new constitution of cashville multi purpose cooperative society limited

CASHVILLE MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED

International Head Office: Palm Royal Plaza, No 124, Ovwian DSC Express Way, Ovwian, Udu LGA, Delta State.

Branch Office(Alternate Head office) : No 1, Anosike street, (after St. Thomas Anglican Diocesan Hospital),

Akudo, Otolo, Nnewi North LGA, Anambra State.Branch Offices(Nigeria) : All 36 States plus the Federal

Capital Territory-Abuja

CONSTITUTIONPREAMBLEWe, the members of CASHVILLE MULTI-PURPOSE CO-OPERATIVE SOCIETY 774 Local Government Areas/Districts(specific name for each Local Government Area/ office address), of 36 States / Federal Capital Territory –Abuja (specific name for each state), Nigeria (country of operation) do firmly and solemnly resolve to provide for ourselves a constitution and to be governed by the provisions therein contained.

SECTION 1: NAME, VISION , MISSION STATEMENTS AND MOTTO.

NAME:The name of the Co-operative Society is ‘CASHVILLE MULTI-PURPOSE CO-OPERATIVE SOCIETY LTD’.VISION STATEMENT: To be the foremost cooperative society on provision of economic and welfare services to its members and non-members (clients) in Africa and beyond (global citizenry).MISSION STATEMENT: To build the cooperative society as an international family accommodative of all ideas of all members with harmonization according to international best practices in order to be economically and corporately successful in its services by strategically :

a. Establishing the cooperative in all 36 states and Federal Capital Territory –Abuja of Nigeria in the first year of operation (2015) through partnership

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with relevant organizations especially Global Community Health Foundation and others with headquarters located in Delta State .

b. To target registered membership(with membership fee per head of person of N2,000.00 or its currency equivalence (individual) or N50,000 (corporate) or its currency equivalence of fifty thousand (50,000) members in each of all the states/ FCT-Abuja of Nigeria and worldwide through inter-personal marketing and e-commerce marketing(social media, website, etc) in the first year of operation, then 200,000 members after first year, 800,000 members in two years, 3,200,000 members in three years with multiplier constancy of factor 4 for second, three…years.

c. All registered members must meet set management membership recruit targets as periodically awarded by the State/National/International President or Vice-President at State/ National / International management committee levels

d. Marketing/ Networking models shall be either as employed ad-hoc staff or paid volunteerism with paid commission of 50% ( i.e. N1,000.00 and N25,000.00 ) for each convinced and registered individual and corporate member respectively; commission paid with issuance of cheques only.

e. Generating funds through our thrift /savings of at least five hundred million naira (N500,000,000.00) or equivalence in US $ or the currency of the country of operation within the first year of operation (2015) in each of the cooperative society and all our branches in the 36 states and Abuja of Nigeria through aggressive marketing using all possible media and strategies ( for example , engaging voluntary and employed paid ad-hoc staff as marketers).

f. Establishing at least one Cashville Microfinance Bank(s) in all major cities/ recommended towns of all states and Abuja of Nigeria within two years of operation (2015-2016).

g. Establishing at least one agro-based farm(s) (firms) in all major cities/ recommended towns of all states and Abuja of Nigeria within two years of operation (2015-2016).

h. Establishing linkage(s) of health insurance services for all members within two years of operation (2015-2016)in the 36 states and Abuja of Nigeria.

i. Diversifying into other enterprise like oil and gas, educational institutions/ services, etc within three years of operation (2015-2017) in the 36 states and Abuja of Nigeria.

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j. Establishing (a) national/ sub-national conference(s) that shall once annually bring together all branches of the Cooperative in Nigeria for cross- fertilization on principles and practices of our Cooperative system as well as a means to strengthen weaker branches and award achievers (2016 - ).

k. Establishing Cashville Nigeria Limited within first year of operation (2015) to formally and corporately package all our financial activities to enable international trajectory, with activities including financial consultancy, investments in the international community, etc. The Cashville Consults Nigeria Limited and Cashville Development Foundation shall invariably be the parents of the Cashville Multipurpose Cooperative Society Ltd, among other future incorporations derivable as we grow and develop (2015-).

l. All the above activities of the cooperative shall be conducted with the aim of assisting the of government of all countries where we exist , and ultimately contributing to the Gross Domestic Product (GDP) of that country(2015-).

