Main Street, Scariff, Co. Clare & Main Street, Killaloe, Co. Clare - Part of Your Community

Cash Draw Rules

Rules, Terms & Conditions.

  1. The Draw commenced in January 2016 and takes place 4 times per annum, once each Quarter, until the Board of Directors decide otherwise.
  2. The entrance fee of €7.50 per quarter per member will be deducted in advance from savings or as defined from time to time by the Board of Directors. If there are insufficient funds in your account at the date of funds request by Derg Credit Union Limited, then you will NOT be included in the Draw for that quarter.
  3. Participation in the Draw is limited to eligible members of Derg Credit Union Limited and they must be over 18 years on or before the draw date. Eligibility is defined as being a Member of Derg Credit Union Limited, with full voting rights in accordance with the Credit Union Act, 2012 and subsequent amendments.
  4. Winning members will be notified personally.
  5. All draws are computer generated and independently verified.
  6. Entry is limited to ONE person per account.
  7. A register of entrants will be maintained at the Credit Union offices. This personal data is held in strict compliance with our obligations under Data Protection Regulations, and will not be shared with any parties not authorised to receive it.
  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 for the Members Cash Draw are held separately from other funds of the Credit Union and are not part of the Assets of Derg Credit Union. Such funds are, at each year end, audited by the Credit Union appointed Auditor and the financial statements of the Members Cash Draw are published, distributed to ALL Members, and the details are presented at the Annual General Meeting.
  10. The draw is non-profit making. All surplus funds each Quarter will be disposed of by way of extra draws or extra cash
  11. Only one prize per member per draw is permitted.
  12. All eligible members who elect to participate in the draw can ONLY do so if their written authorization is received or delivered to the Credit Union offices at commencement stage OR any time the Board of Directors deem appropriate.
  13. Members who do not wish to remain in the draw must notify the Credit Union in writing of their intention to cancel their Membership. On cancellation, the Member will not be entered into any future Draws.
  14. In the event that the winning member is a person who is in arrears or in default in carrying out 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 all arrears of such member have been repaid or the default has been rectified. Such decision of the Board of Directors will be notified in writing to any such affected member and 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, the Board of Directors, as a condition of this Members Draw scheme, shall be entitled to appropriate the winnings in satisfaction/partial satisfaction of the Members’ liabilities to Derg Credit Union Limited, and on disbursement of such winnings, the Credit Union will pay over to the winning member the net proceeds after deducting any such arrears or paying any monies required to remedy such default. Notice of the Board of Directors decision will be delivered to the member personally or by posting same to him/her by post in which case the date of receipt will be deemed to be two working days after the date of posting.
  15. The decision of the Board of Directors of Derg Credit Union Limited concerning the foregoing rules or any matter arising from the quarterly draw will be final and not subject to appeal, and no correspondence will be entered into regarding such decisions. Nothing in this, effects the Members Statutory rights.