Terms and Conditions

Just a few things to keep in mind!

1. Introduction

This document outlines the rules, responsibilities, and guidelines governing the operations of KNFJKA Group.

By becoming a member, you agree to adhere to these terms and conditions.

2. Membership

2.1 Eligibility

Membership is open to individuals of 18 and above years.

All members must contribute the agreed-upon cluster fee and adhere to group rules.

2.2 Responsibilities

Members must attend meetings regularly and punctually.

Members are required to actively participate in all group activities.

Members must respect and maintain confidentiality regarding the group’s financial and operational details.

3. Contributions

3.1 Monthly/Weekly Contributions

All members are required to contribute the agreed amount on agreed days or dates.

3.2 Special Contributions

Members may be required to make additional contributions for emergencies, group investments, or loan defaults.

4. Loans

4.1 Loan Application

Members are eligible to apply for loans after [specified period, e.g., 3 months of consistent contributions].

Loan applications must be submitted via KNFJKA App and approved by [specific group/committee].

4.2 Loan Repayment

Loans must be repaid within [time frame, e.g., 3 months] at an agreed interest rate of [rate, e.g., 10%].

Late repayments will incur a penalty of [amount or percentage] per week.

4.3 Loan Default

Defaulted loans will be recovered through the member’s savings, guarantor contributions, or other group-agreed measures.

5. Savings

5.1 Individual Savings

Members are encouraged to save [minimum amount] per month, which will earn interest at [rate, if applicable].

5.2 Access to Savings

Savings can only be withdrawn upon leaving the group, provided all outstanding loans and penalties are cleared.

6. Meetings

6.1 Frequency and Attendance

Meetings will be held [frequency, e.g., weekly/monthly] at [location/time].

A quorum of [percentage, e.g., 75%] of members is required to make binding decisions.

6.2 Decision-Making

All major decisions will be made by majority vote.

7. Code of Conduct

7.1 Prohibited Actions

Fraudulent activities, dishonesty, or disruptive behavior will lead to immediate disciplinary action.

Non-payment of contributions or loans may result in suspension or expulsion.

7.2 Disciplinary Actions

Disciplinary measures include warnings, fines, suspension, or expulsion, depending on the severity of the offense.

8. Termination of Membership

8.1 Voluntary Exit

Members may leave the group with one month’s notice and after clearing all outstanding loans and penalties.

8.2 Involuntary Termination

Members may be expelled for gross misconduct, defaulting on loans, or repeated violation of group rules.

9. Dissolution of the Group

The group may be dissolved by a unanimous decision or if membership drops below [specific number].

Upon dissolution, all assets will be distributed equitably among members after settling debts.

10. Liability and Indemnity

The group is not responsible for losses arising from individual loans or investments made outside the group’s approval.

11. Amendments

These terms and conditions may be reviewed and amended by a majority vote during official meetings.

12. Dispute Resolution

Disputes will be resolved amicably within the group. If unresolved, the matter will be referred to [an agreed authority or mediator].

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