Table Of Contents
1. Interpretations
2. Name, Address And Areas Of Operation
3. Objectives Of The Society
4. Membership And Liability
5. Constitution And Duties Of General Meeting
6. The Management Committee
7. The Audit And Other Committees
8. Creation Of Funds
9. Use And Custody Of Funds
10. Loans
11. Disposal Of Surplus
12. Books Of Accounts
13. Liquidation
14. Miscellaneous Provisions
15. Amendment Of By laws
16. Certification
1. Interpretation
All Words And Expression Used In These By-Laws Have The Meaning Respectively Assigned To Them Under Section 2 Of The Cooperative Societies Law, Chapter 15 Of The Laws Of Lagos State Of Nigeria, 2003.
In
Particular, The Following Words Or Expression Shall Have The Meaning
Respectively Assigned To Them Below;
1.1 “Financial Year” Means The Period Of Twelve Months Beginning On 1st January And Ending On 31st December”, The Same Year.
1.2 “The Law” Means The Cooperative Societies Law Chapter 15 Of The Laws Of The Lagos State Of Nigeria (2003).
1.3 “By-Laws” Means The Registered By laws Made By A Society In Exercise Of Any Power Conferred By This Law And It Includes A Registered Amendment Of The By laws.
1.4 “Officer” Includes An President/Executive Director, State Directors, Area Directors, Unit Directors, General Secretaries, Treasurers, Ex-Officio Members Of Committee Or Other Persons Empowered Under The Regulations Or By laws To Give Directions With Regards To The Business Of A Registered Society.
1.5 “Person” Includes Any Company Or Association Or Body Of Person Corporate Or Incorporate
1.6 “Regulation” Means Regulations Made Under This Law As Amended From Time To Time.
1.7 “The Director” Means The Director Of Cooperative Services.
1.8 “Management Committee” Means The Governing Body Of A Registered Society To Whom The General Management Of Its Affairs Is Entrusted.
1.9 “Member” Includes A Person Or Registered Society Admitted To Membership Of The Society In Accordance With The By laws And Regulations.
1.10 “Dividend” Means A Share Of The Profit(S)/Surplus Of The Society Divided Among Its Members In Proportion To The Members' Savings From Which The Appropriated Surplus Of The Society Were Derived.
1.11 “Functional Committee” Means An Appointed Body Of Persons Within The Society To Whom Specific Duties Are Delegated By The Society. Criteria For Membership Must Be Met.
1.12 If There Shall Arise Any Doubt Regarding The Meaning Or Intention Of These By laws, The Matter Shall Be Referred To The Director For His Ruling.
2. Name, Address And Area Of Operation
2.1 The Society Shall Otherwise Be Known As Man O’ War Nigeria Cooperative Multipurpose Society.
2.2 Its Address Shall Be Rd.112, Mosque Street, House 13,Supreme Court Quarters Fhe Karu Abuja.
2.3 The Area Of Operations Of The Society Shall Be Within Nigeria And Beyond Where The Society Might Have Interest.
3. Objectives Of The Society:
Man O War Nigeria Cooperative Multipurpose Society (Mown-Cms) Is A Man O War Nigeria Membership-Based Initiative That Provides Youth Employment, Grants, Food, Medical Aid, Business Training & Affordable Microfinance, Among Other Innovative Support Schemes; Leading To Improved Quality Of Life, Income Profiles And General Welfare Of Its Members
The Objects Of The Society Are To Promote The Economic Interests Of Its Members And Especially;
To Acquire Acres Of Land For Sale Or Development For Housing, Commercial Or Industrial Purposes As A Form Of Investment For The Economic Benefit Of Members And Non-Members Alike As Occasion May Warrant;
To Acquire Or Pool Members' Farmlands For Large Scale Arable And Livestock Farming;
To Cultivate Such Land For Food And Cash Crops And Also Rear Livestock, Including Poultry, Piggery, Fishery Etc
To Undertake Or Invest In New Ventures Beneficial To The Members And The Society As Approved By The Management Committee. These Include Project Financing, Production, Restaurant Business, Bars, Guest House, Supermarket Chain, Trading Company, E.T.C.
To Encourage Fixed Deposits From Members Out Of Which A Fund May Be Established For Giving Short-Term Loans To Members, To Acquire Stock Of Shares And Other Rewarding Ventures;
To Raise Capital And Do Such Other Things As Are Necessary For The Attainment Of These Objects;
To Set Up Small And Medium Scale Industries; E.G Food Packaging And Cottage Industry Efforts Etc.
To Produce, Package And Sell Economic And Viable Items For The Benefits Of Members
To Operate Warehouse And Cold Room Facilities For The Storage Of Consumer And Producer Goods And Let Out These Facilities To Interested Parties;
To Manage Financial Portfolios Carefully By Entering The Stock Market For Investment In Stocks And Financial Futures Options’ Market. In This Way, The Society Shall Become Part Owners In Businesses That Produce Goods And Services That Members Buy;
To Seek Loans For Industrial/Housing Development From Banks, The Cooperative Circle And Other Financial Institutions;
To Undertake Real Estate Activities For The Benefit Of Members And The Society.
To Take Measures That Would Promote Among The Members, The Spirit Of Thrift, Mutual-Help And Self-Help Based On Cooperative Principles;
To Engage In Consultancy And Any Other Economic Or Social Activity.
To Provide Credit Facilities To Members At Fair And Reasonable Rate Of Interest For Provident And Productive Purposes;
To Encourage Regular Savings Amongst Members So That Each Member May Cultivate The Habit Of Making Savings At Least Once Weekly, With A View To Building Up Funds For Their Individual Future Use;
To Stock Consumer And Producer Goods For Distribution To Member And Non-Member; (With Priority To Members) At Fair And Reasonable Rates Of Interest;
To Serve As A Platform For Financial Inclusion In Man O War Nigeria With Special Focus On Less Privileged Members.
To Empower Low Income Earners In General But With Special And Specific Considerations For Man O War Nigeria And To Create Wealth Through Business Development Activities.
To Promote A Savings Culture Among Low Income Earners In General But With Special And Specific Considerations For Man O War Nigeria
To Provide Financial Literacy, Entrepreneurial Skills And Training To Enable Beneficiaries To Create And Manage Wealth Through The Application Of Proven Wealth Creation Principles.
To Provide A Platform That Facilitates Capital Accumulation Among Low Income Households In General But With Special And Specific Considerations For Man O War Nigeria Through A Disciplined Savings Culture And The Creation Of Cash Flow Activities Thereby Enabling Participation In Active Business Development And Economic Activities.
To Provide Platforms That Enhances Corporate Governance, Agro Chain Development, Risk Management, Social Advocacy, Enterprise Development And Support In General But With Special And Specific Considerations For Man O War Nigeria.
Provision Of Credit To Economically Active Less Privileged People In General But With Special And Specific Considerations For Man O War Nigeria, Including Formal And Informal Self-Help Groups.
Promotion
And Monitoring Of Loan Usage Amongst Beneficiaries In General But With Special
And Specific Considerations For Man O War Nigeria By Providing Ancillary
Capacity Building In Area Such As Record Keeping And Small Business Management.
Provision Of Loan Disbursement Services For The Delivery Of Credit Program Of Government, Agencies, Groups And Individuals For Poverty Alleviation In General But With Special And Specific Considerations For Man O War Nigeria.
