Bye Laws and articles of Association Of BSLCCU

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Bye Laws and articles of Association Of BSLCCU

 

 

 

Vision:             “Pan-African based union that seeks to change positively the life of people in the society”

 

Mission:           “Pan-African based union that seeks to bring social and economic relief to members and their families through the provision of financial credit”

 

 

 

 

PART 1 – PRELIMINARY

 

1.         INTERPRETATION:

In these bye-laws, unless the context otherwise requires “Decree” means the Cooperative Societies Decree NLCD 252 of 1968, and Regulations of 1968 and such    amendments as apply from time to time.  Where no express mention is made these bye-laws are meant to be read subject to such Decree, Regulations and their amendments.

 

Bye-laws:        Means the Registered Bye-laws of the Society

Registrar:       Means the Registrar of Co-operative Societies.

 

2.         TITLE:

The Name of the Society shall be:

 

BLACK STAR LINE CO-OPERATIVE CREDIT UNION LIMITED

 

Its area of operation shall be MEMBERS OF THE BLACK STAR LINE AND AFFILIATED MEMBER in Ghana, Continent of Africa, USA, Canada. West Indies, Europe and United Kingdom.  As a Pan-African cooperative the BSLCCU has a global reach.

 

3.         OBJECTS:

            The objects of the Society are:

(a)               To promote thrift among its members by providing a means of savings.

(b)               To provide loans to its members for provident or productive purposes at fair but competitive rate of interest.

(c)               To provide quality financial services to its members.

 

 

PART II – GENERAL PROVISIONS

 

4.         FUNDS OF SOCIETY

            The funds of the Society shall be derived from:

(a)               Registration fee

(b)               Share Capital

(c)               Savings / Deposits

(d)               Loans to the society

(e)               Interest income

(f)                Donations

(g)               Miscellaneous Income

 

5.         OTHER FUNDS

The Society shall maintain such other funds from its net surplus, as it may deem necessary.

 

6.         REGULAR SAVINGS

(a)               Members of the Society MUST save regularly.  This is a strict requirement of members who join Black Star Line Cooperative Credit Union

(b)               The savings amount will serve as collateral for loans.  This means that the higher the amount of savings the higher the amount of load that should be given

(c)               Member MUST commit to pay a fixed or variable amount daily, weekly or monthly in their savings accounts

(d)               The General Meeting may have the power to decide on the least (smallest) amount to be saved regularly.

(e)               Members who cannot fulfil their obligation to save regularly MUST consult the Board of Directors.

 

7.         MINIMUM SHARES

Every member must subscribe to a minimum share capital, which shall be determined from time to time by the Board of Directors. 

 

No member shall be allowed to purchase shares exceeding 20% of the total share capital of the society

 

This amount can only be withdrawn on resignation and after giving a minimum of 90 days notice in writing of member’s intention to withdraw.

 

8.         MAXIMUM SAVINGS

The savings of any one member in the balance column of the individual ledger card shall not exceed 20% of the total savings of the Society or as determined by the Board of Directors from time to time.

 

9.         WITHDRAWAL OF SAVINGS

(a)   Savings may be withdrawn at the time when the office of the Society is open for business.

(b)   Amounts exceeding the usual cash on hand of the society (300Ghc) can only be withdrawn after 3 working days’ notice has been given.

(c)   If withdrawal is 300Ghc or more the Credit Union will issue a cheque for cash

(d)   If savings are completely withdrawn, then the account will be placed in the dormant file.  Member can reactivate the account with regular savings as per the agreement with the credit union.

(e)   Savings withdrawn will incur a 1% of the total amount withdrawn as administrative charge

 

 

10.       RESTRICTION ON WITHDRAWAL

Savings cannot be withdrawn if they are frozen to guarantee a loan.  Neither can savings be withdrawn if, and in so far as, the member is indebted to the Society for any other reason.

 

11.       DIVIDEND ON SHARES

Members may receive dividend on their shares at the end of the financial year, if so decided by the Annual General Meeting in accordance with paragraph 43 © of these bye-laws.

 

12.       LIABILITY OF MEMBERS

The liability of a member for debts of the Society shall be limited to the member’s share holdings with the Society as determined in Paragraph 7.

 

13.       FINANCIAL YEAR

            The financial year of the Society will begin on 1st July and will end on 30th of June each year.

 

14.       ACCOUNTS AND BOOKS

The accounts of the Society shall be kept in such books and in such form as may be approved from time to time by the Registrar and by the Ghana Co-operative Credit Unions Association (CUA) Ltd.

 

15.       REGISTER OF MEMBERS

            A register shall be maintained (either manually, electronically or both) at the registered office of the Society, which shall contain:

(a)               The name and address of each member.

(b)               The date on which each member was admitted to membership.

(c)               The date on which a person ceased to be a member.

(d)               Age and sex of the member.

(e)               Occupation of members.

