The Teachers Co-operative Credit Union allows members the capability to purchase permanent shares. A permanent share is an instrument of a company that when purchased makes the holder part owner of that organization. A person must buy shares to become a member/owner of the Teachers Co-operative Credit Union Ltd.
- The cost of a share is $5.00. However, a member must hold a minimum of 60 shares ($300) to become eligible for benefits.
- Contributions to shares must be paid regularly. e.g. monthly, bi-annually or annually.
- Teachers Co-operative Credit Union grants members credit based on the number of shares a member has. The size of the share capital may, therefore, determine the amount of credit obtainable.
- Shares other than qualifying shares may be used as a primary form of security when a loan is granted.
- Shares are not redeemable. However, a member may sell his/her shares to another member or a potential member or one may ask the union to repurchase their shares.
- Teachers Cooperative Credit Union pays members the dividend on shares based on the accumulated surplus in a given year.
- The dividend may be withdrawn on the request of the member, otherwise, it is added to the member’s share capital.