CLUB DE STARS
Multipurpose Cooperative Society Ltd
Bylaws & Terms of Service
Please read these bylaws and terms carefully before joining our cooperative society.
Membership
Membership shall be opened to Club and Non-club members:
Registered members of Club De Stars Worldwide.
Family, friends and associates of members of Club De Stars Worldwide.
Membership registration shall be ₦5,000 for all categories of members.
Members must be 18 years and above.
For minors aged 1 month to 17 years. Parents/guardians shall open and manage such accounts.
- Death of the account holder
- Permanent insanity
- Critical medical condition (with medical report from a registered hospital)
No loans shall be advanced on Kiddies Accounts.
Contributions
Savings shall be made at any time, with a minimum of ₦1,000.
Savings shall be deposited into the Cooperative's designated account provided by the operating company with proper narration.
The Cooperative's financial year shall run from December 1st to November 30th.
Withdrawals
Withdrawal outside the statutory window period set aside by the cooperative.
Applications for withdrawal of savings shall be processed within thirty (30) days of submission.
Withdrawals shall be limited to two batches per financial year:
i. First Withdrawal: Up to 50% of total savings, subject to a 2.5% service charge.
ii. Second Withdrawal: Balance of savings to be withdrawn after 30 days, subject to a 2.5% service charge.
Withdrawal within the statutory window period (December 1st – December 10th).
Members shall send their application from 1st day of December to 10th of December.
Loans
a. An applicant must have been a member for at least one (1) month.
b. Loans shall be advanced up to maximum of Three (3) times of the total savings.
c. Two guarantors are required for the loan to be approved.
a. One Month Loan:
- Club Members: 3%
- Non-Club Members: 7%
a. Upon expiration of loan tenor, members may roll over to the next month (unlimited) if a fresh loan application is submitted for the same amount.
b. Official rollovers attract an extra 1% applicable only once irrespective of the number of rollovers.
a. Loans not refunded within 30 days attract 0.5% of the outstanding amount for each extra day.
b. Management may liquidate a member's savings to offset outstanding loans.
c. Upon notification, part of guarantor's savings may be used to settle outstanding loan.
d. At year-end, management reserves the right to deduct from guarantors' savings without prior approval if loans remain unpaid.
Loans shall be disbursed only into accounts bearing the applicant's full name.
Loans shall be granted on a first-come, first-served basis, subject to funds availability.
Profit and Surplus Distribution
Fifteen percent (15%) of total profit generated annually shall be paid to the operating company as service fee. Same shall be remitted monthly on pro-rata basis upon submission of invoice and approval by the cooperative management.
At the end of each financial year all surplus funds shall be remitted to Club De Stars Worldwide. 15% of the surplus shall given to the operating company.
i. Profit shall be calculated monthly but distributed only at the end of each financial year.
ii. Calculation and distribution of profit shall be based on total savings.
Investments
The Cooperative shall invest in low-risk, profit-generating portfolios to ensure sustainability and growth.
General Provisions
Members may instruct management to liquidate their savings to offset outstanding loan balances.
The Cooperative reserves the right to review interest rates, service fees, and investment policies periodically at an AGM.
Every member shall maintain a minimum share capital of ₦10,000. Should a member decide to liquidate their savings below the minimum share capital, such account will be considered closed, hence, such a member will be required to re-register.
Newly registered members are mandated to fund their accounts with the minimum share capital of ₦10,000 within one month of registration else such account will be deactivated or re-assigned.
Annual General Meeting/Special General Meeting
Annual General Meeting shall hold once in a year in the last week of November (Management shall determine the actual day).
Special General Meeting shall be held when the need arises.
Terms and Conditions of Use
Last Updated: December 2024
1. Acceptance of Terms
By accessing and using the Club De Stars Multipurpose Cooperative Society Limited website and services, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions and our Bylaws. If you do not agree with any part of these terms, you must not use our services.
