Frequently Asked Questions
Does UEDE have a minimum savings?
Yes we do. Our minimum saving is 50,000/= per month. We however recommend members to save 200,000/= per month
How to remain a member after leaving UEDCL?
You can remain a member of UEDE Cooperative even after you have ceased employment with UEDCL provided you continue saving with us monthly.
Is the Sacco registered?
Yes, we were permanently registered on 23/09/2013 with registration number 10405/RCS
What is the Vision of UEDE?
A Permanent Home for all Members
Can I convert some of my savings to shares?
Yes you can convert some or all of your savings into shares by writing to the Treasurer.
Does the Sacco have a representative in every territory?
No, for now, we have only Two (2) representatives from territories on the Elective committee
Does the Sacco provide advisory services on how to invest borrowed money?
Currently we do not, but it’s an issue will intend to pick soon
Does the Sacco have a representative in every territory?
No, for now, we have only Two (2) representatives from territories on the Elective committee
Does the Sacco provide self-development training?
Occasionally during Agm we invite motivational speakers to talk to members about self-development
What is the difference between shares and savings?
Shares is your individual stake in the cooperative while as savings is funds you can access anytime provide you have no obligation with us
Does the Sacco give Interest on savings?
Yes we do give a monthly interest on savings
Does the Sacco pay any dividend on Shares?
The Sacco pays a dividend on the part of surplus made
Once terminated from UEDCL, do I have to Exit the Cooperative?
No, you do not have to exit the cooperative; if you opt to stay then you must save with us on a monthly basis.
Is it possible to get my shares and savings after leaving UEDCL?
You will have to give us a 90days notice to arrange to either sell off your shares or buy them off using our share transfer fund.
Why join the Sacco? Remuneration for the committee?
Article 38 of the bylaws bars any committee member from receiving remuneration
What’s the current performance of the Sacco?
Our current financial position stands at 697M
What plans does the Sacco have to attain full membership of all staff?
93% of the staff a members, the balance 7% will join with time.
Issue of Tax on Sacco’s?
Sacco’s as the Body Corporate have been given a tax holiday(exemption on corporate tax) for 10 Years however the members will continue to pay income tax on any income they derive from the Sacco
Majority shareholder value?
Currently the majority shareholder has 5,734 shares
Short term Targets of the Sacco?
Each member should have a plot of land
Procedure for Voluntary exit?
Write a letter addressed to the Chairman, Cleary stating the 90days notice.
Savings withdrawal procedure?
Write an email to the treasurer
Non staff becoming a member?
For now, UEDE Cooperative is only for staff of UEDCL and/or former staff of UEDCL
How to grow my interest on savings?
By saving much more than you saving now
Can I borrow beyond what I qualify for?
Yes you can, however you will pay a higher interest rate.
How do you intend to increase more members of the SACCO?
By continuous engagement of non-members
How to become a Committee member?
Please refer to Article 34 of the By-laws
How safe is the money?
We do have regular Audits to Keep track of your money
What is the current Share value?
Ugx 10,000
How can any member of my family access my savings incase an incapacitated?
They will write to us and we will help them access your funds through your account
Why should we attend the SACCO AGMs/ Meetings?
It helps you know the latest development about your Sacco
What is the Term in office of the committee?
Please refer to Article33 states that the term in office is 2 years
What is the Current membership number?
207 members
What are the Long term strategies of the SACCO?
A home for all members
Can the SACCO buy UEDCL activities e.g. Territory activities?
Once the Sacco is fairly stable and it does a comprehensive business analysis of the territories, then it can venture into that other line of business
What is the method of payment on Exit?
We will pay you through your known bank account with us.
How many shares does the biggest shareholder have?
1,125 shares
SACCO buys for staff land?
We will avail you the funds to buy that land you have chosen for yourself
Do we have SACCO branded (T-shirts)?
Not as yet, we however intend to print some and sell them off to members
Future business plans
(Strategic plans)
How long are do you take to pay dividends paid?
Within 90days after declaring a dividend
SACCO helps when a member is incapacitated?
We would support in one way or another, however small this support may be.
Terminated Employment for UEDCL will I still benefit from the Cooperative?
Yes you will benefit like any other member provided you still save with us.
Do you give Share Certificates per member?
Not yet but it’s an issue we have picked up as an action point.
How long it takes to get back your savings and shares on Voluntary exit?
90days
Tenure of the Committee?
Article 33 of the bylaws states each term is 2 years and the maximum a member can serve is two consecutive terms i.e. 4 Years
How do we communicate complaints?
Send an email to uedesacco@gmail.com or call the chairman
Does the Cooperative hold Annual General Meetings?
Article 18, Subsection III requires us to hold an AGM every year within 60days after end of the financial year.
What happens if the Cooperative collapses?
If we envisage such are scenario, we will follow section 55-68 of the cooperatives act
Does the Sacco have a representative in every territory?
No, for now, we have only Two (2) representatives from territories on the Elective committee
What is the current membership?
206 members
How are we fairing with other Sacco’s?
We are better than we were last year; our balance sheet has grown from 491m to 697m
How can I buy more shares or save more?
You can do a cash deposit on our UEDE Cooperative account scan an email the treasurer
What is the minimum amount of shares to be bought?
30shares
By weight, which are stronger shares or savings?
Both are vital for our business. However the shares will earn you a dividend at year end
Procedure for selling my shares to another member?
You can trade between yourselves and inform the treasurer to effect the transfers from the seller to the buyer
How are dividends determined?
Ratio of your individual share Vs the total share value of the cooperative
Relationship between UEDCL and UEDE do they share the same accounts?
They do not share accounts. The cooperative members are employees of UEDCL
Maximum no of shares a member can buy?
Is One third of the total share value
Membership identity?
It’s on our bucket list
Does the member choose the number of shares to buy or it’s the committee?
The Committee sets a minimum amount each new member should buy
Are savings taxed when requested for?
No
How are the 30 shares recouped?
These are recouped off your net pay for six months
Do you pay dividends?
Whenever the cooperative makes a surplus, some of it is appropriated to include a dividend.
What are shares?
Share is your stake in a business
Can I save with UEDE and have no shares?
No
If I exit, can I be allowed back after sometime?
Yes you can, what’s the procedure? You will have to pay membership fees a buy shares afresh
When I die what happens to my stake?
Article 8 of the cooperatives act allows a member to nominate there death beneficiary, in absence of that the estate administrator will suffice.
Does the Sacco make any contribution to the Funeral of my relative say my Uncle?
No… unless it’s an immediate family member.
Qualifications of becoming a member?
YOne must be/have been an employee of UEDCL
Can we make it compulsory for all staff to be members of the Sacco?
No, it’s Voluntary Joining and Exiting
How is the money deducted from Salary?
Maximum is 50% of your Net pay
Saving without buying shares?
No, every member must have shares
Interest On savings?
Yes we give a monthly interest on savings based on the prevailing market rates
Vision of the Sacco?
A home for all
Why was Sacco formed?
To help staff access affordable credit facilities