MOTTO:The Motto of the society is “work out your own prosperity” .

SECTION 2: ADDRESS

International Head Office: Palm Royal Plaza, No 124, Ovwian DSC Express Way, Ovwian, Udu LGA, Delta State, Nigeria, West Africa.

SECTION 3: AIMS AND OBJECTIVESThe objects of the Co-operative society shall be:a. To establish a cooperative society that will encourage members into self-

actualization and human development.

b. To establish agro-based businesses.

c. To establish educational (nursery, primary, secondary, tertiary or their

equivalence) businesses.

d. To establish oil and gas businesses.

e. To establish micro-finance banks businesses

f. To encourage thrift savings among the members and establish a fund from

which members can be given loans for productive purpose.

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g. To build a financial network that will enhance and strengthen her individual

member’s wealth.

h. To create a platform for alleviating the needs of our individual members.

i. To engage in any other legal economic enterprise that may tend to enhance

the economic well being of the members.

j. Member’s empowerment.

SECTION 4: QUALIFICATION FOR MEMBERSHIP

a. A member may be an individual or a corporate body( profit- or non-profit )

b. Members must be ready to work hard and not under the age of 18 years or its

equivalence according to the laws of that country who are ordinarily

resident in Nigeria or that country.

c. Members shall be admitted on applying in writing to the Committee, subject

to the approval of the general meeting.

d. A member shall exercise the full right of membership on payment of

membership fee of N2,000 (individual) or N 50,000 (corporate) or its

equivalence in US $ or other currency of that country and the minimum

share or installment thereof.

e. A member shall be identified by at least 1/3 of the foundation members.

f. Must never have been convicted of any offence involving dishonesty,

robbery, stealing etc.

g. A member shall be gainfully employed.

h. Members must sign the Register of Members in accordance with extant

Laws in force in Nigeria.

i. Admission charges may include goodwill which may be reviewed from time

to time subject to the approval of the General meeting.

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j. In addition, any person or corporate body admitted shall pay any approved

dues and levies set out for new members.

SECTION 5: WITHDRAWAL AND TERMINATION OF MEMBERSHIP

a. A member may resign from the society on giving six months notice to the

committee provided that no member may resign until:

i. After expiration of six (6) months notice.

ii. He has repaid all sums due to the society, or where he is standing

surety or the debt of another member, until the debt has been repaid.

b. Membership shall terminate if a member dies or is of unsound mind

(individual) or publicly declared bankrupt ( corporate body) .

c. Membership may be terminated if the member is guilty of any act or

conduct prejudicial to the interest of the Society and/or is convicted of any

offence involving dishonesty.

d. A member may lose his membership for consistent failure to make savings,

to repay loan in time, or fails to do any of the things required of a member

in this constitution.

e. This Co-operative may resolve by a simple majority vote of those present in

general meeting to remove any member who is guilty of any

unconstitutional act or any other bad behaviour that can negatively affect

the credibility of the Cooperative.

f. At the termination of membership of any individual or corporate body for

any reason whatsoever the assets (including share capital, savings, etc) and

liabilities ( including debts) shall be transferred to the ex-member if he is

alive ( individual) or the corporate body bank account if not declared

publicly bankrupt after appropriate balancing of assets against liabilities or 5

next of kin if the ex-member is dead(individual) or charity organizations if

the corporate body is declared publicly bankrupt .

SECTION 6: THE LIABILITY OF MEMBERS

a. The termination of membership shall not affect such member’s liability to

co-operative society for any unpaid loan for which the member is a surety

or for any debt owed to or by the co-operative society as at the date of

termination.

b. Any member who withdraws his/her membership or is terminated for any

reason whatsoever must transfer his/her slot to a registered member of the

co-operative society or to the co-operative society as a body.

c. The new member must have a surety of at least one person among the old/

existing members.

d. Subject to the approval of the President, the Society shall have power to

claim liquidation damages on account of lose that might be sustained by the

Co-operative Society consequent upon the withdrawal of membership.

