Dar Es Salaam, Tanz - SNHU Academic Archive - Southern New ...

83cooperative rules, which states; 'Share values for any society shall be specified in theBy-laws of the society and shall be fully paid by members \Article 80(3 ) states that, 'a member may require additional shares, provided his totalholdings do not exceed one fifth or20% of the shares of the credit society or such lesseramount as the By-laws may specify ',Value per share is Tshs.5,000/=. Up to 31 st December 2003, total members' share s wereworth Tshs.537,493,588/=. Regarding members deposits, the article 81(1) states;(A member may deposit moneys in this part referred to as savings or sight depositaccount in the savings and credit cooperative society in such minimum amount as maybe prescribed in the By-laws \KK ha s no limit of members savings/deposits s o each one is allowed to deposit anyamount becaus e dividend s ar e pai d i n both contribution s an d shares alike. Anothe radvantage is that the more deposit in ones' account, the more loan potential they havebecause they can borrow three times the amount of their savings.Records show that some members have deposits reaching as high as Tshs. 11.0 Million,giving the m a chance to borrow about Tshs . 33.0 Million a t once . At this moment ,contributions (savings ) ar e th e majo r sourc e o f funds. U p to 31 st December 2003 ,members savings were Tshs.4,194,747,929/=.