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Member - Become a member - Practical Info - Shares Redemption Fund |
Share Redemption Fund 中文版 QUESTIONS & ANSWERS 1. Q: What is "Share Redemption Fund" and what is the purpose of the "Fund" ? A: "Share Redemption Fund" is a special fund set up by the Board in 1992 in accordance with the provisions of the By-laws. Allocation to the "Fund" is apportioned from the annual net profit of KOJADI subject to approval of the AGM on recommendation of the Board. The purpose of setting up the "Share Redemption Fund" is to cater for the needs of members who wish to redeem their shares in the co-operative. 2. Q: How shall a member apply for the Share Redemption Fund ? A: A member shall fill in the form of APPLICATION FOR SHARE REDEMPTION prescribed by the Board. The form can be obtained from KOJADI's office at 11th Floor, Wisma MCA, Jalan Ampang, 50450 Kuala Lumpur or our local director or our delegate or local Area Liaison Committee. Photostat copy of the form is acceptable, but such form should be clearly written or typed and duly signed by the applicant. 3. Q: Are there any important points to draw attention of a member in filling up of the application form ? A: Yes, the member should read Section "E" carefully and ensure that all relevant document(s) are enclosed when submitting the application form. 4. Q: Is there any time limit for submission of the application form ? A: KOJADI will announce the date of application for the "Fund" sometime in July via a notice in the newspaper and members who intend to apply for the "Fund" must submit their application forms within the stipulated period. 5. Q: Are there any rules governing the operation of the Fund ? A: Yes, the Board has approved the "Rules of KOJADI's Share Redemption Fund" governing the operation of the Fund. The Rules are attached together with the application form. Members concerned are required to read the Rules before filling in the application form. 6. Q: Is there any method or system in the evaluation of applications ? A: In order to implement the Fund in an orderly and systematic manner and also to be fair as far as possible to the members concerned, a "Point System" has been adopted by the Board in its evaluation of applications. Specific points will be given to an applicant based on various factors such as duration of membership with KOJADI and age of the applicant etc. Applicants who meet the minimum qualifying points will be approved to redeem their shares. Generally, the major qualifying factors that command high points include : - a) upon the death of the member; (application is to be made by nominee or legal representative) b) upon attaining the age of 70 years or above in the case of a member who has been a member of KOJADI for more than 10 years; c) if the member is suffering from permanent disablement or prolonged / serious illness resulting in his total loss of earning power; or d) if the Board in its sole and absolute discretion decides that the member is in urgent financial need. 7. Q: Will all valid applications be successful ? A: This will depend on the number of valid applications and allocation to the Fund. Based on the point-system above, the Board will decide the qualifying points and select successful applicants at its sole discretion. Unsuccessful applicants for the "Fund" need not re-apply, as their applications will be automatically reconsidered at the next selection process. 8. Q: Is there a ceiling of the amount fixed for the share redemption fund ? A: To enable the Fund to benefit more members, except in case of death of a member, there is a ceiling of not more than $2,000/= fixed for the share redemption if the application is successful. 9. Q: How soon can a member get back his redemption sum if he is successful in his application ? A: Barring unforeseen circumstances, the successful member-applicant will be able to get back his redemption sum before the end of December in the same year. Application Form For Redemption Of Shares Form in Image format Form in PDF format |
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