Lashone Cooperative: membership terms and important information

Lashone Cooperative is the trading name of Lashone Links Housing Cooperative Society Limited, a registered cooperative society owned and controlled by its members. It exists to help members save, borrow fairly and reach shared goals such as housing.

• It is not a bank. It accepts savings from its members only.
• Savings are not insured by the Nigeria Deposit Insurance Corporation (NDIC).
• It is not an investment scheme and promises no fixed or guaranteed return.
• It is separate from Lashone Club and every other Lashone business.

The cooperative is not accepting membership, fees or savings until its bye-laws are confirmed; you can register your interest free of charge. When membership opens, it will be open to adults who meet the conditions in the bye-laws, complete the membership form, provide a valid photo ID (international passport, driver's licence, national ID card or voter's card) and pay any share capital the bye-laws require. Each member has a voice at the annual general meeting.

When membership opens, members will save regularly into the cooperative's official account only. Every payment is recorded, and members can ask for a statement of their contributions. Withdrawals and the return of savings when a member leaves follow the notice periods and conditions in the bye-laws.

Before accepting a payment, the Cooperative will identify whether it is a membership fee, share capital, savings contribution or loan repayment, and explain the applicable withdrawal, refund and recordkeeping rules. No payment will be described as a deposit-taking or investment product.

Any surplus the cooperative makes is dealt with by the members at the annual general meeting, as the bye-laws and the law allow. No member is promised a return.

Any distribution to members is subject to the Cooperative's registered bye-laws, applicable law, properly prepared accounts, required reserves and the decision of the competent member body. No member is entitled to a surplus distribution unless and until it has been lawfully approved and declared.

Loans are made to members only, under the conditions, limits and charges set by the bye-laws and agreed in writing before any money is paid out. Every loan needs a guarantor: a fellow member who agrees in writing to be responsible for the loan if the borrower does not repay. A guarantor should only agree after reading the loan terms.

A guarantor is bound only by a separate guarantee document signed after receiving the proposed loan terms. That document will state the guaranteed amount, the circumstances in which liability arises, the duration of the guarantee, the notice and recovery procedure, and any agreed limits. The Cooperative will not recover money from a guarantor except in accordance with that document and applicable law.

Borrowers repay in the instalments agreed. If repayments are missed, the cooperative may take the steps the bye-laws allow, which can include recovering the balance from the borrower's savings or from the guarantor.

Pay only into the cooperative's official account, never into a staff member's or committee member's personal account, and keep every receipt. See Pay Lashone safely.

We use members' details to run their membership, savings and loans, keep the records the law requires and contact them about the cooperative, as explained in our Privacy policy.

Raise any concern with the committee first, at info@lashone.com or WhatsApp +44 7841 642708. If it is not resolved, you may raise it at a general meeting or with the state's Director of Cooperatives.