 

16.       SEAL OF THE SOCIETY

The Society shall have a seal on which its name and registered number shall be engraved in legible characters with or without any other device, the whole of which shall have been approved by the Registrar.  The seal shall be in the custody of the Manager and shall be used only by him/her, in the presence of the President or the Treasurer or the Assistance Treasurer and at least one elected committee member when directed by a resolution of the committee duly recorded in the minute’s book.

 

17.       LOANS TO MEMBERS

(a)               The Society shall grant loans only to its members.

(b)               The maximum amount that can be loaned legally is 5 times member’s savings, however no individual shall be allowed to borrow more than 20% of the total savings assets of the society. This will be subject to Terms and Conditions.

(c)               All loans are subject to Loan Protection Plan (LPP) which is a mandatory payment.  The amount is calculated and must be paid at the application stage when the applicant agrees and accepts the repayment schedule.

 

18.       PURPOSE OF LOANS

            Loans shall be granted for any worthwhile purpose, productive or provident.

 

19.       APPLICATIONS FOR LOANS

            Applications for loans must be in writing and on the prescribed forms.

 

20.       LOANS TO NEW MEMBERS

For the first three (3) months of membership, members shall receive loans only to the extent of their savings (100%).

 

21.       LOAN MATURITY

A loan shall not be made by the credit union to a member for a period exceeding two (2) years commencing on the date on which the loan is paid to the member.

 

22.       MAXIMUM LOANS TO INDIVIDUAL

(a)               The Board of Directors shall determine the maximum loan to be granted to a member from time to time, however, no individual shall be allowed to borrow more than 20% of the total savings of the society.

(b)               Loans to members who cease to belong to the common bond shall be made to the extent of their savings except acceptable collateral can be provided.

 

23.       SECURITY FOR LOANS

(a)               Loans shall be secured by the borrower’s own savings and if necessary, the savings of one or more members.

(b)               The Guarantors shall indicate the amount of their savings to be pledged as security for a loan.

(c)               Savings of a borrower or a guarantor pledged as security for a loan may be pledged as security for another loan only after such have been released as security for the first loan.

(d)               All loans will be administered with a LPP (Loan Protection Plan).  See 17 (c)

(e)               LPP remittance must be sent to CUA by the 15th of the following month of loan approval.

(f)                The administrator must forward all documents to CUA immediately it is received from the borrower

 

24.       SECURITY FOR LOAN (WAGE ASSIGNMENT)

(a)               A wage assignment may be used as guarantee to a loan.  A wage assignment is a written agreement between the borrower, the employer and credit union whereby the employer agrees to reimburse the credit union for any amount of the employee’s salary pledged against any unpaid or overdue loan balance.

 

25.       RELEASE OF SECURITY

(a)               When a loan is being repaid, the security pledged by the guarantor(s) is released before the security of the borrower himself.

(b)               In case of more than one guarantor for a loan, after repayment of the loan, the pledged security would be released to the guarantors proportionately to the amount so guaranteed.

(c)               In case a wage assignment is used as a security, the guarantor(s) savings, if any are released first; the wage assignment is released next, and finally the borrower’s own savings.

 

 

 

 

26.       INTEREST ON LOANS

Members shall be charged an interest on loans at market rates.  However, the minimum interest rate to be charged shall be determined from time to time by the credit union movement (CUA).

 

27.       COLLECTION OF LOANS

(a)               In case a loan is not repaid according to the terms of the loan bond, the borrower shall be liable to pay the collection expenses.

(b)               In case a loan is not repaid, according to the terms of the loan bond, the borrower may be liable to pay fines not exceeding 10% per anum on the unpaid balance.

 

28.       INTEREST REBATE

Members may receive a rebate on interest paid on their loans at the end of the financial year, if so decided by the Annual General Meeting in accordance with paragraph 43.c. of these by-laws.

 

29.       POWER TO BORROW

The society shall have the power to borrow money up to 40% of its assets not already pledged outside the Society.

 

30.       INVESTMENT & DEPOSITORIES

(a)        All monies not needed for the day-to-day business of the Society shall be invested in any safe manner as provided for by paragraph 26 of the Decree.

(b)               All funds of the credit union, except for petty-cash, shall be deposited in such qualified depository as the Board of Directors may from time to time designate, and shall be so deposited not later than the second banking day after their receipt.

(c)               A petty cash fund shall be maintained by the Manager or the person designated by the Board of Directors for daily operations.

 

31.       RESERVE FUND

(a)               The Society shall maintain a Reserve Fund, which shall serve to protect the society in case of loss.

(b)               In case of loss the General Meeting shall decide on the disposition of the Reserve fund.

(c)               The Reserve Fund shall be credited with at least 25% of the Net surplus at the end of each financial year.  This fund shall not be less than the equivalent of 10% of the Total Assets, subject to the approval of the Registrar.

(d)               The annual Statutory Reserve allocation of 25% of the Net Surplus shall be deposited with the CUA Central Finance Facility, within 3 months of the financial year end.

