Rules of Loan Scheme for TUKAR and ATOM

Transcription

1 Revised on 31/01/2013 Rules of Loan Scheme for TUKAR and ATOM In exercise of the power conferred under the by-law (47(2)(aa) of the By-laws of KOPERASI JAYADIRI MALAYSIA BERHAD a Co-operative Society incorporated in Malaysia under the Co-operative Societies Act, 1993 ( KOJADI ), the Board of KOJADI hereby makes the following rules : 1. Purpose and Name The Rules herein governs the scope and operation of the Loan Scheme for TUKAR and ATOM Programmes and shall be known as TUKAR & ATOM LOAN SCHEME RULES. 2. Objective of the Scheme To provide financial assistance to members of KOJADI in accordance with the provisions of KOJADI s By-laws and the laws of Malaysia for use as working capital and/or capital expenditure. 3. Effective Date 31 January Sources of Funds The Scheme derives its sources of funds from the allocation made by the Board in accordance with the provisions of its By-laws and / or from other sources allowable and approved under the Co-operative Societies Act 1993 and in accordance with the laws of Malaysia. 5. Definitions 5.1 Applicant means the person who is a member of KOJADI signing the TUKAR and ATOM Application Form. 5.2 Approval Letter means the letter of approval and any supplemental letter issued by KOJADI from time to time and addressed to the Applicant in respect of the application for the TUKAR/ ATOM Loan Facility by the Applicant. 5.3 Event of Default means any of the events set out in Clause Instalments means the sum of monthly instalment paid or to be paid by the Applicant as specified in the repayment schedule to the Loan Agreement. 5.5 Indebtedness means the TUKAR and ATOM Loan Facility, interest thereon, late payment charges and any other sum or sums due and payable by the Applicant to KOJADI pursuant to the terms and conditions herein and the Loan Agreement. 1

2 5.6 Loan Agreement means agreement in respect of the TUKAR and ATOM Loan Facility to be executed by the Applicant and KOJADI upon approval of the loan and shall include such other instrument as may be required by KOJADI from time to time. 5.7 TUKAR means Projek Transformasi Kedai Runcit 5.8 ATOM means Projek Pemodenan Bengkel Automotif 5.9 TUKAR and ATOM Loan Facility means the principal sum of the loan approved by KOJADI in its Approval Letter subject to the terms and conditions herein and the Loan Agreement and where the context so requires, (the outstanding amount of the TUKAR and ATOM loan facility) TUKAR and ATOM Loan Affairs Committee means the Investment Committee set up by the Board whose role is expanded to include the formulating, planning and implementation of TUKAR & ATOM programmes. This includes inter-alia :- 6. Interpretation a. manage, evaluate and approve applications for TUKAR and ATOM Loan Facility; and b. deal with all matters pertaining to the coordination and successful implementation of TUKAR and ATOM programmes All as laid down in the said Committee s Terms of Reference. In these Rules save where the context otherwise requires: - (a) (b) (c) Words importing the masculine gender shall include the feminine and neuter gender; Words in the singular include the plural and vice versa; The term year means a period of 365 days. Working day means a day other than Saturday, Sunday and Public holiday and on which KOJADI is open for business. 7. Principal Loan Amount The Board shall have the absolute discretion to decide on the Loan Amount to be approved for each Application but such Loan Amount shall in no event exceed Ringgit Malaysia Eighty Thousand (RM80,000/-) for TUKAR and Ringgit Malaysia One Hundred Thousand (RM100,000/-) for ATOM respectively (Motorcycle Workshop : RM100,000; Car Workshop: RM100,000). 8. Purpose of Loan The TUKAR and ATOM Loan Facility shall be used solely as working capital and/or capital expenditure. 2

3 9. Loan Tenure The Board shall have the absolute discretion to decide the tenure of the Loan to be approved for each Application subject to a maximum repayment period of fifteen (15) years. 10 Eligibility At the time of application for the TUKAR and ATOM Loan Facility, the Applicant must meet the following criteria : The business, as applicable, operated by the Applicant must be 100% local ownership (sole proprietor/ partnership/ Sdn Bhd) The Business must be duly registered with SSM 10.3 Must possess valid business license issued from local authorities Must attain 18 years of age but shall not be more than 60 years old at the time of final monthly repayment Must not be in possession of more than 2 shops with combined operation area of exceeding 2500 square feet Location of the business operated by the Applicant: TUKAR must be adjacent or within the residential area ATOM must keep a distance from residential area 10.7 The Business must be in operation on full time business for at least 1 year prior to the date of application In the opinion of the Board, the Business must be financially sound For businesses which are partnerships or incorporated companies, at least one of the partners and/or directors, where applicable, shall be a member of KOJADI or shall have applied for membership in KOJADI in accordance with the By-laws of KOJADI. 11 Process of Application 11.1 The application for the TUKAR and ATOM Loan Facility shall be duly completed and accompanied with such documents as required by the Board from time to time including the documentary proof of financial standing of the Applicant Upon approval of the TUKAR and ATOM Loan Facility, KOJADI will notify the Applicant in writing ( Approval Letter ) Upon approval of the TUKAR and ATOM Loan Facility, the Applicant shall:- 3

