1. Introduction
Shekel SACCO is a savings and credit cooperative society originally established by the Xavian Group and welcoming all entrepreneurs, creatives, farmers and well-wishers. This policy outlines the terms and conditions governing the membership of Shekel SACCO.
2. Eligibility
Membership in Shekel SACCO is open to:
- All creatives, farmers and well-wishers in Uganda.
- Entrepreneurs who have an interest in wealth creation.
3. Membership Application
Applicants must:
- Complete the official Shekel SACCO Membership Application registration. Requirements include:
- A valid form of identification (National ID, Passport, or equivalent).
- Passport photo or selfie
- Pay a non-refundable membership fee as determined by the SACCO’s bylaws and Annual General Meeting (AGM).
- Purchase a minimum number of shares as stipulated by the SACCO’s AGM.
4. Rights of Members
Members of Shekel SACCO have the right to:
- Attend, participate, and vote in the General Meetings.
- Access financial services offered by the SACCO, including savings and loans.
- Receive periodic statements of their accounts.
- Elect and be elected to the SACCO’s governance structures, where eligible.
5. Obligations of Members
Members are expected to:
- Comply with the SACCO’s bylaws, policies, and resolutions passed by the General Meeting.
- Actively save and maintain minimum balance requirements as prescribed by the SACCO.
- Promptly meet all loan repayments and other financial obligations to the SACCO.
- Advocate for the growth and success of Shekel SACCO.
6. Membership Account
Each member will have a digital membership account which will record all transactions, shares, and savings contributions.
7. Termination of Membership
Membership may be terminated upon:
- Deactivation/Deletion of digital account
- Written notice of resignation by the member.
- Death of a member, upon which benefits will be transferred as per the SACCO’s bylaws.
- Expulsion due to breach of the SACCO’s bylaws or policies, subject to a fair hearing.
8. Transfer of Membership
Membership and shares in the SACCO are non-transferable except through inheritance.
9. Dividend and Profit Sharing
Dividends are paid to members based on shares held and net surplus achieved by the SACCO, as per the dividend policy.
10. Privacy and Confidentiality
Shekel SACCO is committed to protecting the privacy of its members. All personal information will be handled in accordance with the SACCO’s Privacy Policy.
11. Amendments
This policy may be amended from time to time by the Committee, subject to ratification at the Annual General Meeting.
12. Disputes
Any disputes arising from this policy shall be resolved through the SACCO’s dispute resolution process.
13. Acceptance of Policy
By applying for membership, the applicant acknowledges and agrees to abide by this Membership Policy and other policies of Shekel SACCO.
14. Policy Approval
This policy was drafted by the Xavian Group and has been approved by the founding members of Shekel SACCO during a Special General Meeting and is effective as of 15th September 2026.
