Answer: Yes, Saving is compulsory; a member must save at least once a month.
Are members allowed to buy and own shares in ULCUCS?
Answer: Yes, members have the privilege to buy and own a minimum of 1 share; or maximum of 25 shares.
What is the cost per share?
Answer: Each share is sold for US$ 100.00 and you can pay small-small.
Do I have to pay cash down for the sum of shares I want?
Answer: No, you don’t have to do a cash down payment for shares you want if the money is not available. Payment through salary deductions against the number of shares you want. Payment can be done over a few months.
What are the benefits of owning shares and doing monthly savings with ULCUCS?
Answer: Owing a share puts a member in the bracket of making critical decisions about the governance and management of ULCUCS. Share (s) owned by a member have the potential of generating additional incomes for that member after reinvestment by the management of ULCUCS. Members in good standing who save regularly and own shares are entitled to ULCUCS’s loan facilities. Apart from financial benefits, members enjoy a strong bond of relationship within the family of ULCUCS that satisfy their belongingness need.
Can one withdraw his/her membership with ULCUCS at any time; and what happens to his/her shares?
Answer: Yes, you can withdraw your membership with ULCUCS at any given time. In this regard, a member wanting to leave may sell his/her share to another member within or the management of ULCUCS may discount said share(s).
In case of death can my family inherit my savings and shares invested?
Answer: Yes, your “Next of kin” or principal beneficiary as mentioned in the Membership Form can inherit your shares/savings.
How is ULCUCS governed?
Answer: Article 11, Section 1 of ULCUCS’s Constitution requires that, ULCUCS is governed by a nine (9) member Board of Directors elected by members holding shares in ULCUCS of which four (4) members are from the faculty, three (3) members are from the staff; and two from the Administration of the University.
Is my investment safe with ULCUCS; who supervises the governance of ULCUCS?
Answer: Yes, your investment is safe with ULCUCS. ULCUCS does not operate in isolation but under the supervision of the Central Bank of Liberia though the Liberia Credit Union National Association (LCUNA) and the Cooperative Development Agency (CDA) ensuring that all the values of a sound corporate governance are in placed and practiced.
How will shareholders participate in the governance of ULCUCS?
Answer: Shareholders vote member of the Board of Director who appoints a management team to effect the day to day operation and they also vote member of the Supervisory Committee members.
Is ULCUCS owned and managed by the University of Liberia Administration?
Answer: No, ULCUCS is not owned and managed by the UL Administration but by all those owning shares.
