FAQ

Please view the Frequently Asked Questions library to get some of your questions answered on our products and services.

Subscription Shares

A subscription share is an investment certificate which carries a future face value. It is paid for
by installments over a period of time. Once held, the subscription share entitles the person to be a
member of the Association.

Many persons and investors have future goals. This high yielding investment is ideally suited to
cater for children education, down payment for a house or a car, gift for someone special, to
liquidate future commitments, medical savings plan, supplemental pension savings, sinking fund
for future payments, or just to diversify your investment portfolio and many other reasons.

Subscription Shares are paid for monthly, quarterly or half-yearly in advance within each cycle –
January to June and July to December. Payments can be made by cash, cheque, post dated
cheque, salary deduction, banker’s standing order, internal standing order or Linx.

Once declared, dividends will be credited to shareholders unmature subscription share account
on the 30th June and on the 31st December each year. Dividends are calculated on shareholders
average balance during each payment cycle.

The Board will determine at any time when to issue Subscription Shares. By filling a share
application form, persons can subscribe for subscription shares.

The Board will determine the limit or maximum number of Subscription Shares any one person
or institution can purchase.

Certificates for the number of shares held/purchased by a person or institution will be issued
under the Seal of the Association.

Statements are issued twice per year – in January and July so that shareholders can update their
personal records with dividends credited.

No member holding Subscription Shares of any kind shall be entitled to withdraw from the
Association without leave of the Board.
The member shall pay to the Association a fee of 3% on the amount at credit of his account in
the books of the Association on the date of withdrawal.

Subscription Shares will mature when the credit to the share account reaches the face value
amount – that is, when the account balance for each share reaches $2,500, $5,000 or any other
face value as determine by the Board. Monthly, quarterly or half-yearly payments toward
subscription shares together with compounded dividends twice per year will contribute to the
maturity face value.

Yes. To be a member of the Association you must purchase at least one subscription share. Your
membership in the Association would allow you access all the other services of the organization,
receive dividends, attend and vote at annual general meetings and participate in decision making
at these meetings.

Subscription Shares may be transferred by endorsement on the certificate or submitting the Form
of Transfer to the satisfaction of the Board, provided that the Shares are not pledged for any
advance.

Loans may be granted on the security of Subscription Shares (and Fixed Deposits) to such an
extent as may be fixed from time to time by the Board. Share certificates must be deposited and
assigned to the Association when a member borrows on the security of shares.

Two or more persons may jointly hold a share, which may be held by them either as joint tenants
or tenants in common. Only the person whose name stands first on the Register shall be entitled
to vote or to receive any notice or communication in respect of such shares. No withdrawal or
transfer of shares shall take place without the signature of every person whose name is so entered
as a joint member.

Yes. All mortgagors must become a member by investing in at least one Subscription Shares.

The member holding Subscription Shares shall cease to be a member if he ceases to hold such
shares maturity, withdrawal, transfer, cancellation, forfeiture or repayment of all moneys
standing to his credit in respect of such shares.

If any member shall die, his legal personal representative shall promptly give notice to the
Association and on proof to the satisfaction of the Board of the title of such representatives, the
shares of such deceased member shall be transferred or paid to the name of such representatives
in the order in which they shall stand in the Grant of Probate, or Letters of Administration or
Letters Testamentary granted to them.

The Association offers Fixed Deposits Accounts, Savings Accounts and a variety of mortgage
loans and other financial services. Our customer service representatives would be delighted to
discuss our products and services with you – please call or visit our Offices to talk with a
Customer Service Representative.

The Family Indemnity Plan

No. One premium payment covers a minimum of 1 to a maximum of 6 persons.

No. Each family member would have a benefit based on the plan selected.

Yes, you can increase your benefit. However, there is a six (6) month waiting period for a higher limit. If death occurs within the six (6) month waiting period the lower benefit will be paid except in the case of accident.

No. You must cancel your current plan and re-enroll with the six (6) month waiting period applicable.

The first of the month following which the application form is completed and a premium paid.
Example:- The individual completes the form and pays the first premium on May 15th. The effective date of coverage is June 1st.

No. Once a person dies from natural causes during the first six (6) months of the policy, a claim will not be paid. However, if a person dies from accident a claim will be paid.

Yes. If you are the only person covered under the plan or if the dependants are under 18 years.

Yes, you can add or delete names.

The plan terminates when the Association cancels its contract or when premiums are not paid thirty-one (31) days after the stipulated due date.

You must submit the claim at the Association. You must present the original death certificate and proof of age showing name and date of birth of the deceased in the form of: Identification card, driver’s permit, passport or birth certificate.

Claims are paid within two (2) working days upon receipt of all claim documents.

Any eligible dependent can continue the plan.

No. A person can only be enrolled once, since duplication of coverage is not allowed.

No. The premium covers a specific period of time and once the time expires, another premium renews the period. For example, if you pay a monthly premium, that premium covers you from the 1st to the 31st of the month. On expiration of that period, you would need another monthly premium for another term.

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