The College of Medicine Staff Cooperative Investment & Credit Society was established on the
20 th day of March, 1982. The Society was registered under section 7(1) of the Cooperative
Society Law, Cap. 27 of the Oyo State of Nigeria Laws of 1978 with registration Number 4765.
The main objectives of the Society are to promote the economic interests of members in the
following ways:
• By the creation of funds to be lent to membersfor necessary or productive purpose.
• By the provision of facilities for the accumulation of funds by members without such
• savings being removed from their control;
• By any other measures designed on Co-operative principles to encourage among its
• members the spirit and practice of thrift, mutual help and self-help;
• By acquiring of shares in viable and going concerns;
Buying of Development Stocks, Treasury Bills, securities guaranteed by the
Government.
Admission of members into the Society comes up twice in a year. (i.e April & September of every year).
The following are the steps to be followed to become a member of the Society:
An application letter should be written
by the applicant to the Society.
Applicant will be invited to the Secretary’s
office for briefing about the Society
A Terms and conditions leaflet will be given to the applicant to read through
At the agreement of the applicant to all terms and conditions,
the list of the qualified applicants will be presented to the Exco
for screening and approval at the business meeting.
The approved applicant will pay the sum of one thousand naira only (N1,000.00) as entrance fee to the Society’s bank account.
An official receipt will be issued at the Cooperative Office after the submission of the payment teller.
Entrance, bio-data and authority to deduct forms will be given to the applicant to be completed and to return the same to the Information Technology Unit section of the Society where membership number will be generated to the new member.