2. Membership Agreement
Upon registration, you agree to:
- Provide accurate, current, and complete information during registration
- Maintain and update your information to keep it accurate and current
- Be responsible for maintaining the confidentiality of your account credentials
- Notify us immediately of any unauthorized access to your account
- Comply with all applicable bylaws and cooperative policies
3. Registration and Account Activation
3.1 Registration requires payment of a one-time fee of ₦5,000.
3.2 Your account will be subject to administrative approval before activation.
3.3 You must fund your account with a minimum share capital of ₦10,000 within one month of approval, or your account will be deactivated.
3.4 You must be at least 18 years old to register for an adult account.
4. Financial Transactions
4.1 All payments processed through our platform are handled securely via Paystack payment gateway.
4.2 You are responsible for ensuring sufficient funds in your designated account for loan repayments and other obligations.
4.3 Service charges apply to certain transactions as outlined in our Bylaws.
4.4 The Cooperative reserves the right to adjust fees with prior notice to members.
5. Loans and Guarantorship
5.1 By accepting to be a guarantor for another member, you agree that your savings may be used to offset defaulted loans.
5.2 Loan defaults will be subject to penalties as outlined in Article 4 of our Bylaws.
5.3 The Cooperative reserves the right to report persistent defaulters to credit bureaus.
6. Use of Platform
You agree not to:
- Use the platform for any illegal or unauthorized purpose
- Attempt to gain unauthorized access to any part of the platform
- Transmit any viruses, malware, or harmful code
- Interfere with the proper functioning of the platform
- Impersonate another person or entity
- Harass, abuse, or harm other members
7. Data and Document Submission
7.1 You warrant that all documents and information submitted are genuine, accurate, and legally obtained.
7.2 Submission of fraudulent documents will result in immediate account termination and possible legal action.
7.3 We reserve the right to verify all submitted documents with relevant authorities.
8. Intellectual Property
All content on this platform, including text, graphics, logos, and software, is the property of Club De Stars Multipurpose Cooperative Society Limited or its licensors and is protected by intellectual property laws. You may not reproduce, distribute, or create derivative works without express written permission.
9. Limitation of Liability
9.1 The Cooperative shall not be liable for any indirect, incidental, special, or consequential damages arising from your use of the platform.
9.2 We do not guarantee uninterrupted or error-free service and are not liable for any technical failures.
9.3 Investment returns are not guaranteed, and members bear the risk of investment losses within acceptable risk parameters.
10. Account Termination
10.1 You may close your account at any time, subject to settlement of all outstanding obligations.
10.2 We reserve the right to suspend or terminate accounts that violate these terms or engage in fraudulent activity.
10.3 Upon termination, you remain liable for any outstanding debts or obligations.
11. Modifications to Terms
We reserve the right to modify these Terms and Conditions at any time. Changes will be effective upon posting to the website. Continued use of our services after changes constitutes acceptance of the modified terms.
12. Governing Law
These Terms and Conditions shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any disputes shall be subject to the exclusive jurisdiction of Nigerian courts.
13. Contact Information
For questions about these Terms and Conditions, please contact us through the official channels provided on our website or reach out to the cooperative management.
By clicking "I agree to the Terms and Conditions" during registration, you acknowledge that you have read, understood, and agree to be bound by these terms and our Bylaws.
Privacy Policy
Last Updated: December 2024
1. Introduction
Club De Stars Multipurpose Cooperative Society Limited ("we," "our," or "us") is committed to protecting your privacy. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you use our website and services. Please read this policy carefully to understand our practices regarding your personal data.