SECTION 7: SOURCES OF INCOMEThe funds of the Co-operative society shall be derived from:

I. Entrance / admission fees II. Levies

III. Grants and Donations IV. Thrift

V. Investment Return VI. Share capital

VII. Penalties

VIII. Loans from sources approved by the members.

IX. Any other legitimate source(s).

SECTION 8: SERVICES AND TYPES OF LOAN PRODUCTS

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1. Savings (weekly, monthly, quarterly)

2. Investment loan ( any legitimate business, profit and non-profit)

3. Micro-, small and medium entrepreneurship (MSME)

4. Healthcare insurance (community and institutional variants)

5. Rural telephone loan

6. Dorcas project( widows and widowers)

7. Housing loan

8. Tourism / Holiday loan

9. Agriculture loan

10.Equipment/ Machinery loan

11.Fixed deposits

12. Special savings ( children educational school fees, tourism, etc)

13.Business plan Development/ writing

14. Business Management/ Economics (Local and International)

15.International business opportunities linkage

16.Social/psychological/ spiritual counseling

17. Career development and placement

18. Paid volunteerism ( volunteers self-paid on commission basis of 50% of the

membership fee of mobilized member(s) that finally get registered through

their effort)

19. Mentorship on any area of interest/life

20. Training of members to start their own cooperative society after two years

of their membership, in order to increase their economic base and provide

employment for other humans that were unreached by us, in their different

countries of residence. Training may be online enabled.

SECTION 9: DISBURSEMENT AND APPLICATION OF FUNDS

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The fund of the Society shall be applied to the achievement of the society’s

aims and objectives.

SECTION 10: KEEPING OF ACCOUNT

1. The society shall maintain Account with any bank of its choice; and shall

keep three main Accounts namely:

i. Operational Account-

ii. Project/ Loan Account-

iii. Savings/ Reserve Funds Account-

2. Signatories to the account shall be the President, Vice-President, the

Secretary ,the Treasurer and Financial Secretary.

3. The President and Vice-president shall be the ‘A’ to the account , the

Secretary, the Treasurer and Financial Secretary shall be the ‘ B’ to the

account;

(a)The ‘A’ (President or the Vice-President if and only if the President gives

his/her consent to that signatory permit of the Vice-President through email

(printed out for official documentation and personal visit transmission to the

Operations /Branch Manager of any of the account banks of the Cooperative)

or short message service (sms) to the administration officer/ confidential

secretary in the office of that state/national/international management levels

for all countries ) and any of the two of “ C” can withdraw from the accounts.

(b) The consent from the President shall be filed for documentation accessible

to all management committee members and all members.

(c) Amount sum of N100,000 and below or its equivalence in US $ or

currency of that country of operation shall be transactionally withdrawable

from the operational account of the Cooperative with Vice-President of the

affected State/National/International management committee level with or

without the State/National/International President consent. 8

The Society shall ensure the accurate keeping of record of all income and

expenditure.

SECTION 11: SHARE CAPITAL

a. One share shall be valued at N1.00 or its equivalence in other currency of

that country and each member shall subscribe to as many shares as the

general meeting shall decide, from time to time provided that a member’s

share does not exceed one fifth (1/5) of the total share capital of the society

and subject also to a minimum of Twenty thousand (20,000) shares-

N20,000 or its equivalence in other currency of that country;

this provision is optional to ordinary members but compulsory for

management committee members.

b. Share may be paid up in full, or in not more than five installments

( individual member) or in not more than two installments ( corporate

body).

c. No member shall be entitled to withdraw his share unless his membership

is terminated, provided that no share may be withdrawn until the society

has paid any loan it received from outside source(s).

d. A member who fails to pay his/ her installmental share capital on the due

date may be penalized not more than N500.00 or its equivalence in other

currency of that country for every month or part of the month the

installment is overdue.

