The objectives of the Scheme are:

To promote frugality among its members by providing a means of saving to support contributors in times of certain specified financial difficulties.

To provide loans to its members for purposes specified in these Rules and Regulations at a fair and competitive rate of interest.

To provide other benefits specified in these Rules of Contributory members.

Dr. (Mrs) Olivia Anku - Tsede

CHAIRPERSON

Membership of the Welfare Scheme

Qualification for Membership

  1. Membership is open to tithe paying members, who are eighteen (18) years and above, of the GMPC, Burma-Camp, Accra.
  2. Membership shall, however, be limited to persons of good character and moral integrity, as specified under the Constitution of the GMPC.

Application for Membership

  1. Application for membership shall be in writing on a prescribed form.
  2. The application shall state the name(s) of the person(s) to whom the savings/deposits of the member shall be paid in the event of the member’s death.

Admission into Membership

  1. A member may withdraw from membership of the Scheme upon giving at least three (3) months’ notice in writing
  2. Such withdrawal shall not be effective until all debts of the member have been settled and he/she has ceased to be a guarantor for any loan.

Withdrawal from Membership

  1. A member may withdraw from membership of the Scheme upon giving at least three (3) months’ notice in writing
  2. Such withdrawal shall not be effective until all debts of the member have been settled and he/she has ceased to be a guarantor for any loan.

General Management of the Scheme

Income of the Scheme

The sources of income for the Scheme shall include:

  1. Entrance fee
  2. Member Savings/deposits
  3. Investment returns
  4. Interest income
  5. Donations
  6. Loans to the Scheme and miscellaneous income

Regular Savings/Deposit

  1. Members of the Scheme shall save regularly
  2. Members shall make a monthly minimum savings/deposit of Five Ghanaian Cedis (Ghc 5.00) into their savings account
  3. Subject to clause 8 herein, there shall be a maximum of fifty Ghana Cedis (Ghc 5o.00)0 savings/deposit amount per month, however, each deposit for savings shall be in multiples of One Ghanaian Cedis (Ghc 1.00).
  4. Sub-clause b and c above notwithstanding, the Board of Trustees shall from time to time determine the minimum and maximum deposit/ regular savings amount.

Minimum Account Balance

  1. Every member must maintain a minimum deposit/savings balance at all times, and which minimum amount shall be determined from time to time by the Board of Trustees. This amount can only be withdrawn upon a member’s withdrawal from the Scheme and after giving a minimum of ninety (90) days’ notice in writing of the member’s intention to withdraw from the Scheme.
  2. Sub clause 7a above notwithstanding, a member’s minimum deposit/savings balance should, for the time being, be not less than the total of that member’s one (1) year’s deposit.

Maximum Savings/Deposits

The savings balance of any one member shall not exceed 20% of the total net asset value of the Scheme or as shall be determined by the Board of Trustees in consultation with the GMPC Council.

Withdrawal Of Savings/Deposits

A member may withdraw part or all of his/her savings subject to the following:

  1. A withdrawal shall be for any of the below stated purposes only:
    1. Funeral or burial expenses of a spouse, child, father or mother.
    2. Wedding expenses
    3. Medical and surgical expenses for critical illness certified by a qualified medical practitioner from a recognized hospital
    4. Medical and living expenses for long term illness and incapacitation.
    5. Payment of school fees.
    6. Support upon the destruction or loss of a member’s home, household and personal assets as well as business assets due to fire, earthquake, floods, theft, burglary or any act of God.
    7. Transfer from GMPC.
  2. Save, where a member is transferring from GMPC, a member may withdraw up to a maximum amount of 50% of his/her total net savings/deposits.
  3. Savings may be withdrawn at the time when the office of the Scheme is opened for business.
  4. Amounts exceeding the usual cash on hand of the Scheme can only be withdrawn after a period determined by the Board of Trustees.
  5. A member shall not be entitled to withdraw under this clause, except where that member has contributed to the Scheme for a period of not less than 12 months from the first day that he/she became a member.

Accounts and Books

Register of Members

A register of members shall be maintained at the offices of the Scheme which shall contain:

  1. The name, address and contact details of each member
  2. The date on which each member was admitted to membership
  3. The date on which a person ceased to be a member
  4. The date of birth and gender of the member
  5. The occupation of the member
  6. Particulars of children, spouse, mother and father of the member
  7. Particulars of beneficiaries of the member

Loans to Members

  1. The Scheme shall grant loans to members in good standing only.
  2. At any given time the total of all loans to members shall not exceed 50% of the total net asset of the Scheme or as shall be determined by the Board of Trustees from time to time.

Purpose of Loans

Loans shall be granted for any one or more of the following purposes:

  1. Funeral or burial expenses of a spouse, child, father or mother
  2. Wedding expenses
  3. Medical and surgical expenses for critical illness certified by a qualified medical practitioner from a recognized hospital
  4. Medical and living expenses for long term illness and incapacitation
  5. Payment of school fees
  6. Support upon the destruction or loss of a member’s home, personal belongings or business due to fire, earthquake, floods, theft or burglary.

Application for Loans

Application for loans must be in writing on the prescribed forms.

Loans to New Members

New members shall be entitled to apply for a loan only after saving for a period of twelve (12) months and may be granted a loan the total of which shall not exceed 50% of their total net savings/deposits.

Loan Maturity

A loan shall not be made by the Scheme to a member for a period exceeding twelve (12) months commencing on the date on which the loan is paid to the member.

Maximum Loans To Members

  1. The Board of Trustees shall determine the maximum loan to be granted to a member from time to time, however, no individual shall be allowed to borrow more than 50% of the member’s total net savings/deposits, unless otherwise determined by the Board of Trustees under special circumstance or 20% of the total net asset value of the Scheme, whichever shall be higher.
  2. Loans to members who require more than 50% of their total net savings/deposits due to special circumstances, as shall have been determined by the Board of Trustees or members who shall have guaranteed loans granted to other members, shall be guaranteed by another member whose total net savings shall not be less than the loan being guaranteed.

Security for Loans

  1. Loans shall be secured by the borrower’s own savings and if necessary, the savings of one or two members only.
  2. The guarantors shall indicate the amount of their savings to be used as security for a loan in writing on the prescribed form.
  3. The savings of a borrower or a guarantor used as security for a loan shall not be used as security for another loan, unless such savings have been released as security for the first loan.
  4. The Board of Trustees shall have the power to vary the repayment schedule of a loan granted to a member, however, such variation shall not extend the re-payment period beyond twelve (12) calendar months.

Interest on Loans

Members shall be charged an interest on loans at competitive rates. However, the minimum interest rate to be charged shall be determined from time to time by the Board of Trustees.

Committees

The Executive Committee shall consist of the following Trustees:

  1. The Chairperson
  2. The Vice Chairperson
  3. The Secretary
  4. The Assistant Secretary
  5. The Treasurer

The Finance Committee shall consist of the following Trustees:

  1. The Vice Chairperson – Chairperson
  2. The Treasurer – Member
  3. The Secretary – Member
  4. Two other Trustees – Member

The Loans Committee shall consist of the following Trustees:

  1. The Secretary   –      Chairperson
  2. The Assistant Secretary –      Member
  3. The Treasurer   –      Member
  4. Two other Trustees   –        Member

 

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