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MONTHLY
BULLETIN November 2022 For Members ONLY
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Rules of The PTCS
DEATH BENEFIT SCHEME
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The
Scheme shall be called The Penang
Teachers' Co-operative Society Death Beneft Scheme.
Upon the
death of a member, a sum of RM2.00 shall be deducted from the
subscription members whose names appear in the membership register of
the Society at the time the deduction came into effect. This deduction
shall be done not later than ONE month after the Society has been
informed of the said member's death.
An advance
payment of RM1,000.00 shall be made to the next-of-kin or upon
registered documented proof of death being produced, and the balance of
the due sum shall be paid to the said next-of-kin OR registered Nominee
within one month, after deduction of any amounts owing to the Society.
In accordance
with Rule No.3, the Board of Directors of the Penang Teachers'
Co-operative Society shall have the sole discretion to decide whether
payment should be made to the next-of-kin OR the registered Nominee.
No claims
shall be allowed for death due to war, civil commotion, riots or
sentence by a court of law.
Any member
who has been admitted to the Society for a complete year will
automatically be eligible for benefits under the Scheme.
The following
shall not be eligible:
a. suspended
members vide By-Laws No. 20, 21, 22 and 23.
b. members
whose resignations from the Society have been
accepted and approved by the Board of Directors.
c. members
who default in the payment of subscriptions or
loan instalments, whether principal or interest, for more
than two months.
No Nominee or
Executor of the estate as a deceased member shall claim benefit from
this Scheme as a matter of right.
No claims
under this Scheme shall be entertained later than 6 months after a
member's death.
The Scheme
may only be suspended or dissolved with the approval of an Annual
General Meeting or Special General Meeting.
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TELEGRAM CHANNEL
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Koperasi Guru-guru Pulau
Pinang has just launched our very own group channel.
Members are able to get the latest updated information regarding the
benefits that they are eligible:
- loan facility,
- death benefit scheme,
- insurance,
- education grant,
- seminars,
- cash discount on purchase scheme
& petrol at our BHP petrol station and
- special outdoor
activities.
All members are welcomed and
encouraged to join by clicking the
following link
https://t.me/joinchat/cTKouPnwQdlZQ1
or scan the QR code
provided.
( How to scan with
a phone )
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