SECTION 12: THRIFT SAVINGS

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a. All payments shall be directly into the approved bank account of the

Society with evidence of teller brought to the appropriate officer for

recording and receipting.

b. Each member shall save at least N10, 000.00 (Ten thousand Naira only) per

month ( individual) or its equivalence in other currency of that country or

N100,000. 00 ( One hundred thousand naira only ) or its equivalence in

other currency of that country per month (corporate body) and shall pay

this sum (or such greater sum as may from time to time be decided by the

General Meeting) to the Treasurer through the financial Secretary at each

monthly meeting for credit to his savings account.

c. Saving shall only be withdrawable after twelve (12) calendar months with

interest according to the amount saved per member.

d. A member who fails to pay his/her monthly savings for three(3) consecutive

times shall be liable to a penalty of five hundred naira (500.00) or its

equivalence in US $ or other currency of that country for each month

( individual member) or N 1000 for each month ( corporate body) or its

equivalence in other currency of that country that the savings are overdue.

SECTION 13: SPECIAL SAVINGS

a. Special savings may include saving for festivities, personal housing

project(s), children educational fees, etc

b. Members may engage in monthly savings of any amount and these may be

withdrawn on short notice.

c. The Co-operative Society shall not be liable to pay interest on special

savings but the committee may recommend interest at a rate not exceeding

10% per annum subject to the approval of the General Meeting.

SECTION 14: DEPOSIT

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a. Members and non-members may make deposits of any amount, at any time

and these may be withdrawn as required provided that two weeks notice

may be required for withdrawal of large amounts (( that is, N50,000.00 and

above (individual) or its equivalence in other currency of that country or N

250,000.00 and above (corporate body) or its equivalence in other currency

of that country) .

b. The Co-operative Society shall not be under obligation to pay interest on

deposits but interest may be paid at a rate not exceeding 10% per annum.

c. The Co-operative Society may receive grants and donations without

restrictions.

SECTION 15: LOANS

1. All types of loans as above in section 8 (above) shall be available to the

general public( members and non-member)

2. Members loan shall attract interest rate of 10% per annum of the principal.

3. Non-members loan shall attract more than interest rate of 10% per annum of

the principal. This shall be negotiable.

SECTION 17: USE OF FUNDS

a. The funds of the society shall be applied to the achievement of the

objectives of the society.

b. Funds not immediately required shall be treated as follows:

i. The treasurer of the society may retain in his custody a cash balance

not exceeding N20, 000.00 (Twenty Thousand Naira Only) or its

equivalence in other currency of that country.

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ii. Any cash balance in excess of this amount shall be deposited in any

branch of the Co-operative Society’s Bank Account within 24hours of

such collection.

SECTION 18: TRUSTEES AND THEIR QUALIFICATIONS(A) The trustees of the society shall be the President, Vice-President , Secretary,

and Treasurer .

(B)The Trustees of CASHVILLE MULTI-PURPOSE CO-OPERATIVE

SOCIETY LTD for the purpose of the extant Law regulating Co-operative society

shall be elected at a General Meeting by simple majority votes of members present;

Provided that no body shall be eligible to be elected as trustee except

i. He has at least 5% shares ( and not more than 20% ) of the total share

capital in the co-operative.

ii. He/ she must have a tangible means of livelihood ,that is, is a full time

businessman/ business woman or working class with net worth of at least

(N1,000,000.00) one million naira or its equivalence in the currency of that

country .

iii. Must be married.

iv. Must be a person of integrity.

v. Not be less than twenty five (25) years of age.

vi. Remain and retain his/her membership for not less than two (2) years.

(C) Such Trustees (Hereinafter referred to as, “The Trustees’’ or “ management

committee”) shall not be less than four and more than eight in number.

(D) A Trustee may hold office for Life but shall cease to hold

office if he:

a. Resigns his office

b. Ceases to be a member of the registered Trustees of the body.

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c. Becomes insane

d. Is officially declared bankrupt

e. Is convicted of a criminal offence involving dishonesty by a Court of competent

jurisdiction

f. Is recommended for removal from office by Trustees majority vote of members

present at any General Meeting of the body.

g. Ceases to reside in Nigeria.

(D) Upon a vacancy occurring in the number of Trustees a General Meeting

will be held to appoint another eligible member of the Society.