4 Execute a Loan Agreement within a specified time by KOJADI Do such acts or furnish such other document(s) as the Board may require from time to time which may include executing such insurance under any group insurance or indemnity scheme arranged by KOJADI The Board shall consider only Applications which have been duly completed and submitted with all necessary document of proof. The Board or the TUKAR and ATOM Loan Affairs Committee shall have the absolute discretion to approve and reject any application under the Scheme without having to assign any reason(s) and the decision of the Board shall be final The TUKAR and ATOM Loan Application Form, Approval Letter and the Loan Agreement and if applicable, any further letter(s) or instruments(s) required to be executed in connection with the granting of the TUKAR and ATOM Loan Facility from time to time are collectively referred to as the TUKAR and ATOM Loan Facility Instruments. 12. Interest and Late payment Charges on TUKAR and ATOM Loan Facility 12.1 TUKAR and ATOM Loan Facility or any part thereof shall carry interest from the date of disbursement until full settlement thereof at a rate prescribed by the Board from time to time in the Rules, which is currently prescribed at 3% per annum. The interest rate(s) will be calculated on monthly rest basis or in such manner as may be prescribed by the Board from time to time In the event the Applicant defaults in repayment of the Instalments in accordance with the repayment schedule to the Loan Agreement, the Board shall be entitled to impose late payment charges at a rate as set out in the Loan Agreement. 13 Disbursement of Loan 13.1 The loan under the TUKAR and ATOM Loan Scheme shall be disbursed in such manner and at such time or to such entity as the Board may in its absolute discretion decide after being satisfied that all conditions precedent to such disbursement specified in the Loan Agreement or otherwise have been complied with. 14. Repayment Period 14.1 Repayment of the TUKAR and ATOM Loan Facility and Interest thereon shall be subject to the terms and conditions contained in the Loan Agreement. Repayment period shall in any event be not more than fifteen (15) years and shall not exceed Applicant s age of 60 years old for the final monthly repayment Repayment can be made at KOJADI office at 11 th Floor, Wisma MCA, 163 Jalan Ampang, Kuala Lumpur, Malaysia or pay into a KOJADI designated account with a commercial bank. 4

5 15. Event of Default 15.1 Notwithstanding the approval of the TUKAR and ATOM Loan Facility, KOJADI shall have the right at its sole and absolute discretion to terminate the TUKAR and ATOM Loan Facility by notice in writing to the Applicant if there should occur a default in the repayment of the TUKAR and ATOM Loan Facility (whether it be the principal and/or interest thereon or any sums due and payable by the Applicant under the Loan Agreement), or in the event of occurrence of other event of defaults as set out in the Loan Agreement. 16. Prepayment Notwithstanding any provision for the repayment of the TUKAR and ATOM Loan Facility and the interest thereon as provided under the repayment schedule to the Loan Agreement, the Applicant may at any time repay the whole of the TUKAR and ATOM Loan Facility then owing to KOJADI and KOJADI may in its absolute discretion accept the prepayment subject to the terms and conditions as set out in the Loan Agreement. 17. Miscellaneous 17.1 KOJADI is at liberty to vary any term or condition hereof by notice in writing to the Applicant and such variation shall take effect from the date specified in the KOJADI s notice All fees, costs and expenses in respect of the Application, the TUKAR and ATOM Loan Facility Instruments and the enforcement of the rights and remedies of KOJADI (including solicitors cost on a solicitor and client basis) shall be borne by the Applicant The terms and conditions herein shall bind the personal representatives of the Applicant and the successor-in-little and assigns of KOJADI. 18. Amendments to Rules The Board shall have the absolute right to suspend, to add, to delete or amend the Rules in such manner as it shall deem fit and proper at any time and from time to time subject to the By-laws of KOJADI. 5

6 31/01/2013 TUKAR (ATOM) (47)(2)(aa) 1993 : / /

7 (a) ; TUKAR 5.8 ATOM :- ; a. b. 6. : - (b) ; (c) (RM80,000/-) ( (RM100,000/-) : RM100,000; : RM100,000) 2

8 8. / ( / / :- ) : / ( ). 3

9 11.3 : / %

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