Operation Of Micro-Leasing Facilities, Micro-Housing, Micro-Finance Related Hire Purchase And Arrangement Of Consortium Lending And Supervise Credit Schemes To Ensure Access To Financial Inclusion In General But With Special And Specific Considerations For Man O War Nigeria.
To Improve The Income Of Less Privileged Youth And The Financially Challenged In General But With Special And Specific Considerations For Man O War Nigeria.
To
Improve Food Security And General Living Conditions Of Females In General But
With Special And Specific Considerations For Man O War Nigeria.
-
Micro-Credit Provision Platform
-
Money Management Services
-
Small Business Capacity Building
-
Financial Advisory
-
Retirement Planning
-
Small Business Loans & Risk Management
-
Decide The Most Suitable Job Or Investment Options For Them Based On Their
Life/Financial Goals.
-
Access Credit Where Necessary Based On Well Structured And Assessed Repayment
Plans.
-
Manage Their Finances Better And More Efficiently Using Superior Wealth Growth
Strategies.
- Get
Exposed To Money Making, Wealth Building Lifestyles And Investment Options.
- Access Investment And Risk Management Packages That Improve On Their Present Bottom Lines By At Least 20-30% In Most Cases.
**Other
Benefits To Members Include:
·
Out-Right Application For Grants From The
Cooperative
·
Free Insurance Consulting
·
Free Finance Consulting
·
Free Business Consulting/Re-Structure
·
Free Credit Appraisal
·
Free Capital Market Advisory
·
Free Personal Consulting
·
Need-Based Mentoring
·
Development Of Bankable Business Plans.
·
Facilitation Of Procurement Of Business Equipment.
·
Provision Of Entrepreneurship Training & Services.
· Facilitation Of MSMEs Participation In Trade Fairs
To Take
Other Measures Designed To Encourage The Spirit And Practice Of Cooperative And
Self-Help Among Members.
- Director, Compliance, Monitoring & Control
- Director, Membership Mobilization & Management
- Director, Human Resources Mgt. & Training
- Director, General Administration
- Director, Finance & Accounts
- Director, Loan & Risk Management
- Director, Programme Development
- Director, Information And Communication Tech.
- Director, Private Public Partnership
- Director, Recovery
- President/Executive
Director
- Compliance, Monitoring & Control Officers
- Membership Mobilization & Management Officers
- Human Resources Management & Training Officers
- General Administration Officers
- Finance & Accounts Officers
- Loan & Risk Management Officers
- Programme Development Officers
- Information And Communication Technology Officers
- Private Public Partnership Officers
- Recovery Officers
4. Membership And Liability
This Is A Membership-Based Cooperative And Thus Is Restricted To All Genuine Members.
4.1 Membership:
The
Membership Of The Society Shall Be Open To;
A)
All Persons Who Are Members Of The Society As At The Time Of Filling The
Application For The Registration As A Co-Operative Society;
B) Anyone Who Applies And Is Admitted In Accordance With These By laws.
4.2 Qualification
For Membership:
Every
Member Of The Society Must Be;
A) Of
Good Character
B) Of
Not Less Than 18years Of Age Except In The Case Of An Heir And Dependents Of
Registered Members And Where The Director Grants Exemption From This
Qualification.
C)
Any Other Category Of Person(S) Approved By The Management Committee Of Members
As Qualified To Be Members Of The Society.
4.3 Admission:
A) Application For Membership Shall Be Made By Filling A Membership Form, Which On Completion Shall Be Submitted To The Administrative Department Of The Society (Physically Or Electronically).
B) All Application For Membership Shall Be Approved By The President/Executive Director/Management Committee (Physically Or Electronically).
C) Every Application For Membership Shall Be Accompanied With A Non-Refundable Entrance Fee Of N3,000.00 (Three Thousand Naira Only), Or Any Such Amount Which Shall Be Determined From Time To Time By The Management Committee And Specify Among Other Things, The Minimum Monthly Savings To Be Made By The Applicant (Which Is Currently Set At N4,000) Or Any Such Amount Which Shall Be Determined From Time To Time By The Management Committee.
D) Declaration Of Obligation: Every Member, On Joining The Society And In Application For A Loan From The Society Shall Render To The Management Committee, A True And Complete Statement Of His Indebtedness To Other Societies Or Organization.
4.4 Liability
Of Members And Past Members:
4.4.1
The Liability Of Members For Debts Incurred By The Society Shall Be Determined
By The Liquidator Appointed By The Director Vide Section 56 Of The Law.
4.4.2
A Past Member Shall Be Liable For The Debts Of The Society, As They Existed On
The Date When He Ceased To Be A Member For A Period Of Two Years From The Date
On Which He Ceased To Be A Member And;
4.4.3 The Estates Of Deceased Member Shall Be Liable For The Debts Due By The Society As They Existed As At The Date Of His Demise For A Period Of Two Years After His Death.
4.5 Nominees:
Every
Member Shall In Writing (Physically Or Electronically).
Nominate One Person To Whom His Shares Or Interest Shall Be Transferred To, In The Event Of Such Member’s Death Or Becoming Permanently Insane. The Member May, At Any Point In Time, Change His Or Her Nominee. The Name And Address Of The Nominee Shall Be Entered In The Register Of Members And The Member Shall Sign All Alterations. If Not Admitted To Membership The Nominee Shall In Case Of Death Or Permanent Insanity Of The Member, Be Paid The Value Of The Share Or Interest, Less Any Sum Due To The Society.
4.6 Termination/Withdrawal
Of Membership:
Membership
Shall Be Terminated By;
A)
Death;
B)
Permanent Insanity; Or
C)
Withdrawal Shall Be By One Month’s Notice Conveyed In Writing (Physically Or
Electronically) To The Management Committee Provided That The Withdrawing
Member Is Neither Indebted To The Society Nor Surety For An Unpaid Debt; And
D) Expulsion Under Provisions Of By law 4.8 (Below).
4.7 Re:
Admission Into Membership:
Any Past Member May Re-Apply For Membership After A Reasonable After A Reasonable Interval Of Not Less Than Six (6) Calendar Months From Date Of Withdrawal From The Society Or As Approved By The Management Committee.
4.8 Expulsion:
A
Member May Be Expelled For;
A)
Repeated Failure To Make Thrift Savings As Laid Down In By law 8.7
B)
Repeated Failure To Make Up For Debts Due From Him/Her To The Society Over A
Reasonable Time Limit;
C)
Conviction On A Criminal Offence Involving Dishonesty Like Fraud, Financial
Impropriety, Etc; And
D)
Misconduct Or Other Acts Contrary To The Stated Objectives Of The Society Or To
The Interests Of The Cooperative Movement. When Membership Terminates Owing To
Death, Permanent Insanity Or Expulsion, The Society Shall Pay As In The Former,
To The Nominee/Beneficiary, Or If None Was Nominated, Then To The Legal
Representative And/Or The Latter, To The Expelled Member, The Sum Of His Credit
Less Any Sum Due To The Society.
4.9 Dues
To Members:
Any Money Due On Any Account From This Society To A Member Or A Past Member Shall First Be Offset From The Members’ Credit Or Liability He Has Guaranteed.
