Cash Draw Terms and Conditions
1. The draw will commence when sufficient members participate and will continue thereafter until the Board of Directors deem otherwise.
2. The value of the prizes will vary, depending on the amount of funds generated from member’s participation and the value of the prizes will reflect this. The amount and number of prizes will be determined by the Board of Directors after the closing date for entries and these will be notified to all participating members by way of public advertisement before the draw takes place.
3. Participation in the draw is limited to eligible members of St. Jarlath’s Credit Union and must be 18 years or over to qualify for entry to the draw.
4. Winning members will be notified personally and the winners name and photograph will be made public.
5. All draws will be held publicly under the supervision of at least one member of the Supervisory Committee and one member of the Board of Directors.
6. Participation will be limited to ONE entry per account.
7. A register of entrants will be held at the main Credit Union office.
8. Membership of the draw must be completed prior to participation and no entry is valid unless full fees are paid and credited in advance.
9. Financial accounts at each year end will be audited by the auditor and presented at the AGM.
10. The draw will be NON-PROFIT MAKING and any surplus funds will be disposed of by way of extra draws.
11. All eligible members can elect to participate in the draw ONLY if written authorisation is recieved or delivered to the Credit Union office. Members who do not wish to remain in the draw must notify the Credit Union writing of the intention.
12. In the event that the winning member is the person who is in arrears or in default in fulfilling any financial commitment or obligation to the Credit Union, the Board of Directors may make a decision to withhold delivery of the cash won by the member, until the arrears have been paid or the default has been rectified. Such decision of the Board of Directors shall be notified in writing to such members. If within seven days of the member being notified, he/she has failed to comply with the requirements of the Board of Directors in relation to such arrears or default, they shall be entitled to use the winnings and pay over to the member being notified, he/she has failed to comply with the requirements of the Board of Directors in relation to such arrears or default, they shall be entitled to use the winnings and pay over to the member the net proceeds after deducting any such arrears or paying any monies required, to remedy such default.
13. It is the member/participants sole responsibility to ensure that sufficient funds are in place at the relevant time to enable their entry to be included. The Credit Union has no obligation to notify members with insufficient funds in their account.
14. Members will not be included in the draw if they have insufficient funds in their account to participate, in the event account closure or if the member is deceased.
15. The decision of the Board of Directors of St. Jarlath’s Credit Union concerning the foregoing rules or any matter arising from the monthly draw will be final and not subject to appeal.