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Share Regulations
COMMON BOND: The Common Bond of Mid-Tyrone Credit Union Limited (MTCU) is ‘Member or Association of Omagh District L.O.L. No. 11’.
SHARE POLICY: MTCU shall encourage members to save regularly up to the maximum holding of £15000 (Seniors).
CONDITIONS OF MEMBERSHIP: Only individuals shall be members of MTCU providing they are within our Common Bond. All applications for membership must be made in person, in writing on a form supplied by MTCU. MTCU will also need a document with your photograph (e.g. passport, drivers license) and a document with proof of your address (e.g. utility bill, bank or building society statement, rent book, rates bill, benefit book). MTCU consists of a Junior section and a Senior section. A Junior member must either leave or transfer to be a Senior member at the age of sixteen. A membership fee of £2 shall be payable at the time of application (Seniors only). Third party cheques will not be accepted for any MTCU transaction.
SHARE CONDITIONS: A minimum of £50 must be held at all times to maintain membership. A Junior member can only hold a maximum of £10000 in shares. A Senior member can only hold a maximum of £15000 in shares. Third party cheques cannot be taken as a share deposit. There are no hidden transaction charges or fees.
STANDING ORDER: Members are encouraged to set up a Standing Order through their bank/building society to increase their shares with MTCU.
DIVIDEND: A dividend may be paid every year on your shares. The amount of dividend depends on the number of shares you hold and the performance of MTCU. Members may transfer shares to repay loans and/or interest. Members can nominate, in the event of death, a beneficiary who will receive their shares.
SHARE WITHDRAWALS: Share withdrawals shall be paid by cheque only and can take up to fourteen days to process. It is against the law to withdraw any shares if a member has a loan balance which is greater than the share balance.
BOARD Of DIRECTORS: All decisions taken will be at the discretion of the Board of Directors.

Loan Regulations
LOAN POLICY: A member must have been in Mid-Tyrone Credit Union Limited (MTCU) for at least 12 weeks and saving regularly for that period. Applications for loans must be made in writing on the appropriate Loan Application Form supplied by MTCU. Before a top-up loan can be considered, repayments/saving should be on a regular basis and consistent. At least 50% of the current loan or 1 years repayment (whichever is the greater) should have been received and you should not have received any reminders for non-payment. Loans are granted at the discretion of the Loans Committee whose decision is final. If the Loans Committee feels it is appropriate loan applications may be considered by the Board of Directors. First time borrowers are restricted to 3 times their shares up to a maximum of £1000. Subsequent applications can be 4 times their shares up to a maximum of £15000. Loans for less than a member’s shares can be applied for at any time. A Loans Agreement Contact must be completed and signed prior to the payment of funds for all loans. Where a loan application is refused the member will be advised of the reason. If approved, loans will be processed the Friday night following the Loans Committee meeting, which is on the first and third Friday of each month. Loan repayments must be paid as stated on the Application Form and overpayments can be made at any time. Members may transfer shares to repay loans and/or interest.
STANDING ORDER: Members are encouraged to set up a Standing Order through their bank/building society to ensure regular payments are made off their loan.
INTEREST REBATE: An interest rebate may be paid every year. The amount of rebate depends on the interest repaid by the member and the performance of MTCU.
CREDIT CONTROL COMMITTEE: The integrity of the Credit Control Committee and the members savings must be protected at all times. The Credit Control Committee will review all loan arrears weekly and will take the necessary action to contact members to bring their repayments up to date. Reminder letters incur a cost of £1 each which will be debited from the members account. All loans classified as bad debt status will be pursued through legal action to full recovery and costs incurred thereby will be charged to the debtor. All decisions taken will be at the discretion of the Board of Directors.
BOARD Of DIRECTORS: All decisions taken will be at the discretion of the Board of Directors.

Money Laundering Regulations
MONEY LAUNDERING POLICY: In relation to the Money Laundering Regulations 1993, Mid-Tyrone Credit Union Limited (MTCU) is required to have adequate systems and controls in place to counter money laundering. In order that we conform to the statutory requirements the following procedures are in place.
BECOMING A MEMBER: Before you become a member of MTCU your identity has to be verified. This is an integral part of preventing MTCU from being used to launder money. Therefore when you present your membership application, MTCU will need a document with your photograph (e.g. passport, drivers licence) and a document with proof of your address (e.g. utility bill, bank or building society statement, rent book. rates bill, benefit book). If any of these documents cannot be produced, in extreme circumstances MTCU can accept a letter from a person in a position of responsibility (e.g. teacher, social worker, doctor, solicitor, minister) verifying your identity. MTCU will keep on file a record of all the documents used as evidence of identity.
MONEY LAUNDERING PROCEDURES: The Board of Directors of MTCU will review regularly the patterns of business of our members and they have a legal requirement to report knowledge or suspicion of money laundering.

All tellers will record deposits of cash equal to or in excess of £1000 in a journal created for this purpose.
The entry will include the date, member’s name, account number and the amount lodged.
The Money Laundering Reporting Officer (MLRO) will review the information for unusual activity or excessive cash flow into the account.
If, on the basis of this information, the MLRO considers that a breach of the regulations has occurred, the officer will then inform the appropriate authorities.
The MLRO will report to the Board of Directors all action taken in reporting to the authorities.

BOARD Of DIRECTORS: All decisions taken will be at the discretion of the Board of Directors.