4.10 Membership
Register:
Every Member, On Admission And On Payment Of The Appropriate Entrance Fees Shall Fill And Submit The Membership Acknowledgement Form And Receive A Membership Identification Card As An Evidence Of Membership. By This, He/She Acquires The Right Of Full Participation In The Affairs Of The Society And Assumes All Obligations Relating Thereto.
5.0 Constitution And Duties Of General Meeting:
5.1 Powers
Of The General Meeting:
The Ultimate Authority Under Law In All The Affairs Of This Society Shall Be The General Body Of Members Who Shall From Time To Time Meet To Review And Direct The Work Of The Society.
5.2 Quorum:
The Presence Of At Least A Quarter (1/4) Of The Members Shall Be Necessary For The Disposal Of Any Business At The General Meeting. If No Quorum Is Formed At A Meeting, An Adjournment May Be Made For A Period Not Less Than Seven (7) Days Or More Than Fourteen (14) Days. Thereafter, The Number Of Members Present At Any Such Adjournment Shall Form A Quorum.
5.3 The
Annual General Meeting (Agm):
The Agm Shall Be Held Within The First And Second Quarters Of The Succeeding Year After The Annual Statements Of Accounts Have Been Prepared And Approved By The President/Executive Director.
5.3.1
Duties Of The Annual General Meeting:
These
Shall Include;
1. Receiving A Report On The Preceding Year’s
Operations Of The Society With The Statement Of Accounts From The Management
Committee;
2. Dealing With Any Communication Received
From The President/Executive Director;
3. Appointment/Re-Appointment Of The Management
Committee Members For The Ensuing Year; And
4. Other Matters As Presented By The Management Committee.
5.4 The
Duties Of The Ordinary General Meeting:
When
Necessary An Ordinary General Meeting Shall Be Conveyed To;
1. Suspend Or Remove From Office, Any Member
Of The Management Committee In Accordance With These By laws;
2. Confirm The Expulsion Of Member(S);
3. Amend Or Repeal Any Existing By laws Or
Enact A New By law In Accordance With By law 15 And
4. Dispose Of Any Other Business Duly Brought Before It.
5.5 Meetings:
A)
The Notice Required For All Types Of General Meetings From The Commencement Of
These By laws Shall Be Twenty-One (21) Days From The Date On Which The Notice
Was Sent Out;
B) A
Resolution Shall Be An Ordinary Resolution When It Has Been Passed By A Simple
Majority Of Votes Cast By Such Members Of The Society As Being Entitled To Do
So, At A General Meeting Of Which Seven (7) Days Notice, Specifying The
Intention Of Passing The Resolution As An Ordinary Resolution Has Been Duly
Given; And
C) A
Resolution Shall Be A Special Resolution When It Has Been Passed By Not Less
Than The Three-Fourth Of The Votes Cast By Such Members Of The Society As Being
Entitled To Do So, Who Shall Vote In Person At A General Meeting Of Which
Twenty-One (21) Days Notice, Specifying The Intention Of Passing The Resolution
As A Special Resolution Has Been Duly Given.
D)
All Resolution For The Purpose Of;
A.
Removing A Management Committee Member
B.
Amending The Provisions Of These By laws;
Shall From Time To Time Be Decided By The Management Committee Through A Special Resolution.
5.6 Extra-Ordinary
General Meeting:
A) An
Extraordinary General Meeting May Be Called At Any Time By A Majority Of The
Management Committee Or On A Request From The President/Executive Director Or
From Not Less Than One-Fourth Of The Members Of The Society.
B)
Only The Advertised Object Of Such Proposed Meeting Shall Be Transacted Or
Discussed At Such Meeting.
C) Where The President/Executive Director Convenes Such Meeting He May Direct What Matters Shall Be Discussed At The Meeting And May Not Need To Give 21 Days Notice As In By laws 5.6 (A) Above.
5.7 Voting:
Voting At General Meetings Shall Be By Open Ballot. All Questions Shall Be Decided By A Majority Of Votes Of The Meetings, The Chairman Board Of Trustees Shall Have Casting Vote, If Votes Are Equal Or He May Call For A Second Voting.
6.0 The Management Committee
6.1.1. Subject To The Law, The Regulations And These By laws, The Day To Day Administration Of This Society Shall Be Vested In The Management Committee.
It Also Shall Have Power To Create Sub-Committees/Functional Committees To Which It May Delegate Parts Of Its Functions Provided That A Member Of The Management Committee Shall Head Such Functional Committee(S).
6.1.2 It Shall Consist Of Active Members Over The Age Of 18 And Its Constitution May Be Approved By The President/Executive Director, General Meeting Or The Agm.
6.1.3 The Management Committee Shall Consist Of At Least Seven (7) Members Including The President/Executive Director, General Secretary, Treasurer, Financial Secretary, And Ex-Officio Members.
Where Such Member(S) Reject The Position, The Slot Shall Be Made Open To Any Member Of The Society.
The Management Committee Shall Represent The Various Interest Areas/Units Of The Society, Provided That The Total Membership Is An Odd Number.
6.1.4 The Management Committee Shall Have Power To Lay Down Administrative Rules And Procedures For The Smooth Running Of The Society Provided Such Rules And Procedures Do Not Violate Or Contravene The Spirit And Letters Of The Law, Regulations And These By laws.
6.1.5 It Shall Have The Power To Appoint New Management Committee Member To Fill Any Casual Vacancy Arising Out Of Death, Resignation, Retirement Or Removal Of A Member Of The Committee.
6.1.6 Where The Committee Fills A Casual Vacancy, The Person May Be Approved By The President/Executive Director, General Meeting Or At The Next Annual General Meeting And If Not So Approved, He Shall Forthwith Cease To Be A Management Committee Member.
6.1.7 The Annual General Meeting Shall Have The Power To Increase Or Reduce The Number Of Management Committee Members Provided That Such Reduction Shall Not Bring The Number Below Five.
6.1.8 The Tenure Of Office For A Management Committee Member Shall Be A Period Of Four Years And Shall Cease At The Agm Of The Fourth Year In Office But Shall Be Eligible For Re-Appointment, For The Same Position, Provided That No Management Committee Member Shall Occupy A Particular Position For More Than Two Consecutive Terms.
6.1.9 No Person Other Than Bona Fide Members Of The Society, As Defined By Byelaws 4.1, 4.2 And 4.3, Are Eligible To Be, Or Nominate Members To, The Management Committee.
6.2 Removal
Of Management Committee Members:
6.2.1 The Society May By A Special Resolution Passed At The Annual General Meeting Remove Management Committee Member(S) Before The Expiration Of Their Tenure Of Office.
6.2.2 Where Notice Is Given Of An Intended Resolution To Remove A Member Of The Management Committee Under This Section And Such Member Makes Written Representation To The Society Requesting Notification Of The Said Intended Resolution Of Removal To Members Of The Society, The Society Shall, Unless The Representation Are Received By Not Less Than Seven Days To The Meeting, Send A Copy Of The Representations To Every Member Of The Society To Whom Notice Of The Meeting Is Ordinarily Given.
6.2.3 Where Such Representations Are Unable To Be Sent Out As Required In This Section As A Result Of Its Being Received Too Late Or Due To The Society’s Default, The Aggrieved Management Committee Member May (Without Prejudice To His Right To Be Heard Orally) Require That The Representations Be Read Out At The Meeting; The Foregoing Provisions Need Not Be Complied With If It Is Found And Proved That The Rights Conferred By The Section Are Being Or About To Be Abused. Upon Proof Of Such Abuse, Application Shall Be Made To The President/Executive Director For Endorsement Of Such Non-Compliance With The Above Provisions By The Society.
