Primer

Definition of Cooperative

A cooperative is a distinct type of organization collectively owned and democratically controlled by its members to satisfy their common economic, social or cultural needs and operated under cooperative principles.

Cooperative Principles

1. Voluntary and open membership
2. Democratic member control
3. Member economic participation
4. Autonomy and Independence
5. Education, training and information
6. Cooperation among cooperatives
7. Concern for community

Acronym

What is a Credit Cooperative?

A credit cooperative is a duly registered financial organization owned, operated and patronized by its members, the primary purpose of which is to:

• Encourage investment among its members;
• Create pool of such investment on which loans for productive or provident purposes may be granted to its members; and
• Provide related services to enable its members to maximize the benefit from such loans.

Why Join Bcc Credit Cooperative Ltd.?

1. Economic Benefits
   1. Members develop the habit of thrift and the wise use of money.
   2. Members avail of loans at normal if not lower rate of interest.
   3. Members increase their income through loans.
   4. Members develop the habit of investing.
   5. Members will become sole owners and share equal dividends or profits corresponding to members share.
2. Social Benefits
   1. Members develop awareness in solving common problems and needs among themselves.
   2. Members develop the sense of belonging, love and concern for people.
   3. Members will enjoy local and provincial recognition as BCC Cooperative is registered in the province of Manitoba.
3. Religious Benefits
   1. Members learn the sacredness of wealth.
   2. Members develop the sense of Christian service and solidarity.
   3. Members will learn to adapt a “Basic Christian Community” way of life.

What is the Vision of Bcc Credit Cooperative Ltd.?

It is a Gospel based cooperative which aims to be a catalyst for the upliftment of the economic, cultural, political and religious attitudes and values of the members, stakeholders and the whole community leading to total human development.

What is the Mission of Bcc Credit Cooperative Ltd.?

Motivated by the words of Christ, “I came not to do my will but the will of HIM who sent me and by the teaching of the Church that a person fully alive and developed is the crowning glory of God’s creation,” and by the presence of the Holy Spirit, we commit ourselves to become agents of change for the upliftment of the members, their families and the whole community.

What are the Goals of Bcc Credit Cooperative Ltd.?

1. Goals:
   1. To ensure continuous advocacy on principles, social issues, gender equality and Gospel value.
   2. To practice excellence in cooperative service delivery, leadership and management.
   3. To provide business related services among cooperators geared towards establishing viable economic enterprise.
   4. To strengthen and develop leaders through continuous education and training.
   5. To build Basic Christian communities.

Who May Become a Member?

1. Voting member:
   1. A person who can reasonably use the services of the Cooperative.
   2. Applicant must be 18 years of age.
   3. Has accomplished a membership application form.
   4. Has paid a membership fee of $10.
   5. Has contributed at least $100 membership shares.
   6. Has attended the Pre-Membership Education Seminar (PMES).
2. Non-voting member:
   1. Applicant must be 18 years of age.
   2. Has accomplished a membership application form.
   3. Has paid a membership fee of $10.

Rights and Duties as a Member-Owner

1. Rights:
   1. To vote
   2. To be voted upon
   3. To ask information and reports as to the coop’s affairs and developments
   4. To recommend policies
2. Duties:
   1. To participate in the decision making through the General Assembly
   2. To faithfully contribute membership share
   3. To committedly serve if elected and or appointed
   4. To actively participate in the coop activities

Privileges, Obligations, and Benefits of the Member

1. Privileges:
   1. To avail the coop services
   2. To be treated with respect by the staff of the coop
   3. To be served with outmost concern
   4. To be given the chance to make suggestions for the good of the coop
2. Obligations:
   1. To abide with the rules and regulations of the cooperative
   2. To support the cooperative in achieving its vision and mission
   3. To fulfill obligations especially faithful payment of loan
3. Cooperative Benefits:
   1. Patronage Refunds
   2.         The cooperative shall allocate, and credit the balance of the surplus arising from the operations of the Cooperative in each fiscal year of the Cooperative, to each member in the form of a patronage return, a share thereof proportionate to the business done by the member with or through the Cooperative in that fiscal year as approved by a resolution of the board.
   3. Dividends
   4.         This is the payment of member’s interest on paid share capital as determined by the Board of Directors.
   5. Discount on Remittance Fees
   6.         Avail discounted remittance charges every transaction.