Home Who we are Where we are Laboratories Projects Territory Support us News Let's try another way The Social Loan On October 15, 2011, the Magnolia shareholders' meeting approved the Regulations for the management of social loans WHAT IS THAT' The social loan constitutes a form of financing of the cooperative society which takes the form of the contribution by the members of repayable capital, against which interest is paid. With the social loan, the cooperative can count on a medium / long-term loan, and a liquidity reserve for the ordinary management of the activity, saving on the interest it is currently paying to the banks on advances (which instead would benefit the financing members ). TO KNOW MORE' Who can make loans to Magnolia? People who have been registered in the Magnolia shareholders' register for at least 3 months. Is the shareholder obliged to subscribe to the social loan for Magnolia? - No, the member is under no obligation to make loans to Magnolia. It does so only if it wishes. Is it possible to make loans to Magnolia without asking for interest? - Yes, the loan can be interest-bearing (now the interest rate of 2.50% on an annual basis is applied), or non-interest-bearing: the interested party decides as he wishes when opening the loan book. Naturally, the tax withholding required by law is carried out on the interest accrued. What does Magnolia do with the money from the loans received? - It uses them as available cash, so as to make use of bank advances as little as possible, which are very expensive for the interest to be paid, when there are delays in the payment of our invoices by the ASL or Magnolia has to face important expenses for improve the service. How is the loan opened? - Magnolia and the shareholder sign a social loan agreement which describes the conditions and methods for making the loan, and in particular this information is marked: a) how the payments and withdrawals are made by the shareholder, b) how they are adjusted the interest (if the shareholder has chosen the interest-bearing type for the loan), c) how the interest is quantified and paid. What remains in the shareholder's hand when he has made a loan? - The member is issued, after signing the social loan agreement, a 'booklet' in his name where the payments he makes are recorded every time. The content of this booklet is confidential, it is known only by the shareholder and by those who manage the loan operations in Magnolia. Does it have to be the member who makes the payments? - The lending shareholder can delegate in writing one or more persons, including non-members, to carry out payment and / or withdrawal operations on their own account. What he can never delegate is the opening and closing of the 'contract' How can deposits be made? The payment can be made in cash, up to 500 euros at a time, or by bank and / or circular checks and bank transfers made out to Magnolia. How does Magnolia repay the loan when requested? - Magnolia makes the reimbursement to the shareholder by wire transfers or by bank and / or circular checks made out to him. What happens to the money paid to Magnolia if the loan is closed or in the event of death? - The loan is immediately blocked and the money paid and the interest accrued are made available to the shareholder or, in the event of his death, to his heirs. If the conditions of the loan were to change, how to know? - Magnolia informs the shareholder in writing of everything regarding the social loan at least once a year and whenever necessary; the shareholder has the right to withdraw from the loan within 15 days of receiving the communication, if the new conditions no longer suit him. Regulation The 5x1000 with Magnolia Click on the images for details Site Map | Printable version | © 2008 - 2014 Via G. di Vittorio, 6 35028 Piove di Sacco (Pd) CF /P.IVA 00405930280 | Powered by mojoPortal | XHTML 1.0 | CSS | Design by QuickerSite / Artisteer Home Site Map Search for Sign in Come in