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Terms and Conditions

Admission of Members into Cardinal Torch Multi-Purpose Cooperative is AUTOMATIC upon subscription and payment of requisite sums required for memberships into the various membership types.
Members, therefore include and is limited to persons who have formally registered, who havesubcribed to the Company’s products, or who have done one or all of the above and have been issued a certificate of membership.

i. Subscription Conditions
Subscription is opened to individuals and corporate bodies. Subscription to the Cardinal Torch Multipurpose Cooperative means a subscription to any of the packages below:

a) Only members would be primary beneficiary of any of our services.
b) Upon subscription, members agree to be bound by the Cooperative’s by-laws and its amendment.
c) A non-refundable Application fee of N20,000 is payable upon registration.
d) Subscription is based on one-off payment.
e) Membership expires once the tenure elapses and the dividends of collaboration are received.
f) Membership of the Cardinal Torch Cooperative society is tenure -based on subscription
g) Membership of corporate bodies to the Cardinal Torch Multipurpose Cooperative is subject to the Memorandum of Understanding executed between the organization and the Cardinal Torch Multipurpose cooperative.

Please read these terms and Conditions carefully.

Agreement to the terms and conditions shall be legally binding on you (as a subscribed member) and Cardinal Torch Multipurpose Cooperative.
Upon subscribing to joining CardinalTorch Multipurpose Cooperative as a member, you hitherto confirm that you understand and agree to all the terms stated herein.

i. Subscription Conditions
Subscription is opened to individuals and corporate bodies. Subscription to the Cardinal Torch Multipurpose Cooperative means a subscription to any of the packages below:

SizesnamesPricesMinimum tenuredividend
50kgStarter40500120 days10%
200kgBasic162,000120 days16%
400kgPremium324,0001 year30%
600kgGold486,0001 year30%
2 MTDiamond1,620,0001 year30%


ii. Mode of Payment
All payments to Cardinal Torch Cooperative should be made through the designated payment channels. Upon registration on the website or submission of registration form, all payments must be made to the Cardinal Torch Cooperative Society bank account provided in the registration form or web portal.

Cardinal Torch Cooperative Society shall not make any cash payment to any member. All dividends will be paid directly to member’s bank account provided on the registration form.

iii. Dividends:
The dividends enjoyed by each member is tied to what membership package they have subscribed to. The dividends declared in Cardinal Torch Cooperative may be a financial value expressed as a percentage of the value of membership subscription, a share of grant or other incentives for the out-growers.

iv. Termination

For personal or business reasons, no party shall seek for termination of his membership before or within the period of 3 months from the date of subscribing for membership.

A member desiring shall send a notice of termination of membership to the Cooperative in writing, at least 2 months before the date of termination.

v. Loans:
Only Members Subscribed to the Savings Package shall be entitled to the cooperative society’s Loan services after the minimum subscription period required for eligibility.

vi. Fraud/ Illegality
The Cooperative shall not be liable for any damages at tort or under criminal code and laws of the federation for such deposits received from you, which is illegal or questionable.

vii. Right to Update
The Cooperative reserves right to update its policies at any given time to cater for changes in industry and market space.

viii. Statutory Charges

A 5% statutory charge shall be applied to all membership to cover the cost of funds, bank charges, agricultural produce taxes etc.

ix. Limitation Of Liability

Cardinal Torch Cooperative shall not be liable to any memberwho provided wrong account number at the point of registration. The cooperative shall not be liable for members’ sources of funds.
The Cooperative’s financial obligation to members of the cooperative covers only the amount paid to the cooperative through the bank or by cheque for member’s package of choice.

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