AFRIKAANS ENGLISH

 

Guarantee fund for consumer members

 

The guarantee fund for members of Koopkrag Limited is the sole property of Koopkrag's members and each member's share is continually determined. Interest is calculated annually at an interest rate as Koopkrag may decide upon and credited on the accounts at the end of Koopkrag's financial year.

 

The credit balance of each member in the guarantee fund of consumer members is made up of all amounts contributed monthly to the guarantee fund.

 

In the event of termination of membership such a member shall be entitled to his/her pro rata share in the guarantee fund, calculated at the end of the financial year in which his/her membership was terminated, provided that this amount shall not be claimable within one year after the end of the financal year concerned, and that against such a claim all amounts due by the member to Koopkrag Limited in it's capacity as agent for the consumer member or in it's own capacity be set off.

 

I authorise Koopkrag Limited to add a minimum amount of R20.00 or such an amount as Koopkrag may decide upon to my monthly account, which amount shall be transferred to the guarantee fund of consumer members of Koopkrag Limited.

 

This monthly contribution shall continue until a member's credit in the guarantee fund of consumer members is equal to twice the monthly purchase limit granted to that member by Koopkrag Limited.

 

I agree that Koopkrag Limited shall be entitled to transfer the first payment made by me, in any month, to my account in the guarantee fund for consumer members.