6.2.4 A Vacancy Created By The Removal Of A Member Of The Management Committee Under This Section Shall Be Filled At The Meeting At Which He Is Removed Or Subsequently As A Casual Vacancy.
6.3 Proceeding
Of The Management Committee:
6.3.1 The Management Committee Members May Meet For The Dispatch Of Business And Generally Regulate Their Meetings As They Deem Fit.
6.3.2 Any Question Arising At Any Meeting Shall Be Decided By A Majority Of Votes And In The Event Of Any Equality Of Votes, The President/Executive Director Shall Have A Second Or Casting Votes.
6.3.3 A Member Of The Management Committee May Not, At Any Time Summon A Meeting Of The Committee Without The Approval Of The President/Executive Director.
6.3.4 A Resolution In Writing, Signed By The President/Executive Director And Any Other One Member Of The Committee Shall Be Deemed Valid And Effectual As If It Had Been Passed At A Meeting Of The Management Committee Duly Convened And Held.
6.3.5 Each Member Of The Committee Shall Be Entitled To A Vote Each At The Management Committee Meetings.
6.3.6 The Quorum Necessary For The Transaction Of The Business Of The Management Committee Shall Be Three (3). The Committee Members Present At A Particular Meeting If There Is A Quorum May Proceed With The Meeting.
6.3.7 Where The Management Committee Is Unable To Act Because A Quorum Cannot Be Formed, The President/Executive Director May Act In Place Of The Committee.
6.4 Honorarium
And Other Payments:
6.4.1
The Honorarium Of The Management Committee Members Shall From Time To Time Be
Determined By The Board Of Trustees And Such Honorarium Shall Not Be More Than
20% Of The Net Surplus (Before Charging The Honorarium) Of The Society For Any
Particular Year.
The Amount Will Be Shared By All The Management Committee Members In Proportions To Be Decided By The President/Executive Director With Input From Other Management Committee Members.
6.4.2 The Management Committee Members As Led By The President/Executive Director, Will Also Be Paid All Travelling, Hotel And Other Expenses Properly Incurred By Them In Attending And Returning From Meetings Of The Management Committee Or Any Functional Committee Of The Management Committee Of The General Meeting Of The Society Or In Connection With The Business Of The Society.
6.4.3 The Honorarium Payment To Management Committee Members By The Society Shall Be Part Of The Appropriation From Its Surplus Or Its Anticipation I.E In Form Of Reimbursement.
6.4.4 The Management Committee Shall Have The Power To Authorize Reasonable Honorarium For Any Member Of The Society Who Carried Out Any Special Assignment On Behalf Of The Society.
6.5 Duties
Of Management Committee Members:
Without Prejudice To The General Powers Conferred On The Committee By These By laws, It Is Hereby Expressly Declared That The Committee Shall Exercise The Following Powers And Duties For And In The Name Of The Society:
6.5.1 To Stand In A Fiduciary Relationship Towards The Society And Shall Observe The Utmost Good Faith Towards The Society In Any Transaction With It Or On Its Behalf.
6.5.2
To All Times Act In The Best Interest Of The Society So As To Preserve Its
Assets, Further Its Business, And Promote The Purposes For Which It Was Formed
And In Such Manner As A Reasonable And Ordinary Skillful Committee Member Would
Act In The Circumstances.
6.5.3 To Ensure That Products Offered By The Society Are Of Good Quality And High Standards Of Workmanship.
6.5.4 To Admit New Members And To Keep A Register Of Members Correctly And Up To Date.
6.5.5. To Prepare And Lay Before The General Meeting A Profit And Loss Account, Audited Balance Sheet And A Budget.
6.5.6. To Consider The Audit And Inspection Reports Of The Auditor And The Director Of Co-Operative Services.
6.5.7. To Purchase, Sell, Build Upon, Lease, Mortgage Or Exchange Any Property Or Land And To Enter Into Any Contracts And Settle The Terms Thereof.
6.5.8. To Ensure Safe Custody Of The Society's Property.
6.5.9. To Pay All Such Expenses, Including Travelling Expenses, As Are Properly Incurred By Any Committee Member Or Person Co-Opted To The Committee Or Sub-Committee In The Execution Of His Duties.
6.5.10. To Issue New And Transfer Old Shares.
6.5.11. To Enter Into Contracts On Behalf Of The Society.
6.5.12. A Management Committee Member Shall Exercise His Powers As Specified In These By laws And Such Exercise Shall Not Constitute A Breach Of Duty, As It Affects A Member Or Paid Employees Of The Society Adversely.
6.5.13 A Management Committee Member Shall Not Delegate The Powers Vested Upon Him Under Any Provision S Of These By laws In Such A Way And Manner As To Constitute An Abdication Of Duty.
6.5.14 No Provisions, Whether Contained In These By laws Or In Any Contract, Shall Relieve Any Management Committee Member Of The Day To Day Act In Accordance With This Section Or Relieve Him From Any Liability Incurred As A Result Of Any Breach Of The Duties Conferred Upon Him Under This Section.
6.5.15 Members Of The Management Committee Shall, Conduct The Affairs Of The Society In Line With The Law, Regulations And These By laws.
6.5.16 The Management Committee Shall Ensure The Maintenance Of True And Accurate Accounts Of All Monies Received And Expended And All The Assets And Liabilities Of The Society.
6.5.17 The Management Committee Shall Lay Before The Annual General Meeting An Income And Expenditure Account And The Audited Balance Sheet For Acceptance Or Rejection.
6.5.18 The Management Committee Shall Examine The Accounts, Sanction The Contingent Exposure And Ensure The Maintenance Of Books And Records As May Be Prescribed By The President/Executive Director.
6.5.19 The Management Committee Shall Consider The Inspection Report Of The Government Co-Operative Staff And Take Corrective Action.
6.5.20 The Management Committee Shall Summon General Meetings.
6.5.21 The Management Committee Shall Assist In The Inspection Of The Books And Records Of The Society By Any Person Authorized To Do So By The President/Executive Director.
6.5.22 Engagement Of Paid Officers: The Management Committee May Engage The Services Of Paid Officers To Assist It Carry Out Its Duties.
6.5.23 The Management Committee (Through Its Legal Machinery) Shall Be In Sole Charge Of Legal Proceedings By Or Against The Society Or Committee Or Its Officers Or Employees In All Matters Concerning The Affairs Of The Society.
6.6 Conducts
Of Duties And Interests:
6.6.1 A Management Committee Member Shall Not Allow His Personal Interest Conflict With Official Duties As A Committee Member Under These By laws.
6.6.2 A Management Committee Member Shall Not, Either In The Course Of The Management Of The Affairs Of The Society Or In The Utilization Of The Society’s Resources/Property, Make Any Secret Profits.
6.6.3 A Management Committee Member Shall Be Accountable To The Society For Any Secret Profit Made Contrary To The Provisions Of Subsection 6.6.2 Above.
6.6.4 Any Management Committee Member Or An Officer Having Resigned From The Society Shall Be Accountable And Can Be Lawfully Restrained From Misusing Corporate Information About The Society.
