RECITALS WHEREAS, the Undertaking Member is desirous to become a member of the Cooperative. WHEREAS, the Undertaking Member agrees to abide by and be faithful to the laws, regulations, constitution, by-laws, policies, and rules governing and/or relating to the Cooperative, the Cooperative’s members, the Cooperative’s officers, and the Cooperative’s affairs. WHEREAS, the Undertaking Member accepts the Cooperative’s powers to act in accordance with the laws, regulations, constitution, by-laws, policies, and rules governing and/or relating to the Cooperative, the Cooperative’s members, the Cooperative’s officers, and the Cooperative’s affairs. WHEREAS, the Undertaking Member has paid the share capital and the registration fee prescribed by the Cooperative.

WHEREAS, the Undertaking Member agrees to act in good faith at all times.
NOW THEREFORE, the Undertaking Member agrees to the following: ARTICLE 1 – MEMBERSHIP

1. The Undertaking Member’s membership identification number will be send by email ARTICLE 2 – SAVINGS UNDERTAKING 2.1 The Undertaking Member shall open and/or keep, and maintain a bank account at a bank that is registered and physically located within the Kingdom of Lesotho through which transactions with the Cooperative shall be conducted.

2.2 The Undertaking Member shall pay monthly, a minimum of M50, to their savings credit with the Cooperative through a debit order from their bank account at a bank that is registered and physically located within the Kingdom of Lesotho.

• A charge of M15.00 will be inccured by the member on every monthly savings debit order.
• A penalty of M175.00 will be charged to the member for a declined debit order due to insufficient funds.

ARTICLE 3 – LOAN BENEFITS OF MEMBERSHIP 3.1 The Undertaking Member shall be eligible for a loan that bears repayment interest calculated as simple or compound interest (as determined by the policy of the Cooperative from time to time) per month.

3.2 Notwithstanding, and without prejudice to any benefit in Article 3.1, the Undertaking Member shall pay back any and all loans from the Cooperative in equal monthly instalments agreed with the Cooperative, for a period agreed with the Cooperative.

3.3 Notwithstanding, and without prejudice to any benefit in Article 3.1, the Undertaking Member shall pay back any and all loans from the Cooperative through a debit order from their bank account at a bank that is registered and physically located within the Kingdom of Lesotho.

3.4 Notwithstanding, and without prejudice to any benefit in Article 3.1, if the Undertaking Member ceases or defaults to pay back any loan or loan instalment from the Cooperative, he shall reimburse any and all costs incurred by the Cooperative in effecting and/or collecting such repayment from him or her, including costs of litigation on an attorney and client scale.

ARTICLE 4 – Interest on Savings 4.1 The Undertaking Member shall receive an interest return (as determined by the policy of the Cooperative from time to time) on the savings accumulated to his or her credit in the Cooperative and such shall be calculated as compound interest per annum.

ARTICLE 5 – SEVERANCE 5.1 The illegality, voidness, or unenforceability of any clause, or part thereof, shall only have the effect of voiding that clause, or part thereof, and not the entirety of this agreement.

ARTICLE 6 – GOVERNING LAW 6.1 This agreement shall be governed by and construed in accordance with the laws of the Kingdom of Lesotho.

ARTICLE 3 – SAVINGS UNDERTAKING

3.1 The Undertaking Member shall open and at all times keep, and maintain a bank account at a bank that is registered and physically located within the Kingdom of Lesotho through which transactions with the Cooperative shall be conducted.

3.2 The Undertaking Member shall communicate as early and immediately as possible, in writing, any change in any part of his banking details.

3.3 The Undertaking Member agrees and authorizes that a monthly debit order shall be processed against his/her bank account identified in Article 2.1 as detailed in this agreement.

3.4 The Undertaking Member shall pay monthly, on the given day, a minimum of specified in the form, to their savings credit with the Cooperative through a debit order from their bank account at a bank that is registered in and physically located within the Kingdom of Lesotho.

3.5 Pursuant to Article 3.3 and Article 3.4, the Undertaking Member shall not vary, alter, modify, or in any way make changes to the terms of the debit order arrangement or the agreed monthly deposit amount without consent of the Cooperative.

3.6 Pursuant to Article 3.5, any variation, alteration, modification, or any change made to the terms of the monthly deposit debit order arrangement or the agreed amount thereof shall be made in agreement with the Cooperative and such agreement shall be recorded in writing.

3.7 Notwithstanding, and without prejudice to Article 3.3, 3.4, 3.5 and 3.6, the Undertaking Member may deposit additional monthly sums in addition to the minimum sum agreed herein.

3.8 The Undertaking Member agrees to pay any bank charges relating to the debit order arrangement in this agreement.

ARTICLE 4 – BREACH

4.1 If the Undertaking Member’s bank account fails to discharge a deposit payment for any month then such month’s deposit payment shall remain owing in addition to deposits due each month as agreed in Article 3.

4.2 If the Undertaking Member’s bank account detailed Article 2.1 fails to discharge payment of deposits as agreed in Article 3.3, for a period of 3 consecutive months, then such member shall be dealt with accordance with the Cooperative’s policy

ARTICLE 5 – SEVERANCE

5.1 The illegality, voidness, or unenforceability of any clause, or part thereof, shall only have the effect of voiding that clause, or part thereof, and not the entirety of this agreement.

ARTICLE 6 – GOVERNING LAW

6.1 This agreement shall be governed by and construed in accordance with the laws of the Kingdom of Lesotho.