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CO-OPERATIVE SOCIETY

The literal meaning of co-operative is working together with others for a common purpose. A co-operative society is an autonomous body of people united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.

INTRODUCTION

KYRIOUS is a Real Estate Cooperative Multipurpose Society created for the Modern Homeowner. This Government approved Co-operative Society is established with the purpose of building and developing affordable housing for its members by giving them an early opportunity to buy into our projects (land or house) at low/competitive prices.

By encouraging disciplined personal savings, KYRIOUS helps its members invest towards buying and owning property. This is achieved by encouraging regular savings amongst members so that its members cultivate the habit of making savings at least once monthly, with a view on kickstarting their journey to owning a deluxe house/apartment

OPERATIONS

The cooperative is set up to encourage members to save money towards meeting future housing needs. This is achieved by providing our members with an avenue to save in installments; that goes towards the initial 30% down payment required in order to purchase one of our properties.

Members can also access loans at low interest rates, up to twice their savings balance, after meeting prescribed requirements.

EQUAL VOTE/OPPORTUNITY

Each director/member will have one vote, and decisions will be carried by a simple majority. It implies that all members have equal rights in managing the affairs of the enterprise.

MEMBER QUALIFICATION AND ADMISSION

Every member of the Society must be of good character and sound mind, not less than 18 years of age and mut fall under but not limited to the following category; Individuals, Traders, SME, Corporate Organizations, Employees in the Public Sector, Clubs, Associations and Societies. Etc

On admission and on payment of the appropriate entrance fees, every member then acquires the right to fully participate in the affairs of the society and assumes all obligations thereto.

SAVINGS AND LOANS

The Kyrious cooperative is set up to encourage its members to save money towards meeting future Housing financial Goals. This will be achieved through compulsory and voluntary savings campaigns. Members can also access loans and mortgages after meeting prescribed requirements.

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