6.6.5 Where Prior To The Transaction, A Management Committee Member Discloses His Interests To The President/Executive Director, Or General Meeting Before The Transaction And If Profits Are Made, He May Escape Liability; But He Shall Not Escape Liability If He Discloses Only After The Profits Are Made. In This Case, He Shall Account For The Profit.
6.7 Legal
Position Of Management Committee Members:
Management
Committee Members Are Jointly And Severally Responsible For The Society’s
Moneys And Properties In Their Care And As Such Must Account For The Moneys
Over Which They Exercise Control And Shall Refund Money(S) Improperly Paid
Away, And Shall Exercise Their Powers Honestly In The Interest Of The Society
As A Whole And Not In Their Own Or Sectional Interests.
Trustees: The President/Executive Director, General Secretary, And The Treasurer, Shall Be The Trustees Of The Society, It Shall Be Their Duty To Sign On Behalf Of The Society All Legal Documents Including Those Concerned With The Transfer Of Funds Acquisition And Disposal Of Properties In Combinations To Be Determined By The President/Executive Director.
6.8 Duties
Of Officers Of The Society:
Unless Otherwise Stated Or Directed Of The General Meeting, The Following Officers Of The Society Shall Have The Following Duties Assigned To Their Offices.
6.8.1
President/Executive Director (Or
His/Her Assign):
A. Shall
Preside Over All General, Management Committee, And Business Transactional Meetings
Of The Society.
B. Shall
Have Powers To Convene Any Category Of Meeting.
C. Shall
Ensure The Proper Management Of Society’s Activities, Appointing Regional,
State, Area, And Unit Directors/Coordinators That Would Carry On The Activities
at Those Levels.
D. Shall
Have Decisive Vote In Case Of A Tie-Vote
E.
Shall Receive For Approval/Validation, All Committee And Management Reports
F.
Shall Receive For Approval/Validation, All Account Statements
G. Shall Inaugurate All Standing Committees.
6.8.2
Treasurer:
A.
Shall Keep The Records Of Income And Expenditure Of The Society.
B.
Shall Keep Records Of Payment On Loans And Membership Forms Accruing To The
Society.
C. Shall
Chair The Meeting Of The Credit Committee.
D. Shall Perform Other Functions As Directed By The Management Committee As Led By The President/Executive Director.
6.8.3 General Secretary:
A.
Shall Keep And Maintain Correctly And Up-To-Date The Prescribed Books And
Registers.
B.
Shall Procure From Borrowers The Due Execution Of Bonds With Security.
C.
Shall Be The Head Of Secretariat Of The Society
D.
Shall Prepare All Receipts, Vouchers And Documents Required By The Regulations
Or By laws Or Called For, By The Management Committee.
E. Shall
Counter-Sign On Behalf Of The Society And Conduct All Its Correspondences In
Collaboration With The President/Executive Director.
F.
Shall Be A Member Of The Credit Committee.
G.
Shall At The Instance Of The President/Executive Director, Summon And Attend
All General And Management Committee Meetings And Prepare The Secretary’s
Report For The Annual General Meeting.
H.
Shall In Collaboration With The Financial Secretary, Prepare And Submit To The
Management Committee The Annual Accounts And Statement And Certified Copies Of
Entries In The Books Under Section 32 Of The Ordinance.
I. Shall Perform Other Functions As Directed By The Management Committee.
6.8.4
Assistant General Secretary:
A.
Shall In The Absence Of The General Secretary Perform The Functions Of The
General Secretary.
B.
Shall Attend And Record All The Proceedings Of The Meetings Of The Management
Committee.
C.
Shall Assist The General Secretary In The Preparation Of The Secretary’s Report
To The General Meetings.
D.
Shall Assist The General Secretary In The Running Of The Society’s Secretariat.
E. Shall Perform Other Functions As Directed By The President/Executive Director, General Secretary And Management Committee.
6.8.5
Financial Secretary:
A.
Shall Keep The Records Of Income And Expenditure Of The Society
B.
Shall Keep Records Of Payment On Loans And Membership Forms Accruing To The
Society
C. Shall In Collaboration With The General Secretary, Prepare And Submit To The Management Committee The Annual Accounts And Statement And Certified Copies Of Entries In The Books Under Section 32 Of The Ordinance.
D.
Shall Perform Other Functions As Directed By The Management Committee As Led By
The President/Executive Director.
6.8.6
The Secretariat
A.
The Society Shall Have A Secretariat Where Its Activities Shall Be Coordinated.
B.
The Secretariat Shall Be Supervised By The General Secretary And Other
Management Committee Members.
C.
The Secretariat Shall Employ Officers Who Will Work In The Secretariat On The
Day-To-Day Running Of The Activities Of The Society.
D.
Appropriate Entry Point And Conditions Of Service For Any Employed Staff Shall
Be Determined By The Management Committee/President/Executive Director From
Time To Time.
E.
Secretariat Staff Shall Spend Minimum Of 3years Before Promotion Can Be
Considered.
F.
Secretarial Staff Shall Be Entitled To Remuneration, Allowances And Incentives
As Agreed To, By The Management Committee.
G.
Secretariat Staff Shall Be Considered For Confirmation As A Full Staff After
Two Years Of Continuous Service.
H. Secretariat Staff Shall Be Entitled To Gratuity Based On Years Of Service According To The Staff Policy Of The Society.
I. The Management Committee As Led By The President/Executive Director Shall Put In Place A Comprehensive Staff Policy To Spell Out In Clear Terms The Understated;
1.
Procedure For Employment
2. Staff
Strength
3.
Entitlements And Emoluments Like; I. Remuneration, Ii. Annual Leave Bonus, Iii.
Maternity Leave, Iv. Sick Leave, V. Examination Leave, Vi. Direct Loan As
Obtainable In The Federal Civil Service (E.G Car Loan, Correspondence Loan Etc.
4.
Order Of Hierarchy Of Line Staff
5. Reporting
Line
6.
Disciplinary Measure To Erring Staff.
7. Procedure For Disengagement Of Staff. Etc
6.10 Fidelity
Guarantee Of Officers And Employees:
Every Officer Or Employee Of The Society Who Receives Or Pays Out Money On Behalf Of The Society Shall Before Assuming His Duties Furnish A Bond With Sureties And In An Amount To Be Determined By The Management Committee.
In Addition, The Society May Also Take Fidelity Insurance For Its Paid Employees Who Handle Cash Or Stocks On Behalf Of The Society.
6.11 Removal
Of Member Of The Management Committee:
A
Member Of The Management Committee Shall Cease To Hold Office If He;
6.11.1
Ceases To Be A Member Of The Society
6.11.2
Becomes Of Unsound Mind;
6.11.3
Becomes A Paid Servant Of The Society
6.11.4
Is Convicted On Major Criminal Offence And;
6.11.5 Acts In A Manner Prejudicial To The Interest Of The Society And He Is Removed By A Majority Vote Of 2/3 Of Members Present And Voting At A Special General Meeting. The Society May Fill Any Vacancy Arising From Death, Resignation Any Incapacity Or Any Removal.
7.0 Audit Committee:
Audit Committee Which Shall Comprise Of Three Members, Shall Be Appointed At A Management Committee Or Annual General Meeting.
