CO-OPERATIVE LATEST DEVELOPMENT

Monthly meeting of the cooperative.
July 29th, 2017

There were ten members in attendance.

RESOLUTIONS....

Pending full registration with LASG, the three members of the cooperative who shall be signatories to the account upon full registration should proceed *immediately* to open a joint account to which all three shall be signatories.

The aim of this resolution is to enable members who are ready to start investing/saving with the cooperative to do so without any further delay.

Upon full registration all cooperative funds in the joint account shall be transferred to the cooperative account.
It's the same set of signatories

The members appointed by the house to be signatories to the account are....

1. Mr. Olayiwola Olayide
President of the cooperative and civil servant with LASG

2. Dr. Arogundade Adeolu
Director, Clinical Services and Training
Lagos State Accident and Emergency Center
Alausa
Member, Oversight Board of the cooperative

3. Pastor Tayo Onaleye
Chairman, Oversight Board of the cooperative

Membership fee to join the cooperative shall be one-time payment of non-refundable N2000 (two thousand naira only)

Minimum monthly savings/contribution shall be N5000 (five thousand naira only)

Real estate is capital intensive and so N5k per month savings will not do so much for individual.

But we are a faith-based cooperative and so we want to accommodate low income earners such that even if it takes five years for the N5k per month to amount to anything significant such low income earners still have hope for the future.

A constitution drafting committee was formed to continue from the last meeting and  complete the drafting of the constitution.

The committee has two months to complete the task.

Appointed members of this committee are:

1. Barrister (Mrs.) Uju Okere (Secretary)
2. Mr. Adeyemi Adebisi
3. Pastor Fabusoye (Chairman)

*Pastor Segun Fabusoye* is the current Secretary of Lagos National Association of Small Scale Industrialists (NASSI)  Cooperative Multipurpose Society. NASSI held her AGM last week.

*Mr. Adeyemi Adebisi* has been an active member of cooperative societies for several years.

*Barrister Uju Okere* is the Secretary of the NLCC co-operative management board.

Upon submission, the draft copy shall be circulated online to all members for input and debate.

Amendments shall be made as warranted.

The final draft shall be endorsed at a general meeting of the cooperative.

To cater for the interest of members interested primarily in the investment/returns aspect of the cooperative, there shall be *a special  investment platform* within the cooperative for such individuals/organisations.

Such individuals/organisations may not be interested in buying land or building houses to live.

They are investors and their focus is to invest and get reasonable returns.

The *special investment platform* shall be different from the regular monthly savings platform.

A *minimum of N500k lump sum* deposit shall be required of intending individuals/organisations to join the *special investors platform* of the cooperative.

This is completely optional and is open to members in the monthly savings platform too.

This means that a member in the monthly savings platform can also join the  *special investment platform.*