SECTION 19: COMMON SEAL(A) The Trustees shall have a Common seal.

(B) Such Common seal will be kept in the custody of the Secretary who shall

produce it when required for use by the Trustees.

(C) All documents to be executed by the Trustees shall be signed by the President

and Secretary sealed with the Common seal.

SECTION 20: MEETINGS

17.1. For effective administration of the Association there shall be the following

meetings:

1. Annual General meeting

2. General Monthly meeting

3. Trustees meeting

4. Management meeting

5. Emergency meeting

17.2. The quorum for the meetings shall respectively be:

1. Two third of the registered members (Annual General meeting)

2. Half of the Trustees (Trustees Monthly meeting)

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3. Two third of the Management Committee (General Monthly meeting)

4. Four members of the Management Committee present (Emergency meeting)

SECTION 21: MANAGEMENT COMMITTEE AND THEIR

QUALIFICATION

The Governing body of the co-operative society shall be the management

committee elected by simple majority votes of members present in the General

meeting. This state level of management in each country shall be the lowest (third)

in terms of hierarchy of authourity in the management of the cooperative

worldwide.

A member shall qualify to be eligible for Committee if he/she satisfies these

conditions:

i. He/ she must have a tangible means of livelihood ,that is, is a full time


(N1,000,000.00) one million naira or its equivalence in other currency of

that country .

ii. Must be married.

iii. Must be a person of integrity.

iv. Not be less than twenty five (25) years of age.

v. Must have been selected at each state( lowest level of management) of that

country by election (transparently)

A member of the committee shall cease to hold office if he/ she :

(a) Ceases to be a member of the Society;

(b)Becomes of unsound mind;

(c) Lends money on his own account;

(d) Become financially embarrassed;

(e) Becomes a paid servant of the Society;14

(f) Acts in a manner prejudicial to the interest of the Society

Available offices are :

i. The President

ii. Vice President

iii. Secretary

iv. Assistant Secretary

v. Financial Secretary

vi. Treasurer

vii. P.R.O

viii. Provost

ix. Legal Adviser

SECTION 22: NATIONAL MANAGEMENT COMMITTEE AND THEIR

QUALIFICATION


committee elected by simple majority votes of members present in the General

meeting. This national level management of each country shall be the second

(middle) in terms of hierarchy of authourity in the management of the cooperative

worldwide.


conditions:

vi. He/ she must have a tangible means of livelihood ,that is, is a full time



that country .

vii. Must be married.

viii. Must be a person of integrity.

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ix. Not be less than twenty five (25) years of age.

x. Must be selected at each second level of management of all states of that

country.


(g)Ceases to be a member of the Society;

(h)Becomes of unsound mind;

(i) Lends money on his own account;

(j) Become financially embarrassed;

(k) Becomes a paid servant of the Society;

(l) Acts in a manner prejudicial to the interest of the Society

Available offices are:

i. The President

ii. Vice President

iii. Secretary



vi. Treasurer

vii. P.R.O

x. Provost

xi. Legal Adviser

xii. Chairman and Secretary of Agriculture programme committee

xiii. Chairman and Secretary of Microfinance bank programme committee

xiv. Chairman and Secretary of Systems/ Standards/ Auditing programme

committee

xv. Chairman and Secretary of Planning/event/conference programme

committee

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xvi. Chairman and Secretary of Infrastructural (offices /fixtures and

furniture) programme committee

xvii. Chairman and Secretary of Oil and Gas programme committee

xviii. Chairman and Secretary of Real estate/properties programme

committee

xix. Chairman and Secretary of Educational programme committee

xx. Chairman and Secretary of Business plan development/writing

programme committee

xxi. Chairman and Secretary of Business Management/Economics

programme committee

xxii. Chairman and Secretary of Loan programme committee

xxiii. Chairman and Secretary of Savings programme committee

xxiv. Chairman and Secretary of Special savings programme committee

xxv. Chairman and Secretary of Deposit programme committee

xxvi. Chairman and Secretary of National health insurance scheme /

programme committee

xxvii. Chairman and Secretary of Social/ Psychological/ spiritual

counseling programme committee

xxviii. Chairman and Secretary of International business opportunities

linkage programme committee

xxix. Chairman and Secretary of Career development and placement

programme committee

SECTION 23: INTERNATIONAL MANAGEMENT COMMITTEE AND

THEIR QUALIFICATION


committee elected by simple majority votes of members present in the General 17

meeting. This state level in each country shall be the highest (first) in terms of

hierarchy of authourity in the management of the cooperative worldwide.