7.1 Duties
Of The Audit Committee:
7.1.1
The Audit Committee Members Shall Meet At Least Once Every Three Months To Make
Or Cause To Be Made An Examination Of The Affairs Of The Society, Which Shall
Include An Audit Of Its Books An Inspection Of The Securities, Cash Account,
Loans And Stock Of Goods And Other Investments.
7.1.2
To Ascertain That All Actions Of The Management Committee Are In Conformity
With The Law, Regulations And These Byelaws.
7.1.3
To Make A Written Report To The Management Committee Of Its Findings Following
Each Examination.
7.1.4
Make An Annual Audit Of Written Financial Statements And Submit Same To The
Annual General Meeting.
7.1.5
To Verify The Passbook Of The Members With The Accounts Of The Treasurer
Annually, While Paying Attention To The Following Checklist:
1. Is
A Receipt Issued For Every Item Of Cash Received?
2. Is
There A Payment Voucher For Every Amount Paid Out?
3. Is
Too Much Cash Kept On Hand?
4.
Are Any Unused Cheques Signed In Blank?
5. Is
The Cash Book Balanced Regularly (Daily, Weekly And Monthly)?
6.
Are All Expenses Approved By The Management Committee And Vouchers Signed By
The President/Executive Director?
7.
Are The Members Balances Compiled Monthly?
8. Do
These Balances Agree With The General Control Accounts?
9.
Are The Minutes Signed By The President/Executive Director And The General Secretary?
10. How Many Loans Are Delinquent?
Name
……………………………………………………………………
Amount
………………………………………………………………..
11.
How Many Loans Are Overdue (A) Within 1 Year (B) Over 2 Years?
12.
What Actions Are Being Taken To Recover Them?
13.
Are All Management Team Or Officers Handling Cash Bonded?
14. Does The Society Carry A Burglary And Robbery Insurance?
15. Has
The Borrower In Addition To The Loan Agreement Entered Into A Special Agreement
With The Society, Authorizing The Society To Claim From His Retiring Benefits
Or Gratuities, Business Failure Etc Any Unpaid Balance Of The Loan In The Event
Of Death, Retirement Or Termination Of Appointment?
16. Has Auditors' Report Been Read And Discussed At A Meeting Of Management Committee?
7.1.6. The Audit Committee Shall Have The Power To Recommend To The President/Executive Director, The Suspension Of Any Officer Or Member Of The Management Committee Or Call A Special Meeting Of The Society To Consider Any Violation Of The Law, Regulations Or The By laws Of The Society.
7.2 The Credit Committee:
7.2.1.
Composition Of The Credit Committee:
The Credit Committee Shall Consist Of At Least 5 Member Appointed By The Management Committee Under The Leadership Of President/Executive Director.
7.2.2
Duties Of Credit Committee:
A) To Process Applications For Loans Against The Background Of The Financial Conditions, Previous Record Of Borrowing, Purpose Of Loans, Ability To Repay Fully And Promptly, And The Character And Financial Standing Of The Sureties And Thereafter Recommend For The Approval Of The Management Committee As Led By The President/Executive Director.
B) To Decide On The Terms Of Repayment Of Loans Granted.
C) To Call For, At Regular Intervals, Comparative Statement Of Delinquent Loans And Reasons For Them In Order To Evaluate The Quality Of Their Worth.
D) The Committee May At Its Discretion Waive A Member’s Contribution Towards The Ordinary Savings During The Currency Of A Loan, The Repayment Of Which May Impose More Hardship On Such Member If He Were To Continue To Make His Normal Saving Along With The Repayment Of His Loan. Alternatively, The Committee May Adopt A Level Plan Payment Which Enables A Borrower Continue A Proportion Of His Total Payment To His Ordinary Savings While Repaying His Loan.
7.3 Property
Development, Investment And Management Committee:
7.3.1 Constitution Of The Property Development And Management Committee:
There Shall Be A Property Development And Management Committee, Which Shall Consist Of At Least Five (5) Members Appointed By The Management Committee And The Headship Of Which Shall Also Be Appointed By The Management Committee.
7.3.2
Duties Of The Property
Development And Management Committee:
A.
Shall Be Responsible For Acquisition Of Any Form Of Landed Properties For The
Benefit Of Members Of The Society.
B.
Shall Ensure That Landed Properties To Be Leased, Bought, Rented Are Free Of
Any Encumbrance.
C.
Shall Be Responsible For Processing All Title Documents Of The Society’s Properties.
D.
Shall Set Guidelines For The Management And Maintenance Of All Properties In
The Society’s Estates.
E. Shall Render A Quarterly Report On The Property Investment Recommendations, Operations And Finances Of The Committee To The Management Committee.
7.4.0
Consumer Products Committee:
7.4.1
Constitution Of Consumer Products Committee:
There Shall Be A Consumer Committee, Which Shall Consist Of At Least Five (5) Members Appointed By The Management Committee And The Leadership Of Which Shall Also Be Appointed By The Management Committee.
7.4.2
Duties Of Consumer Products Committee:
A. To
Arrange For The Purchase Of Commodities Like, Daily Consumable Items,
House-Hold Appliances, Etc.
B. To
Arrange For The Sale Of Commodities Thus Purchased To Members And The General
Public At Reasonable Market Prices.
C. To
Promote A Shopping Platform That Will Be Accessible To Members And The General
Public.
D. To Render A Quarterly Report On The Consumer Products Investment Recommendations, Operations And Finances Of The Committee.
8.0 Creation Of Funds:
8.1 Sources
Of Funds:
The
Funds Of The Society Shall Comprise Of;
8.1.1
An Undetermined Number Of Shares Valued At N100
Each. Minimum Of 100 shares per member.
8.1.2
Yearly Membership Fees(N3,000),
Proceeds From Sales Of Loan And Membership Forms
8.1.3
Savings Of Members As Defined In By law 8.7
8.1.4
Surplus Arising Out Of The Business Of The Society
8.1.5
Interest Received From Loans, And
8.1.5 Miscellaneous Sources As Approved By The President/Executive Director
8.2 Deployment Of Funds:
The Funds Of The Society Shall Be Devoted Only To The Promotion Of The Stated Objectives Of The Society, Or To Any Other Activity Permitted In These By laws, And Any Other Purposes Approved By The General Meeting And The President/Executive Director.
8.3 Share
Holding:
8.3.1
Every Member Shall Hold Fully Paid Shares Of At Least 100 Full Shares At A
Nominal “Value Of N100 Per Share Which Shall Not Be Transferable Except To A
Nominee In Accordance With By law 4.5. The Minimum Share Holding Can Be
Increased Or Decreased By The Decision Of The General Meeting As The Business
Of The Society May Demand.
8.3.2
A Member Will Pay The Full Value Of The Minimum Share Holding On Submission Of
His/Her Membership Application Or As May Be Decided By The Management Committee.
8.3.3
Members Who Do Not Pay The Full Value Of The Minimum Shareholding As Prescribed
Shall Not Be Entitled To Any Bonus From The Investment Of The Share Capital.
8.3.4 A Member Can Hold Any Number Of Shares In Excess Of The Minimum Shareholding But Not Exceeding 20% Of The Total Paid Up Share Capital By All Members At Any Point In Time.
