1.

Q

:

What is “Share Redemption Fund” and what is the purpose of the‘Fund’ ?

A

:

“Share Redemption Fund ” is a special fund set up by the Board in 1992 in accordance with the provisions of the By-laws. Allocation to the ‘Fund’ is apportioned from the annual net profit of KOJADI subject to approval of the AGM on recommendation of the Board. The purpose of setting up the “Share Redemption Fund” is to cater for the needs of members who wish to redeem their shares in the co-operative.

2.

Q

:

How shall a member apply for the Share Redemption Fund ?

A

:

A member shall fill in the application forms prescribed by the Board. The forms can be obtained from KOJADI’s office at 11th Floor, Wisma MCA, Jalan Ampang, 50450 Kuala Lumpur or our local director or our delegate or local Area Liaison Committee. Photostat copy of the forms are acceptable, but such forms should be clearly written or typed and duly signed by the applicant.

3.

Q

:

Are there any important points to draw attention of a member in filling up of the application form ?

A

:

Yes, the member should read Section “E” carefully and ensure that all relevant document(s) are enclosed when submitting the application form.

4.

Q

:

Are there any rules governing the operation of the Fund ?

A

:

Yes, the Board has approved the “Rules of KOJADI’s Share Redemption Fund” governing the operation of the Fund.

5.

Q

:

Is there any method or system in the evaluation of applications ?

A

:

Generally, the major qualifying factors that will be prioritized include : -

a)

upon the death of the member; (application is to be made by nominee or legal representative or immediate family)

b)

upon attaining the age of 70 years or above in the case of a member who has been a member of KOJADI for more than 10 years;

c)

if the member is suffering from permanent disablement or prolonged / serious illness resulting in his total loss of earning power; or

d)

if the Board in its sole and absolute discretion decides that the member is in urgent financial need; or

e)

other reasonable reasons.

6.

Q

:

Will all valid applications be successful ?

A

:

This will depend on the number of valid applications and allocation to the Fund. Based on the factors above, the Board will decide the qualifying applicants at its sole discretion.

7.

Q

:

Is there a ceiling of the amount fixed for the share redemption fund?

A

:

This will depend on the allocation to the Fund. Generally, there is no ceiling of amount fixed for the share redemption if the application is successful.

8.

Q

:

How soon can a member get back his redemption sum if he is successful in his application ?

A

:

Barring unforeseen circumstances, the successful member-applicant will be able to get back his redemption sum within 2 weeks.