conditions:

xi. He/ she must have a tangible means of livelihood ,that is, is a full time



that country .

xii. Must be married.

xiii. Must be a person of integrity.

xiv. Not be less than twenty five (25) years of age.

xv. Must be elected at second level of management of all countries ( national

management committees ).


(m) Ceases to be a member of the Society;

(n)Becomes of unsound mind;

(o)Lends money on his own account;

(p) Become financially embarrassed;

(q) Becomes a paid servant of the Society;

(r) Acts in a manner prejudicial to the interest of the Society

Available offices are:

i. The President

ii. Vice President

iii. Secretary


v. Financial Secretary18

vi. Treasurer

vii. P.R.O

xxx. Provost

xxxi. Legal Adviser

xxxii. Chairman and Secretary of Agriculture programme committee

xxxiii. Chairman and Secretary of Microfinance bank programme

committee

xxxiv.Chairman and Secretary of Systems/ Standards/ Auditing programme

committee

xxxv. Chairman and Secretary of Planning/event/conference programme

committee

xxxvi.Chairman and Secretary of Infrastructural (offices /fixtures and


xxxvii. Chairman and Secretary of Oil and Gas programme committee

xxxviii. Chairman and Secretary of Real estate/properties programme

committee

xxxix.Chairman and Secretary of Educational programme committee

xl. Chairman and Secretary of Business plan development/writing

programme committee

xli. Chairman and Secretary of Business Management/Economics

programme committee

xlii. Chairman and Secretary of Loan programme committee

xliii. Chairman and Secretary of Savings programme committee

xliv. Chairman and Secretary of Special savings programme committee

xlv. Chairman and Secretary of Deposit programme committee

xlvi. Chairman and Secretary of National health insurance scheme /

programme committee

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xlvii. Chairman and Secretary of Social/ Psychological/ spiritual


xlviii. Chairman and Secretary of International business opportunities


xlix. Chairman and Secretary of Career development and placement

programme committee

SECTION 24: POWERS AND DUTIES OF GENERAL MEETING AND

THE MANAGEMENT COMMITTEE ( STATE/ THIRD,

NATIONAL/SECOND AND INTERNATIONAL/FIRST LEVELS).

a. Every member present must sign the attendance register at every Annual

General meeting.

b. The Monthly General Meeting shall be held once in every month in

accordance with extant co-operative law.

c. The Monthly General Meeting shall in addition:

i. Confirm the admission and termination of members.

ii. Make rule when necessary for the smooth operations of the co-

operative society’s business.

iii. Approve the investment of the co-operative society’s funds in fixed

assets.

iv. Increase the minimum shares and/or thrift savings.

v. Approve the rate of interest on loans and deposits.

vi. Approve the salaries of staff.

vii. Determine appeals from members and staff.

viii. Determine the hours of business of the co-operative society.

d. The Management Committee shall consist of:

i. Available offices are: 20

i. The President

ii. Vice President

iii. Secretary



vi. Treasurer

vii. P.R.O

viii. Provost

ix. Legal Adviser

x. Chairman and Secretary of Agriculture programme committee

xi. Chairman and Secretary of Microfinance bank programme committee

xii. Chairman and Secretary of Systems/ Standards/ Auditing programme

committee

xiii. Chairman and Secretary of Planning/event/conference programme

committee

xiv. Chairman and Secretary of Infrastructural (offices /fixtures and


xv. Chairman and Secretary of Oil and Gas programme committee

xvi. Chairman and Secretary of Real estate/properties programme

committee

xvii. Chairman and Secretary of Educational programme committee

xviii. Chairman and Secretary of Business plan development/writing

programme committee

xix. Chairman and Secretary of Business Management/Economics

programme committee

xx. Chairman and Secretary of Loan programme committee

xxi. Chairman and Secretary of Savings programme committee

xxii. Chairman and Secretary of Special savings programme committee21

xxiii. Chairman and Secretary of Deposit programme committee

xxiv. Chairman and Secretary of National health insurance scheme /

programme committee

xxv. Chairman and Secretary of Social/ Psychological/ spiritual


xxvi. Chairman and Secretary of International business opportunities


xxvii. Chairman and Secretary of Career development and placement

programme committee

All these Management Committee(s) members shall be elected at the Co-

operative Society’s Annual General Meeting or in the event if a vacancy

occurred during the year, at any Monthly General Meeting;

Provided that the office of the international President which shall be

reserved for the Founder of the Cooperative Society is not elective. This is

derivable from the fact that the international President/ Founder serves as

the link to other branches of the Cooperative. However, the Founder may

voluntarily vacate his office as the international President after ten years of

leadership of the Cooperative in the hope that a proper succession plan shall

be put in place to make the post of the international President elective. The

post of the international President shall be open for election to all /any

ethnic group/ tribe in Nigeria.

The first international President, who is the Founder, shall be Dr. Henry

Akpojbaro Efegbere ( a native of Owhase and Ovwian towns, Udu Local

Government Area, Delta State, Nigeria, West Africa)

e. The management Committee shall be governed by extant law regulating co-

operative society and shall stay in office for two (2) years. Any vacancy

filled during the year shall be terminated along with the members of the

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management Committee. No member shall remain in the same office for

more than two terms.

f. No member shall be eligible for election or remain a member of any

management Committee if he/she:

i. Resigns from office in writing.

ii. Ceases to be member of the Co-operative society.

iii. Becomes insane.

iv. Is convicted of any offence involving dishonesty.

SECTION 25: DUTIES OF THE MANAGEMENT COMMITTEE(S)

MEMBERS.

A. THE PRESIDENT

i. The (International/ National/ State )President shall be the principal officer

of the Co-operative and shall be responsible for ensuring that the Law,

Rules Bye-Law are observed by other officers and members and all the

decisions and directions of the Governing Body/ General meeting are given

effect to.

ii. Shall preside at general meetings and Management Committee Meetings

and shall ensure that meetings are summoned as prescribed in Rules and

Bye-Laws.

B. VICE PRESIDENT (INTERNATIONAL/ NATIONAL/ STATE)i. Shall carry out all functions of the President in the absence of the President;

provided it is with the consent of the President.

ii. Any duty assigned to him by the President.

C. THE SECRETARY(INTERNATIONAL/ NATIONAL/ STATE)i. Shall have custody of all the society’s book of records.

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ii. Shall attend the entire general and Committee Meetings and shall carry out

all the instructions of the Committee.

iii. Shall record the whole of the proceedings of the Co-operatives Meeting.

iv. Shall conduct correspondences on behalf of the Co-operative Society.v. Shall have custody of the society’s seal.

D. ASSISTANT SECRETARY(INTERNATIONAL/ NATIONAL/ STATE)i. Shall carry out all the functions of the secretary in the absence of the

secretary.ii. Shall carry out any other functions as may be assigned to him by the

management committee.

E. FINANCIAL SECRETARY(INTERNATIONAL/ NATIONAL/ STATE)

i. The financial secretary shall be responsible for all financial records of the Co-operative and shall work in close contact with the treasurer, collecting all dues, levies, fines, e.t.c.

ii. Shall hand over all the money collected by him on behalf of the Society to

the treasurer within twenty four (24) hours.

iii. Shall present all the documents related to the Co-operative Society’s

business for auditing.

iv. Shall counter-sign all vouchers with the President / Vice President.

v. Shall present a half yearly report of the financial transactions of the society

to the Committee and the general meeting.

vi. Shall report any number or group who fails, neglect or deliberately refuses

to pay his/her dues or contributions to the Committee or the General

meeting.

vi. Shall be a signatory to the society’s Bank account.

F. TREASURER(INTERNATIONAL/ NATIONAL/ STATE)

i. The treasurer shall be responsible for safe custody of the cash and other

banking document.