8.4 Withdrawal
Of Shares:
Shares May Not Be Withdrawn Unconditionally, But If At The End Of The Financial Year The Society’s Financial Situation Is Favorable, Management Committee May Repay To Any Member Whose Membership Was Terminated During The Years A Sum Not Exceeding The Amount Paid By Him/Her On Account Of Shares Provided That Not More Than Five Per Cent (5%) Of The Total Paid Share Capital Shall Be Thus Paid In Anyone Year With The President/Executive Director’s Permission.
8.5 Limit
On Shareholding:
No Member Shall Hold More Than One-Fifth Of The Number Of Shares Actually Paid Up By All Members. If Any Member, By Inheritance Or Otherwise, Possesses More Than The Maximum Holding Permitted, The Management Committee, May Sell The Excess Or Buy Them For Disposal By The Society.
8.6 Entrance
Fees/Re-Entry Fees:
Every Member, On Joining The Society Shall Pay An Entrance Fee, As May Be Determined By The Management Committee From Time To Time (N3,000 For Now). While Any Member Who Had Earlier Resigned/Withdrew His Membership Can Only Be Re-Admitted After Not Less Than 6 Calendar Months Outside The Membership Of The Society, And Payment Of Re-Entry Fee’ Which Shall Also Be Decided By The Management Committee From Time To Time (N5,000 For Now).
8.7 Compulsory
Savings:
8.7.1
Every Member Shall Make Regular Thrift Savings, Minimum Of Which Shall Be N4,000.00 (Four Thousand Naira) Monthly.
8.7.2
Savings Shall Be Governed By Rules To Be Framed By The Society Subject To The
Approval Of The President/Executive Director;
8.7.3
The Rate Of Dividend Payable On Regular Ordinary Savings Shall Be Determined
After The Surplus Has Been Ascertained And Necessary Reserves Created; And
8.7.4 No Member Can Withdraw Part Or Whole Of His Compulsory Savings Except On Withdrawal Of Membership.
9.0 Use And Custody Of Funds:
9.1. Internal
Funds
The
Funds Of The Society May Be Held In The Form Of;
A) A
Reserve Fund;
B) A
Depreciation Fund
C) An
Insurance Fund
D)
Development, Educational Propaganda Or Other Funds Approved By The President/Executive
Director;
E) Current Or Saving Accounts, Cash, Term Deposit Or Federal Government Treasury Bill And Stocks.
9.2 Use
Of Funds:
The Funds Of The Society Shall Be Applied Only For The Furtherance Of Its Objectives In Accordance With These By laws And As Approved By The President/Executive Director.
9.3 Investments:
Such Funds That The Society Does Not Require For Current Use May Be Invested In Any Manner Permitted By Law And Regulations And Approved By The President/Executive Director.
9.4 Operation
Of Bank Account:
The Society Shall Operate Trustee Bank Accounts And Before Money Is Withdrawn From The Bank, The Cheques Or Withdrawal Slips Shall Be Signed By The President/Executive Director And One Other Management Committee Member. However Transfer Payments May Be Made By The President/Executive Director.
10.0 Loans:
Loans May Be Granted To Members Subject Only To Availability Of Funds And Shall Be For The Purposes, Which In The Opinion Of The Management Committee Are Productive Or Necessary, And In The Best Interest Of The Borrower.
10.1 Conditions
Governing Loans:
No Loan Shall Be Granted To;
A)
Any Individual Other Than A Member Of The Society
B)
Any Member Whose Installments Of Shares Are In Arrears;
C)
Any Member Who Has Not Made Thrift Savings Under By law 8.0 For A Period
Exceeding The Time Limit Fixed By The General Meeting, If It Would Bring A
Member’s Total Indebtedness At The Time Of The Loan To An Amount Exceeding His
Maximum Credit Limit.
D) Commercial Collateralized Loan Shall Be
Granted To; Any Citizen Of Nigeria Subject To Availability Of Funds And
Shall Be For The Purpose(S), Which In The Opinion Of The Management Committee
Are Productive Or Necessary And In The Best Interest Of The Borrower.
E) Commercial Collateralized Loan Shall Be Granted To; Any Nigerian Company Subject To Availability Of Funds And Shall Be For The Purpose(S), Which In The Opinion Of The Management Committee Are Productive Or Necessary And In The Best Interest Of The Borrower.
10.2 Application
For Loans:
These Shall Be Made To And Disposed Of, By The Credit Committee.
10.3 Loans
To Members:
No Loans Shall Be Made To Members Earlier Than Six (6) Months (Or One Year) Of Becoming A Member Of The Society Except In The Case Of Transfer Or An Existing Loan Of A Past Member To His Nominee Or Other Successor In Interest Or As May Be Specially Considered By The Management Committee/President/Executive Director.
10.4 Maximum
Credit Limit:
10.4.1 The Maximum Credit Limit Of Each Applicant For A Loan Shall Be Determined As Twice The Total Savings Of The Applicant As At The Time Of The Application. This However Is Subject To Maximum Credit Approved By The General Meeting, Availability Of Funds, The Principle Of Making Credit Available To As Many Members As Are Qualified And The Securities Offered.
10.4.2 This Society Shall Focus On The Objectives Of The Society Bye Laws 3.1-3.14 Which Is Predominantly Investment. Hence, Members May Only Access Up To 50% Of Their Voluntary Savings. This Shall Not However, Cover Any Funds Deposited Under Any Fixed Deposit Arrangements, Target Savings Etc.
10.5 Interest
On Loan To Members:
10.5.1 Interest On Loan To Members Shall Be Charged At A Rate Approved By The General Meeting But Shall Not Exceed 24% Per Annum Nor Shall It Be Below 18% Per Annum. In Case Of Default In Repayment Pattern, Interest Shall Be Charged At Twice The Nominal Rate.
10.6 Supply
Of Consumer Goods:
10.6.1 The Society Shall Purchase For Supply To Members Such Household Equipments Or Consumer Items As Are Necessary For The Improvement Of Member’s Living Condition. Where The Member Is Not In A Position To Pay Cash For These Goods, The Value Of The Good May Be Treated As A Loan Subject To By law 10.4.
10.6.2 The Society Shall Also Stock Domestic And Personal Requirements Including Foodstuff For Sale To Members.
10.7 Bonds
And Sureties:
10.7.1 Every Borrower Shall Execute A Bond And Shall Furnish Two Sureties Who Must Be Members Of The Society. No Extension Of The Period Of Payment Shall Be Granted Without The Consent Of The Sureties.
10.7.2 Loans Granted Under Bye Laws 10.4.2 Shall Be Ordinarily Cross-Guaranteed. However, Third Party Surety Or Collateral May Be Needed In Certain Cases.
10.8 Duties
Of A Surety:
A
Surety Must Be A Reputable Member Of The Society And Shall Personally
Guarantee:
10.8.1
Repayment Of The Loan If The Borrower Defaults;
10.8.2
The Correctness Of The Particulars On Which The Value Of The Borrower’s
Securities Is Based;
10.8.3
That The Loan Is Used For The Purpose Stated By The Borrower On The Application
Form And
10.8.3 The Surety Shall Report Misuse Of The Loan To The Committee Immediately.
10.9 Appropriation
Of Debit Payment:
When
A Member From Whom Money Is Due, Pays Any Sum To The Society, It Shall Be
Appropriated In The Following Order;
A.
