Our Vision and Aims


Our Vision is to build a better society by excelling in everything we do

Our aims are as follows:

• To be a commercially successful business
• To meet the needs of our customers
• To respond to our members 
• To be an ethical leader
• To be an exemplary employer
• To inspire others through co-operation

 

Office Bearers - 2022

Mr S.Raymode: President
Mr M.Teeluckdharry:    Vice President
Mr C.Maunick : Secretary
Mr D.Mootien: Assistant Secretary
Mr B. Dindoyal: President Loan Committee
H.Lalloo: Treasurer
Mr S. Ramchurn: Board Director
Mr K.Lanappe: Board Director
Mr S. Kallar: Board Director

Our Ethical Values

We apply the following values:

Openness – nobody’s perfect, and we won’t hide it when we’re not

Honesty – we are honest about what we do and the way we do it

Social responsibility – we encourage people to take responsibility for their own community, and work together to improve it

Caring for others – we really care for our members and the families

Benefits for Members

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  • A member is eligible for a loan after 6 months of shares contributions
  •  Loans are given 3 times of the member’s shares balance
  •  A maximum of 10 years is being given to members to reimburse their loan depending on their capacity of payment decided by the board.
  •  A member can remain active in the society till the age of 70
  •  Loans and shares deductions are made by check off monthly only
  •  A yearly dividend is payable to members on their total shares contributions depending on surplus of profit making which is decided by the AGM

 

  • Loan coverage by SICOM after member’s death
  •  In case of death, the total amount of shares are refunded to the nominees by the society and the insurance as well
  •  Members are invited to an Annual General Assembly to make them aware about the society business and its benefits
  •  Member’s dependant children, spouse and relatives have the right to be members of our society

 

Loans and Deposits

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1    The society may accept deposits and loans from members and non-members as may be decided by the Board.

2    The General Meeting shall from time to time fix the maximum amount, which the society may receive in deposits and loans from members and non-members.

3    The General Meeting shall fix the rates of interest on deposits and loans.

4    Each depositor shall be. issued with a passbook or certificate by the society.

TEAM SPIRIT

We are guided in our operations by the following international co-operative principles:

      •   Voluntary and Open Membership 
      •   Democratic Member Control
      •   Member Economic Participation 
      •   Autonomy and Independence 
      •   Education, Training and Information
      •   Co-operation among Co-operatives
      •  Concern for Community

 

TRANSPARENCY

The board of Directors ensures that the co-operative society complies with relevant laws, regulations and co-operative principles to ensure accountability and transparency in the management of the affairs and the resources of the society.

INTERNAL CONTROL

Internal control is an essential element in the governance framework that plays a key role in identifying, minimizing and managing risks, and safeguarding the assets of an organization. 

The Board ensures that management sets and maintains a sound system of internal control to safeguard society and members’ interests.

ACCESS TO INFO

The Board ensures a proper documented system which provides relevant information to all “stakeholders”. The Board also ensures that access to information during the office hours is not denied to the stakeholders.

Composition of the Board

The Board comprises of not less than 3 and not more than 9 Directors elected in accordance with the rules. The Board comprises of Directors who, as a group, would provide core competencies for effective decision-making.

Competencies

Subject to the rules and regulations of the society, where core competencies for decision making are not available among the Directors, the Board will consider co-opting non-members with such core competencies on the Board.

Communication

The Board ensures that there is a clearly written policy to be provided to members for the following information: the rules, latest audited financial statements and annual reports, objectives, activities and projects of the society.

Complaints

A complaints handling system is organized for members and other stakeholders of the co-operative society to express their grievances. A complaints committee is also set up by the Board to process the complaints.

Copyright©2022 Local Authorities Employees' Multi-Purpose Co-operative Society Ltd

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