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ii. Shall receive all money, dues or payable to the society.

iii. Shall receive from the financial secretary, money collected on behalf of the

society.

iv. May retain in his custody any cash balance not exceeding Twenty thousand

(N20, 000.00) naira or its equivalence in the currency of that country.

v. Shall keep a record of all moneys received by him and all monies paid by

him.

vi. Shall produce at all times, when called upon, by the Committee Auditors,

the Director or any person authorized by him, all moneys and the relevant

documents in his possession belonging to the society.

vii. Shall be a signatory to the society’s Bank Account.

viii. Shall account for the imprest account monthly.

G. PUBLIC RELATIONS OFFICER (INTERNATIONAL/ NATIONAL/

STATE)

i. Shall publicize the activities of the society adequately through approved

media.

H. PROVOST/ WHIP(INTERNATIONAL/ NATIONAL/ STATE)

i. Shall be responsible for maintaining discipline during all the society, meeting,

and functions.

ii. Shall collect fine from latecomer, noise makers, and other defaulters and pay

same to the financial secretary.

I. LEGAL ADVISER(INTERNATIONAL/ NATIONAL/ STATE)i. Shall be responsible for all Legal related issues.

CHAIRMAN AND SECRETARY OF ALL PROGRAMMES ( X -

XXVII)

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1. These shall be as directed by the International President of the

Cooperative Society.

SECTION 26: PENALTY

I. Any member that fails to contribute his money in the meeting will pay a

penalty of N100 or its equivalence in other currency of that country on the

expected money and if after one week, he will be paying a penalty of N50

or its equivalence in other currency of that country daily on the money until

it is paid.

II. Absenteeism without permission attracts a penalty of N100 or its

equivalence in other currency of that country.

III. Lateness to meetings attracts a penalty of N50 or its equivalence in other

currency of that country and this starts 15 minutes after the scheduled time.

IV. Our meeting day is last Saturday of every month and the time is between

4:00pm and 6:00pm.

SECTION 27: BANKINGI. The society will maintain at least three (3) accounts with any Banks of its

choice.

II. Signatories to the account are the President, Vice President, Secretary,

Financial Secretary and the Treasurer provided that the President and any

other two (2) out of the five (5) signatories can withdraw from the account

subject to section 9 of this constitution.

SECTION 28: DISPOSAL OF ANNUAL SURPLUS.a. The Annual Net Surplus of the Society shall be determined after charging

all the expenses of the Society to the income and expenditure account and

after providing for interest at a rate not exceeding 1%. See section 34 of

Decree 90 of 1993.

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b. 25% of the net surplus shall be allocated to reserve fund.

c. A part of the net profit may be used to pay honouraria to the members of

the management committee.

d. The state/province branch(es) of the cooperative in all countries of the

world shall remit 10% to the national management committee of their

country and 5% to the international management committee of their annual

surplus which shall be used for running the national and international

office(s) globally.

e. The national management committee(s) of different countries shall remit

3% of their annual surpluses to the international management committee for

running of their office.

f. All remittance of annual surpluses shall be in US $ or equivalent currency

in that country

g. Any balance of the net surplus may be used for the welfare of the members.

See section 34 and Rule 12 of Decree No. 90 of 1993.

SECTION 29: APPOINTMENT OF AUDITOR(S) (INTERNATIONAL/ NATIONAL/ STATE)1. Internal Auditor(s) shall be appointed by the general meeting to audit the

financial records of the society annually and submit an audited report to the Annual

General Meeting of the Association.

2. The audited financial statements (balance sheet and income and expenditure

account) duly certified by internal auditor(s) shall be annexed to the annual returns.

SECTION 30: AMENDMENT OF CONSTITUTIONThis Co-operative Society may alter the provision of this Constitution at a General

meeting by a resolution passed by a simple majority of its members and approved

by the management committee.

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Dated this ___________ day of March, 2015

_____________________ __________________________Signature of President Signature of Secretary & Date

_____________________ __________________________Name of President & Tel. No. Name of Secretary & Tel. No.

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new constitution of cashville multi purpose cooperative society limited

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