s withdrawal procedures. 3. Shares cannot be withdrawn while membership remains active, except upon resignation, termination or transfer of membership in accordance with the Society’s rules. 4. Withdrawals shall be subject to any outstanding debts, guarantees or other obligations owed to the Society. 5. LOAN ELIGIBILITY 6. A member becomes eligible to apply for a loan after six (6) months of active membership. 7. The maximum loan available shall not exceed three (3) times the member’s qualifying assets in the Society. 8. All loans are subject to Management Committee approval, available funds, applicable charges, repayment terms and guarantee requirements. 9. Where a member defaults, the Society may enforce the obligations of the guarantor(s) in accordance with its rules. 10. DIVIDENDS Dividends shall be declared from the distributable surplus of the Society and allocated in accordance with the approved policy. The proposed dividend ratio is: Shares : Deposits : Thrift Savings = 2 : 1.5 : 1 Dividends shall be subject to the member’s qualifying contributions, account status and the Society’s approved policies. 1. WITHDRAWAL OR TERMINATION OF MEMBERSHIP 2. A member wishing to resign shall give six (6) months’ written notice to the Society. 3. A member shall be cleared only after the notice period has expired and all outstanding obligations to the Society have been settled. 4. Where the member is a guarantor for another member, the guaranteed obligation must be settled or otherwise resolved before final clearance. 5. Membership may terminate upon death, subject to provisions allowing the recognized next of kin to assume the deceased member’s assets and liabilities. 6. Membership may be suspended or terminated for serious misconduct, fraud, dishonesty, persistent default, or conduct prejudicial to the interests of the Society. 7. EXPULSION A member may be suspended or expelled for: * Repeated failure to make required monthly contributions. * Repeated failure to repay a loan for more than six (6) months without an approved repayment arrangement. * Defrauding or attempting to defraud the Society. * Serious misconduct or violation of the Society’s Constitution, Bye-Laws or policies. * Any conduct contrary to the aims and objectives of the Society. No member shall be expelled solely on an allegation without appropriate investigation and an opportunity to respond. 1. MEMBER’S DECLARATION By submitting my membership application, I declare that: * The information provided by me is true, complete and accurate. * I agree to abide by the Constitution, Bye-Laws, policies and decisions of OASIS NUSEA MPCS LTD. * I authorize the Society to verify the information supplied during my application. * I understand that membership privileges are subject to compliance with the Society’s rules. * I accept responsibility for my financial obligations to the Society, including applicable loan and guarantee obligations. ☐ I HAVE READ, UNDERSTOOD AND AGREE TO THE MEMBERSHIP TERMS & CONDITIONS.