ARTICLE II: QUALIFICATIONS FOR MEMBERSHIP (BOND)

1. Membership in the Credit Union shall be limited to:

i)        Persons who are employed by any business in any community within Jamaica.

ii)      All individuals associated with the education sector in Jamaica, including but not limited to:

iii)    Staff members of the Credit Union.

iv)     All Registered Societies and their employees and ex-employees.

v)      Family members of individuals in categories i to iv above, including:

vi)    Members and persons eligible to be members of Credit Unions that have merged with this      Credit Union.

vii)   Family members directly related to a current member within Jamaica.

Note: Any person being admitted to membership must have attained the age of sixteen (16) years.

The Board of Directors reserves the right to approve membership applications and may, at its discretion, consider additional categories for membership that align with the Credit Union’s mission and values.

ARTICLE III: APPLICATION FOR MEMBERSHIP

2. Applications for membership shall be made in writing and signed by the applicant in the format approved by the Board and the applicant, as recommended by Management be presented to the Board of Directors for action at the next regular meeting. No member shall be presented by Management who cannot be recommended as being honest, industrious, and of good habits.

The application form shall provide for:

1. The member’s account number
2. Name
3. Address – work and home, and email
4. Tax Registration Number (TRN)
5.  One or more valid IDs
6. Current Photograph
7. Telephone number(s)
8.  Date of birth
9. Date of approval
10. Agreement to conform to the rules of the Credit Union
11. Agreement to subscribe to a minimum of $2,000.00 in Permanent Shares and a minimum of $500.00 in Voluntary Shares at a nominal value of one (1) Jamaican dollar each
12. Payment of an entrance fee to be determined by the Board of Directors from time to time
13. Whether the application was approved by the Board of Directors
14. The signature of the Secretary.
15.  Nationality
16. At least two (2) referees
17. Source of Funds and source of wealth where applicable and appropriate.

3.1 EXCEPT that a person may qualify as a starter member with starter membership rights within the Credit Union upon the payment of permanent shares with a nominal value of One Thousand Dollars ($1,000.00), ordinary shares with a nominal value of Two Hundred and Fifty Dollars ($250.00), payment of a non-refundable entrance fee of  such amount that is to be determined from time to time subject to the approval of the Board of Directors and an agreement to convert to full membership with access to full rights on the basis that:

3. (a) An applicant shall not be registered as a member until:

1. It is determined that he is eligible for membership under Article II, Rule 4, of these Rules.

2.  It is determined that he satisfies all requirements under Proceeds of Crime (POCA) Act and Know your Customer Policies and Procedures.

3. It is determined that he or she satisfies all requirements under the Law, the Act and the Bank of Jamaica Regulations.

4. His application for membership shall have been approved by Management as defined by the relevant policy and ratified by the affirmative vote of a majority of the Directors or a majority of the majority of the members of a duly appointed and authorized meeting at which the application is acted upon.

5.  He qualifies for membership by paying an entrance fee as approved by the Board of Directors from time to time, to the minimum Permanent Shares and Voluntary Share as set out under Rule 5 (xi).

6.  A unique number has been assigned as a means of identifying his account/s with the Credit Union.

7. The credit union is satisfied that he is not a person deemed to be involved in any illegal activity, or other activities considered inimical to public order.

(b) A member may possess joint account with the Credit Union once they meet the requirements:

4.        Upon resignation the following will apply:

• The Credit Union will provide the member or starter member with a statement of account checked and approved.

• The member or starter member is obliged to settle all outstanding balances whether as a borrower, an endorser or a guarantor of any loan due to the Credit Union.

•  All balances due to the member, including any residual voluntary shareholding shall be promptly paid to the member. In addition, all of his permanent shares must be disposed of in the approved manner.

•  The person ceases to be a member.

5.     No person who is engaged in any trade or profession opposed to the interests of the Society s hall be eligible to become or continue as a member.

6.     If a member acts in contravention of these Rules, or acts in any way detrimental to the interests of the Society, acts in contravention of legislation pertaining to deposit taking institutions, attempts to defraud the Credit Union or is convicted of a criminal act or makes any representation or falsification that adversely affects the Credit Union, such member may be expelled by a vote of two-thirds of the members present at a general meeting in accordance with the Co-operative Societies Regulations. On expulsion of a member, the procedure outlined in Rule 7 shall apply.

7. Withdrawn or expelled members shall have no further rights in the Credit Union but are not by such withdrawal or expulsion released from any liability to the Credit Union existing at the date of such withdrawal or expulsion. Such liability shall continue until the debt is settled in full, and subject to s. 30 of the Act.

11. A member who ceases to be within the field of membership of the Credit Union may retain his membership therein.

12. A person ceases to be a member or starter member upon:

13. (i)  The Credit Union shall keep a Register to be called the “Register of Members”, wherein shall be entered:

ii.  The Credit Union shall have in place written policies and procedures sufficient to allow employees to adequately determine the true identity of each member, his economic activities, the origins and destinations of his transactions, and whether transaction activity is appropriate and account activity is normal based on past account history and the members’ economic activities.

iii. For each single or multiple cash transaction (deposit, withdrawal, exchange of currency) performed during one day and in an amount applicable in the law, the appropriate Supervisory Authority report should be completed and remitted to the designated individual or agency within five (5) days of the transaction.

iv. Where the Credit Union has branch offices, multiple cash transactions in any day made on a member’s account at different branches shall be aggregated and reported within five (5) business days if the total amount is equal to or exceeds the amount applicable by law.

v.  A Suspicious Transaction Report should be filed on any transaction in the Credit Union if the employee determines that it is a suspicious activity.

vi. The report must be filed with the Supervisory Authority within seven (7) business days after the date of the initial detection of the suspicious activity.

vii. The Credit Union shall designate a suitable Credit Union employee as the Nominated Officer and that individual shall have day-to-day responsibility for monitoring and promoting compliance with the Anti-Money Laundering legislation, policies and procedures.