Share Payments, Penalty And Other Miscellaneous Charges Due By Him.
B.
Interest On Loan, And
C. Principal Loan.
11. Disposal Of Surplus:
11.1 Appropriation:
At
The Close Of Each Financial Year, The Excess Of The Society’s Income Over
Expenses Shall Be Appropriated To The Following Funds;
A) Reserve Fund: At Least One-Eight (12.5%)
Shall Be Carried To The Reserve Fund, Unless A Lower Rate Is Prescribed By The President/Executive
Director.
B) Education Fund: Up To 20% To The
Education Fund
C) Honoraria (Not More Than 17.5%) And
Donation Or Other Appropriation – As May Be Decided By The Management Committee
And Approved By The President/Executive Director
D) Dividend On Members’ Saving, Bonus On Patronage, Share Capital Interest, Or Build Up Of General Investment Reserve Shall Not Be Less Than 50% Of The Net Surplus.
11.2 Dividend:
11.2.1
The Management Committee Shall Determine The Dividend Payable On Shares, Loan
Repaid And Savings, Provided That The Appropriation From Net Surplus For
Dividend Shall Not Be Less Than 50%. No Dividend Shall Be Paid If Any Overdue
Claim To A Depositor Or Lender Remains Unsatisfied. A Lien Shall Be Placed On Such Dividend And Applied To Service Such
Outstanding Loan.
11.2.2 There Could Also Be Surplus/Profit Plough Back If There Is A Reasonable Reason To Do. This Would However Be Subject To An Approval At The General Meeting.
11.3 Reserve
Fund:
The Reserve Fund Is Indivisible And No Member Is Entitled To Claim A Specific Share In It. Except With The Permission Of The President/Executive Director, It Shall Not Be Utilized In The Business Of The Society, But Shall Be Deposited Or Invested In Accordance With Sections 33 And 34 Of The Nigerian Cooperative Societies Decree 90 Of 1993 (Now Act 2004) And Section 25 Of Law But Subject To The Written Permission Of The President/Executive Director.
11.4 President/Executive Director’s Approval:
The Appropriation Of The Net Surplus Shall Be Subject To Approval By The President/Executive Director And Governed In All Respects By The Spirit And Letter Of The Law And The Regulations.
11.5 Audit
And Supervision Fees (A.S.F):
Audit And Supervision Fees Shall Be One Percent (1%) Of The Gross Income Or Any Rate Assessed By The President/Executive Director And Shall Be Paid Annually By The Society To Any Recognized Body Approved By The President/Executive Director.
11.6 Education
Fund
Not Less Than 10% Of The Yearly Net Surplus Shall Be Carried To An Education Fund Reserve.
12.0 Books Of Accounts:
12.1 Prescribed
Books Of Inspection:
Accounts
And Records Shall Be Maintained In The Forms Prescribed And Shall Include The
Following;
12.1.1
A Membership And Attendance Register, Showing The Name, Address, Specimen
Signature And Occupation Of Every Member, The Number Of Shares Held By Him, The
Date Of His Admission To Membership, The Nominee Appointed Under By laws 4.5,
And The Member’s Attendance At General Meeting;
12.1.2
A Cash Book Showing The Receipts, Expenditure And Balance On Each Day On Which
Business Is Done.
12.1.3
General Ledger;
12.1.4
Personal Ledger With Accounts For Each Member; Depositor And Creditor;
12.1.5
Loan Register Showing Installment For Repayment Of Loans;
12.1.6
Minute Book For Proceedings Of General And Management Committee Meetings;
12.1.7
Register Of Share Payment;
12.1.8
Loan Bond Book Showing Particulars Of And Containing Bonds For All Loans
Issued; And
12.1.9 Such Other Records As May Be Prescribed By The President/Executive Director.
12.2 Inspection Of Books:
The Books Of Accounts, Register And Papers Of The Society Shall Be Opened At All Reasonable Times For The Inspection Of Members And Of Any Accredited Cooperative Official Provided That No Person Other Than A Committee Member Of The Society Or A Cooperative Official Shall Be Allowed To See The Personal Account Of Any Member Without That Member’s Consent. Copies Of The Law, The Regulation And Of These By laws Shall Be Available For Inspection At The Registered Address Of The Society At All Reasonable Hours.
12.3 Annual
Statements:
12.3.1 The Society Shall Prepare Yearly, In Such Form, As May Be Prescribed By The President/Executive Director; An Account Showing The Income And Expenditure For The Year; And A Balance Sheet
12.3.2 The Account Shall Be Due For Submission On Or Before The 31st Day Of March Or Such Other Date As The Director May Direct, And A Copy Of Each Account Shall Be Sent To The Director For Approval Within Such Time As The Director May Direct.
12.4 Receipts:
It
Shall Be The Duty Of Every Member;
1. To
Insist Upon Obtaining A Separate Printed Receipt From The Proper Receipt Book,
Or Such Other Form Of Receipt As May Be Approved By The President/Executive
Director For Every Sum Of Money Paid To The Society; And
2. To Sign, Or Make His Thumb Print In The Proper Book, In Place Of Receipt, Whenever Any Sum Of Money Is Paid Or Repaid To Him By The Society.
13. Liquidation:
13.1
The Society Shall Not Be Liquidated Except In Accordance With Section 54 And 55
Of The Law.
13.2 On The Dissolution Of The Society, The Reserve Fund And Other Funds Of The Society Shall Be Applied, First In Discharging The Liabilities Of The Society And Secondly In The Repayment Of The Share Capital Paid Up. The Remainder Shall Be Placed By The Director Of Cooperatives In Bank Until A New Cooperative Society With A Similar Area Of Operations Is Registered In Which Event The Funds Shall Be Credited To The Reserve Funds Of The Society Or Any Other Cooperative Society He Might Deem Fit.
14.0
Miscellaneous Provisions:
14.1 Affiliation
To Secondary Cooperative Body:
Unless There Are Reasons To The Contrary Accepted By The President/Executive Director, The Society Shall Affiliate Itself At The Earliest Possible Moment To The Approved Cooperative Union Within Its Area Of Operations.
14.2 Disputes:
Any Dispute Arising In Or Concerning The Society And Its Members Or Past Members Shall Be Referred To The President/Executive Director For Settlement By Arbitration Under The Provision Of Section 44 Of The Cooperative Societies Law.
14.3 Seal:
The President/Executive Director Shall Hold In Safe Custody The Seal Of The Society On Behalf Of The Trustees. The Seal Shall Be Of A Pattern Approved By The President/Executive Director. Documents Shall Be Sealed By At Least Two Of The Trustees.
14.4 Surcharge:
The General Meeting Of The Society May Impose Surcharge On Members, Not Exceeding Five Thousand Naira (N5,000.00) In Anyone Case, For Flagrant Or Repeated Contravention Of The By laws.
15.0 Amendment Of Bye Laws:
Any Amendment Of Or Addition To These By laws Shall Be Made By General Meeting Of The Society In Accordance With Section 14 And Regulation 5 Of The Law, But Such Amendments Shall Not Be Valid Until It Is Registered By The Director.
16.0 Certification:
I
Hereby Certify That The Foregoing By laws Of The Man O War Nigeria Cooperative Multipurpose Society (Mown-Cms)
No. ……………………………………………………. Of ……………Day …………………., 2022 Has Been Registered….
