Constitution of cashville multi purpose cooperative society limited

CASHVILLE MULTI-PURPOSE
CO-OPERATIVE SOCIETY LIMITED
Head Office: Palm Royal Plaza, No 124, Ovwian DSC Express Way,
Ovwian, Udu LGA, Delta State.
Branch Office : No 1, Anosike street, (after St. Thomas Anglican
Diocesan Hospital), Akudo, Otolo, Nnewi North LGA, Anambra State.
Branch Offices : All 36 States plus the Federal Capital Territory-Abuja
of Nigeria
CONSTITUTION
PREAMBLE
We, the members of CASHVILLE MULTI-PURPOSE CO-OPERATIVE
SOCIETY , Udu Local Government Area of Anambra State, 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 in Africa on
provision of economic and welfare services to its members.
MISSION STATEMENT: To build the cooperative society as an international
family accommodative of all ideas and strategies of all members with
harmonization according to international best practices in order to be
economically and corporately successful in its services by :
a. Establishing the cooperative in all 36 states and Federal Capital Territory –
Abuja of Nigeria in the first year of operation (2015) through partnership
with relevant organizations especially Global Community Health
Foundation and others with headquarters located in Delta State .
b. Generating funds through our thrift /savings of at least five hundred million
naira (N500,000,000.00) 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
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( for example , engaging voluntary and employed paid ad-hoc staff as
marketers).
c. 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).
d. 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).
e. 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.
f. 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.
g. 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 - ).
h. Establishing Cashville Finance 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
Finance Nigeria Limited shall invariably be the parent of the Cashville
Multipurpose Cooperative Society Ltd, among other future incorporations
derivable as we grow and develop.
i. All the above activities of the cooperative shall be conducted with the aim of
assisting the three tiers of government , that is, Federal , States and Local
governments of Nigeria in improving the welfare of its citizenry( and non-
members of the Cooperative) including provision of employment and human
capital development of youth, women, and men across Nigeria, etc and
ultimately contributing to the Gross Domestic Product (GDP) of Nigeria.
MOTTO:
The Motto of the society is “For with God Nothing Shall Be Impossible” .
SECTION 2: ADDRESS
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The Head Office: Palm Royal Plaza, No 124, Ovwian DSC Express
Way, Ovwian, Udu LGA, Delta State.
SECTION 3: AIMS AND OBJECTIVES
The 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 encourage thrift savings among the members and establish a fund from
which members can be given loans for productive purpose.
d. To build a financial network that will enhance and strengthen her individual
member’s wealth.
e. To create a platform for alleviating the needs of our individual members.
f. To engage in any other legal economic enterprise that may tend to enhance
the economic well being of the members.
g. 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 who
are ordinarily resident in Nigeria.
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
admission charges which involves payment of entrance fee of
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N2,000(individual) or N 10,000(corporate) 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.
j. In addition, any person or corporate body admitted shall pay any
outstanding 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) .
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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
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.
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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 INCOME
The funds of the Co-operative society shall be derived from:
I. Entrance / admission fees II. Levies
III. Grants/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: DISBURSEMENT AND APPLICATION OF FUNDS
The fund of the Society shall be applied to the achievement of the society’s
aims and objectives.
SECTION 9: 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-
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2. Signatories to the account shall be the President, the Secretary and the
Treasurer.
3. The President shall be the ‘A’ to the account , the Secretary shall be the ‘
B’, and the Treasurer shall be the ‘C’ to the account; the ‘A’ (President) and
any of the two ‘B’ or ‘ C’ can withdraw from the account.
The Society shall ensure the accurate keeping of record of all income and
expenditure.
SECTION 10: SHARE CAPITAL
a. One share shall be valued at N1.00 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;
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 N100.00 for every month or part of
the month the installment is overdue.