2. Information We Collect
We collect several types of information from and about users of our platform:
- Full name (first and last name)
- Email address
- Phone number
- Date of birth
- State and LGA of residence
- Residential address
- Password (encrypted)
- Proof of address (utility bills, bank statements)
- Passport photograph
- Government-issued identification documents (NIN, International Passport, Driver's License, Voter's Card)
- ID number
- Digital signature
- Savings and transaction history
- Loan applications and repayment records
- Bank account details for disbursements
- Payment information (processed securely through Paystack)
- IP address
- Browser type and version
- Device information
- Operating system
- Access times and dates
- Pages viewed and navigation patterns
3. How We Use Your Information
We use the collected information for the following purposes:
- Account Management: To create, maintain, and manage your membership account
- Identity Verification: To verify your identity and comply with KYC regulations
- Transaction Processing: To process savings deposits, withdrawals, and loan applications
- Communication: To send important updates, notifications, and respond to inquiries
- Security: To monitor and prevent fraudulent activities and unauthorized access
- Compliance: To comply with legal obligations and regulatory requirements
- Service Improvement: To analyze usage patterns and improve our platform
- Record Keeping: To maintain accurate financial records as required by cooperative regulations
4. Information Sharing and Disclosure
We do not sell, trade, or rent your personal information to third parties. We may share your information only in the following circumstances:
We may share information with trusted third-party service providers who assist us in operating our platform (e.g., Paystack for payment processing, hosting providers, email services). These providers are contractually bound to protect your information.
We may disclose your information if required by law, court order, or government regulation, or to protect our rights, property, or safety.
In the event of a merger, acquisition, or sale of assets, your information may be transferred to the acquiring entity.
We may share information with third parties when you have given explicit consent to do so.
5. Data Security
We implement appropriate technical and organizational measures to protect your personal information:
- Encryption of sensitive data in transit and at rest
- Secure password hashing using industry-standard algorithms
- Regular security audits and vulnerability assessments
- Access controls limiting employee access to personal data
- Secure payment processing through PCI-DSS compliant providers
- Regular backups to prevent data loss
However, no method of transmission over the internet is 100% secure. While we strive to protect your information, we cannot guarantee absolute security.
6. Data Retention
We retain your personal information for as long as necessary to fulfill the purposes outlined in this Privacy Policy, unless a longer retention period is required or permitted by law. Financial records are maintained in accordance with Nigerian cooperative society regulations and tax laws. After account closure, we may retain certain information for legal, regulatory, or legitimate business purposes.
7. Your Rights and Choices
You have the following rights regarding your personal information:
- Access: You can request access to the personal information we hold about you
- Correction: You can update or correct inaccurate information through your account settings
- Deletion: You can request deletion of your account, subject to settlement of all obligations
- Objection: You can object to certain processing of your data
- Portability: You can request a copy of your data in a structured, machine-readable format
- Withdrawal of Consent: You can withdraw consent for processing where we rely on consent
To exercise these rights, please contact us through the official channels provided on our website.
8. Cookies and Tracking Technologies
We use cookies and similar tracking technologies to enhance your experience on our platform:
- Essential Cookies: Necessary for the platform to function (e.g., session management, security)
- Performance Cookies: Help us understand how visitors use our website
- Functionality Cookies: Remember your preferences and settings
You can control cookies through your browser settings, but disabling certain cookies may limit functionality.
9. Children's Privacy
Our services are not directed to individuals under 18 years of age, except for Kiddies Accounts managed by parents or guardians. We do not knowingly collect personal information from minors without parental consent. If we become aware of unauthorized collection of a minor's data, we will take steps to delete it.
10. Third-Party Links
Our platform may contain links to third-party websites. We are not responsible for the privacy practices of these external sites. We encourage you to review their privacy policies before providing any personal information.
11. International Data Transfers
Your information is primarily stored and processed in Nigeria. If we transfer data internationally, we ensure appropriate safeguards are in place to protect your information in accordance with this Privacy Policy.
12. Changes to This Privacy Policy
We may update this Privacy Policy from time to time to reflect changes in our practices or legal requirements. We will notify you of any material changes by posting the new policy on our website with an updated "Last Updated" date. Your continued use of our services after changes constitutes acceptance of the updated policy.
13. Contact Us
If you have questions, concerns, or requests regarding this Privacy Policy or our data practices, please contact us:
Club De Stars Multipurpose Cooperative Society Limited
Email: [Your contact email]
Phone: [Your contact phone]
Address: [Your physical address]
Your privacy is important to us. We are committed to protecting your personal information and maintaining transparency about our data practices.