About Eternal Member Certificates

1.0. How many certificate holders have already joined and what is the total amount of the capital raised so far?

In the development and implementation phase of B of Joy we keep this information confidential. For the current players there is too much at stake. When there is enough grass roots support we are a threat to their money making system. However, we try to be as transparent as possible. As soon as the support of volunteers, supporters, sponsors, certificate holders and participants has enough volume, we will hold a general meeting and publish this information.

> Update 2018. Download here the PDF-file together with the additional letter from the founder of the B of Joy about the state of affairs. During the Lectures we announce that more than 6.500 people are already connected to our initiative and this in several countries. They are sympathizers (among others via social media, not taking into account Twitter followers), volunteers, supporters, donors, EMC- and Bail-free holders. For more background information go to FAQ 3.5.

1.1. How many certificates do people buy on average?

It's not about the average. We welcome everybody who contributes towards helping B of Joy (BOJ) to become a truly sustainable bank. If the amount to buy a certificate is too high, it is also possible to become a BOJ supporter for as little as 25 euro.

1.2. Is my personal data safely protected after registration and purchase of Member Certificates?

Yes, your data is fully protected. We take care with your data and share no information with third parties.

1.3. What is the purpose of the deposited money of the Member Certificates?

One of the conditions for the application of an Internet bank license is that, depending on the exchange rate at that time, a cash amount of 1.2 million euro is available as coverage (equity) for the start of the bank. Your money will be used therefore as equity for a solid funding of the bank and stays as such, under the supervision of B of Joy.

1.4. What happens when the Internet bank license isn’t granted?

In that case, the money will be, after deduction of the costs incurred, used by the United People Foundation to apply for partial bank permits with the AFM and DNB. With these permits we will, via the cooperative, still be able to offer financial services to all supporters and participants. To be able to create checking and savings accounts (demand deposits) permits are obligatory. The remainder of the money stays within the cooperative, of which you are a part owner, and if you desire, a member for the first year.

1.5. Can I resell my Eternal Membership Certificates to United People Foundation?

These Member Certificates are, as the name says, everlasting. This way of issue is the only way possible in the Netherlands, for participations under 100.000 euro. This way of funding the cooperative has been prepared in consultation with our fiscal law team. All other types of issuing certificates have a license obligation which is very costly and time consuming. The Member Certificates are numbered, are registered by name, they have a lifelong ownership but can, on death, be transferred to your rightful heirs. Reselling certificates to the United People Foundation is therefore not possible.

1.6. What are my returns after I invested in the Eternal Member Certificates of B of Joy?

Once B of Joy, as a full-reserve cooperative community bank (under formation), has got an internet bank license, it will start working as a savings and investment bank. B of Joy does not work with interest. The activities of the bank are cost-effective and revenue is generated. The revenues are paid out annually to the holders of the certificates. We call these returns on investment F.E.E.S, because the returns of the activities, in addition to Financial benefits, also have Ecological, Emotional and Social benefits. These core values contribute to the higher goals of B of Joy.

1.7. Can member certificates be bought only once or multiple times?

You can buy member certificates as often as you want. This does not affect your voting rights. You always have one single vote within the cooperative. If there are changes in the issuance policy of member certificates, we'll inform you by e-mail, newsletter and/or we’ll announce it on our websites.

1.8. Is there a minimum age for the purchase of Membership Certificates?

For the purchase of the B of Joy Member Certificates one must be 18 years of age or older. However, Member Certificates can be donated to third parties of all ages. The purchase form ALL PERSONAL DATA is then completed concerning the individual to whom the Member Certificates are to be donated/issued.

ATTENTION: If you already participate in The B of Joy and have your own UPF account, you can NOT USE these for donations to third parties. You will then have to create a new USERNAME and an E-MAILADRES yourself. Click here to create a free email account quickly and easily.
You will receive a payment confirmation and all other information on the new e-mail account in order to be able to log in to United People Foundation (UPF) from now on. Finally: The payment of the Member Certificates is of course made on behalf of the donor's bank account. Good luck with the donations!

1.9. Is it for obtaining the banking license also important that the Member Certificates are bought by many different people?

Or does only the limit of about 1.2 million euro matter for obtaining the banking license? For B of Joy, it is important to have at least 10,000 certificate holders at the start. It forms the critical mass and the necessary base for the cooperative. The more certificate holders have joined, the more powerful the changes will be. To apply for the banking license it is not necessary to reach the number of 10,000 certificate holders. The amount of 1.2 million, however, is of crucial importance.

1.9.1. Supporters can benefit from a free membership during the 1st year via their participation. What about the 'Eternal Membership Certificate' (EMC) Holders? Do they have the same right?

No, EMC-holders are joint proprietors and shareholders of the bank's own property. A return will be remitted yearly. EMC-holders are not obliged to membership. However, if an EMC-holder (active) wants to participate in the cooperation society and in the General Member Meeting (GMM), one has to become an actual member. Please refer to webpage concerning the Eternal Member Certificates. The role of the partners resides in the fact that they offer a contribution in the development of the application for a banking license and this without becoming an actual member. By way of thanks for their contribution, and if they wish, they can become a member of B of Joy in formation during the first year. Please refer to the webpage 'Supporters' to read more.

About United People Foundation

1.9.2. Is the United People Foundation a foundation or a cooperative company?

The United People Foundation (UPF) is a foundation which is registered with the Chamber of Commerce under number 56595220.

2.0. Other important FAQ questions can be found on: https://bofjoy.net/faq.html

Click on: https://bofjoy.net/faq.html and read more.