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For eligible members who qualify to participate in this first
three-year term of the STSS (“Series 1”) and confirm participation by 2
December 2011, money withdrawn from members’ SCA for participation in the
STSS will earn interest of 4% per annum on the principal sum deposited in the
STSS. To celebrate the Society’s 85th
anniversary, a bonus rate of 4.85% per annum will be paid on the principal
sum which would be deemed to have been deposited for the period 1 January
2011 to 31 October 2011. Participation
in the STSS is subject to the attached Administrative Rules Governing the
STSS. Please read the Rules carefully
as they govern your participation in and implementation of the STSS. Other salient features of the STSS are as follows: a) $2,000 must be retained in the SCA; b) The principal sum withdrawn from the SCA to be
deposited in the STSS cannot be transferred back to the SCA; and c) If there is any early withdrawal of the principal
sum from the STSS, the interest earned will be less than 4% per annum. Quantum A member would be free to choose how much funds he/she would like to
transfer from his/her Subscription Capital Account (“SCA”) to the STSS,
subject to the minimum sum of $2,000.00 to be retained in his/her SCA. Any
amount transferred out of the SCA into the STSS cannot be transferred back to
the SCA. Participation in the STSS does not affect a member's monthly
obligations to contribute to his SCA. Term
i.
The initial duration (“Series 1”) for a member's funds to
remain in the STSS is 3 years. At the end of 3 years the member will be at
liberty to withdraw the principal sum deposited into the STSS. Alternatively,
the member may wish to continue with his participation in the STSS if it is
extended for another term.
ii.
In the event that the STSS is extended for subsequent
terms, an invitation letter will be sent to members 6 months before the
expiry date for them to participate in the new terms. Members can opt to: 1)
“Roll over” the whole principal by utilising it as principal
for the new term; or 2)
Withdraw the full principal. The Society reserves the right to send such
invitation letters to eligible members with different terms and conditions. Return
i.
If a member confirms participation in Series 1 by 2
December 2011, the member will earn a one-off return at a bonus interest rate
of 4.85% per annum (to celebrate the
Society’s 85th anniversary in 2011) to be paid on the
principal sum which would be deemed to have been deposited for the period 1 January
2011 to 31 October 2011. The interest will be credited into the member’s bank
account on 22 December 2011.
ii.
A return of 4% per annum would be paid on the principal
sum deposited for Series 1 for the period from 1 November 2011 to 31 October
2014. Interest accrued would be paid to the member every 6 months based on
day count fraction of (actual number of days)/(number
of total calendar days in the year). Early Withdrawal by
Member
i.
In the event of an early withdrawal from the STSS by a
member before the maturity of term, the following interest rates, instead of
the interest rate return set out above, will apply on the principal sum
deposited:
ii.
In the event that the STSS is extended for subsequent
terms, the applicable interest rate payable for any early withdrawal shall be
determined by the Board.
iii.
For early withdrawals by a member, there will be a
pro-rata claw-back of the interest paid out with corresponding deduction made
to the principal sum that would be repaid to the member. For example, if the early withdrawal is
done on the 19th month, there will be a claw-back of interest of 2% per annum
for the first 18 months, which will be deducted from the principal. Interest for the remaining period will be
based on day count fraction calculated up to the day before the money is in
the member’s bank account.
iv.
If a member wishes to make an early withdrawal, only a
withdrawal of the entire principal sum deposited in the STSS is
permitted. No partial withdrawal of
the principal sum is allowed.
v.
Forms will be furnished by the Society for any
withdrawals by members. Collateral The deposit under STSS may be used as
collateral to apply for a secured loan from the Society. 1. Every member who meets the following
criteria shall be permitted to participate in the STSS: (a)
The member has a minimum balance of $2,000 in his Subscription Capital Account (SCA) as
at 31 October 2011 or as at such date the Board may specify from time to
time; and (b)
The member does not have any
outstanding unpaid loans to the Society. 2. For the first three (3) year term of
the STSS (“Series 1”), the Board shall administer and members shall
participate in the STSS in accordance with the rules set out in the attached
Annex A. For any subsequent terms of
the STSS, the Board shall be permitted to administer and members shall
participate in the STSS in accordance with any rules the Board may approve
and implement from time to time. 3. For a member who satisfies the above
eligibility criteria and wishes to participate in the STSS, the withdrawal
from the member’s SCA for participation in the STSS shall be made pursuant to
the provisions of the Subscription Capital Scheme (SCS). 4. In the event the STSS is terminated
by the Society, the principal sum belonging to each member shall be, at the
option of the member: (a)
Returned to the member; or (b)
Used by the member to participate in any scheme that
the Board may approve and implement from time to time. 5. These Administrative Rules Governing
the STSS shall not amend or affect the implementation of the Administrative
Rules Governing the SCS. |
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