At Koperasi Gemilang Malaysia Berhad, we value the trust and commitment of our members, and we strive to provide transparent and fair policies that ensure a positive experience for all. This Subscription and Share Capital Refund Policy outlines the guidelines for subscription and share capital refunds to maintain clarity and consistency in our cooperative’s financial transactions.
Notice of Membership Termination/Resignation must be served in writing at least 6 months in advance and must be free from all liabilities.
Members seeking a refund of their subscription payment must submit a written request to the cooperative’s management. The request should include the member’s full name, membership number, NRIC No and contact information, Bank Information and the reason for the withdrawal/Refund.
Subscription refunds will be considered under the following circumstances:
- In the event of the member’s demise or permeant disability.
- Refunds will be processed within 14 Working days of receiving the written request. The refunded amount will be subject to any applicable administrative fees or deductions as specified by the cooperatives by laws.
Share Capital Withdrawal/Refunds:
Members may request a refund of their share capital under the following conditions:
- If the member chooses to withdraw from the cooperative after fulfilling all obligations, as outlined in the cooperative’s bylaws.
- If the cooperative, in compliance with regulatory requirements, decides to repay share capital to members.
- Requests for share capital withdrawals must be made in writing and submitted to the cooperative’s management. The request should include the member’s full name, membership number, NRIC No and contact information, Bank Information and the reason for the withdrawal/Refund.
- The cooperative will review the request and process the share capital refund within 14 Working days. The refunded amount will be subject to any deductions specified by the cooperative By Law.
Note: It is important to understand that the cooperative’s ability to process refunds may be subject to legal, regulatory, and financial considerations. We aim to ensure that refunds are processed in a timely and efficient manner, while adhering to all legal obligations and financial responsibilities.
For any inquiries or assistance regarding subscription and share capital refunds, please contact our Member Services Department at +60125497199 or email us via email@example.com
Please be aware that this policy is subject to change, and any updates will be communicated to all members through official channels.