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SECTION 11: THRIFT SAVINGS
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.
b. Each member shall save at least N10, 000.00 (Ten thousand Naira only) per
month ( individual) or N100,000. 00 ( One hundred thousand naira only )
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 not be withdrawable so long as a person is a member, provided
that in exceptional circumstances and when a member is not indebted to the
society or is not standing surety for another member’s loan, the
management committee may approve withdrawal of savings on receiving
satisfactory evidence that the money is required for productive purposes.
d. A member who fails to pay his/her monthly savings for three(3) consecutive
times shall be liable to a penalty of one hundred naira (100.00) for each
month ( individual member) or N 1000 for each month ( corporate body)
that the savings are overdue.
SECTION 12: 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.
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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
5% per annum subject to the approval of the General Meeting.
SECTION 13: DEPOSIT
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 N 250,000.00 and above (corporate body)) .
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 14: 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).
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 15: TRUSTEES AND THEIR QUALIFICATIONS
(A) The trustees of the society shall be the President, Vice-President , Secretary,
and Treasurer .
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(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 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 .
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.
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.
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SECTION 16: 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 17: MEETINGS
17.1. For effective administration of the Association there shall be the following
meetings:
1. Annual General meeting
2. General Monthly meeting
3. Emergency meeting
17.2. The quorum for the meetings shall respectively be:
1. Two third of the registered members (Annual General meeting)
2. Two third of the Management Committee (General Monthly meeting)
3. Four members of the Management Committee present (Emergency meeting)
SECTION 18: 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.
A member shall qualify to be eligible for Committee if he/she satisfies these
conditions:
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i. 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 .
ii. Must be married.
iii. Must be a person of integrity.
iv. Not be less than twenty five (25) years of age.
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;
(f) Acts in a manner prejudicial to the interest of the Society
SECTION 19: POWERS AND DUTIES OF GENERAL MEETING AND
THE MANAGEMENT COMMITTEE.
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.
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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. The President
ii. Vice President
iii. Secretary
iv. Assistant Secretary
v. Financial Secretary
vi. Treasurer
vii. P.R.O
viii. Provost
e. All these Management Committee 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 President which shall be reserved for the
Founder of the Cooperative Society is not elective. This is derivable from
the fact that the President/ Founder serves as the link to other branches of
the Cooperative. However, the Founder may voluntarily vacate his office as
the President after ten years of leadership of the Cooperative in the hope
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that a proper succession plan shall be put in place to make the post of the
President elective. The post of the President shall be open for election to
all /any ethnic group/ tribe in Nigeria.
f. 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
management Committee. No member shall remain in the same office for
more than two terms.
g. 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 20: DUTIES OF THE MANAGEMENT COMMITTEE
MEMBERS.
A. THE PRESIDENT
i. The 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
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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
i. Shall have custody of all the society’s book of records.
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
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
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.
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vi. Shall be a signatory to the society’s Bank account.
F. TREASURER
i. The treasurer shall be responsible for safe custody of the cash and other
banking document.
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.
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 (PRO)
i. Shall publicize the activities of the society adequately through approved
media.
H. PROVOST/ WHIP
i. Shall be responsible for maintaining disciple 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.
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SECTION 21: LEGAL ADVISER
I. The society shall have a legal adviser on ad hoc basis which shall be
responsible for all Legal related issues.
SECTION 22: PENALTY
I. Any member that fails to contribute his money in the meeting will pay a
penalty of N100 on the expected money and if after one week, he will be
paying a penalty of N50 daily on the money until it is paid.
II. Absenteeism without permission attracts a penalty of N100.
III. Lateness to meetings attracts a penalty of N50 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 23: BANKING
I. 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 24: 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.
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.
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d. 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 25: APPOINTMENT OF AUDITOR(S)
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 26: AMENDMENT OF CONSTITUTION
This 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.
Dated this ___________ day of December, 2014
_____________________ __________________________
Signature of President Signature of Secretary & Date
_____________________ __________________________
Name of President & Tel. No. Name of Secretary & Tel. No.
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