Cash Prize Draw Rules

Black Raven Credit Union Ltd – Draw Rules

1. Draw to commence in 2007 subject to achieving a satisfactory number of entrants as determined by the

2. Board of Directors of Black Raven Credit Union Ltd. (hereinafter called the Board of Directors) and will continue quarterly thereafter until the Board of Directors deem otherwise

In the event of insufficient numbers the draw may be suspended, or discontinued, or alternative prizes may be given at the discretion of the Board of Directors.

3. Participation in the draw is limited to eligible members of Black Raven Credit Union Ltd who are aged 18 or over on the date of the draw and is limited to one entry per member per draw. Eligibility for participation in the draw is open to all members who have €12.70 or more savings and are regularly contributing sufficient to their savings to cover the cost of the subscription to the draw whether by way of salary deduction, standing orders to the credit union.

4. The subscription will be €1 per week and will be applied to a special Draw fund from salary deduction.Where salary deduction does not apply, subscription will be deducted monthly from savings.

5. If a member has joined during the month and has paid in the full amount, this person will not be included in the draw – he/ she must have paid in a minimum of €4.33 in the month. In this case, the amount contributed will be carried forward to the next month.

6. All draws will be held in a public place on a date specified by the Board of Directors under the supervision of a member of the Supervisory Committee of the Credit Union.

7. The draw will be a non-profit making and any surplus funds will be disposed of by way of additional prizes. The amounts of any additional prizes will be at the sole discretion of the Board of Directors

8. All legitimate expenses and over heads relating to the set up and the operation of the draw will be borne out of the draw fund.

9. Financial accounts at each year end will be audited and presented to AGM.

10. Each entrant will be allocated a draw number by the Board of Directors. A register of entrants and their respective draw numbers will be held at the Credit Union office.

11. Where there are multiple draws for additional prizes the order of the draw will be decided in advance by the Board of Directors

The winning members will be notified and the winners name will be published.

13. 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 with-hold any funds won by the member until the arrears have been paid or the default has been rectified. Such decision of the Board of Directors will be notified in writing to such member and if within seven days of the member being notified , he/ she fails to comply with the requirements of the Board of Directors in relation to such arrears or default, they shall be entitled to 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 such decision can be made by delivering same to the member personally or by posting same to him/ her by registered post in which case the date of receipt will be deemed to be two working days after the date of posting.

14. The decision of the Board of Directors of Black Raven Credit Union Ltd concerning the interpretation of the foregoing rules or any matter pertaining to the monthly draw will be final and not subject to appeal.

15. Members wishing to withdraw from the Prize Draw must indicate this in writing.

16. Changes in the rules of the draw must be approved by the Board of Directors.