 

32.       SIGNATORIES

All cheques, or drafts and other obligation of the Society shall require two of any three signatures that is designated by the Board of Directors.  The signatories shall be appointed by the Board of Directors.

 

33.       PUBLICATION OF NAMES

Name of any person(s) empowered to receive or pay out cash on behalf of the society shall be posted, preferably by a written notice at a conspicuous place in the office of the Society.

 

PART III – MEMBERSHIP

 

34.       QUALIFICATION FOR MEMBERSHIP

(a)               Membership is open to individuals, groups, entities, or associations, who are Pan-Africans and or sympathizers to the Pan-African course both home and abroad

(b)               Membership is also open to persons following the common bond in

PAN-AFRICIANS HOME AND ABROAD

(c)               Membership is limited to persons, groups, entities or associations of good character.

 

35.       APPLICATION FOR MEMBERSHIP

(a)               Application for membership shall be in writing on a prescribed form.

(b)               The application form shall state the name (s) of the person(s) to whom the shares/ savings of the member shall be paid in the event of the member’s death.

 

36.       ADMISSION TO MEMBERSHIP

(a)               An applicant shall be admitted or readmitted to membership by a 2/3-majority vote of the Board of Directors.

(b)               Membership shall only be effective when:

i)                   the membership application has been approved by the Board of Directors.

ii)                 The entrance fee has been paid.

iii)               The entrance fee is paid with the proviso that as savings accumulates to the equivalent of a minimum share then a share will automatically be purchased

iv)               A minimum share is purchased as determined in paragraph 7

 

37.       WITHDRAWAL FROM MEMBERSHIP

(a)               A member may withdraw from membership only by giving at least 3 months notice in writing.

(b)               Such withdrawal cannot become effective until all debts of the member have been settled and he/she has ceased to be a guarantor for any loan.

 

38.       EXPULSION FROM MEMBERSHIP

A member may be expelled from the Society by a 2/3-majority vote of the General meeting.

 

Reasons for expulsion shall be:

i)                   Arrears in savings

ii)                 Misuse of loans

iii)               Behaviour detrimental to the interest of the Society

 

 

 

39.       DEATH OF A MEMBER

(a)               Upon the death of a member his/her savings/shares shall be paid/transferred to person(s) whom he/she has nominated on his/her application form, as is paragraph 35(b)

 

40.       PAYMENT AFTER TERMINATION OF MEMBERSHIP

If a person has ceased to be member because of death, withdrawal or expulsion, his/her savings/shares shall be paid / transferred to his/her nominee(s) or heir(s) only after all his/her debts have been deducted and all his/her guarantees for loans have ceased.

 

PART IV – GENERAL MEETINGS

 

41.       SUPREME AUTHORITY

The supreme authority of the Society shall be vested in the members who exercise their power through voting at Annual and special General Meetings.

 

42.       ANNUAL GENERAL MEETING

(a)               The Annual General Meeting shall be held every year within 4 months after the close of the financial year/\

(b)               The members shall be informed of the Annual General Meeting at least 4 weeks in advance.

 

43.       BUSINESS AT ANNUAL GENERAL MEETING

            The Annual General Meeting shall:

(a)               Confirm the minutes of the previous Annual General Meeting and any intervening special general Meeting.

(b)               Receive the report of the past year’s work, the statement of accounts for the same period and any auditor’s report.

(c)               Decide on the manner of disposal of the net surplus gained in the last financial year; provided that the proper amount has been credited to the statutory reserve and other reserves.

(d)               Consider appeals against the expulsion of members.

(e)               Elect members of the Board of Directors, Loans Committee and the Supervisory Committee.

(f)                Fix allowances or Honoraria, if any, for voluntary work done for the society by officers or members.

(g)               Amend the bye-laws in accordance with paragraph 75 of these bye-laws.

(h)               Conduct any other business.

 

44.       SPECIAL GENERAL MEETING

(a)               A special General Meeting shall be held when requested by:

i)       a 2/3 majority vote of Board of Directors; or

ii)     A unanimous vote of the Supervisory Committee: or

iii)   A written request from at least 20 or one-forth of the members whichever is the lesser.

(b)        A special General Meeting shall be announced to members at least two weeks in advance.

 

 

 

45.       BUSINESS AT SPECIAL GENERAL MEETING

(a)               The business of a special General Meeting shall be made known to members in the announcement of the meeting.

(b)               A special General Meeting shall consider only the announced business.

 

46.       VETTING COMMITTEE

(a)               A vetting Committee shall be appointed to vet all aspiring candidates and present qualified candidates to the electoral committee for election.

(b)               An aspiring member may be disqualified on one or more of the following grounds:

i)       History of any fraudulent activities.

ii)     Embezzlement

iii)   Loan delinquency

iv)   Inactive (not saving regularly)

v)      Involved in any other act that is contrary to the rules and regulations of the Credit Union.

 

47.       VOTING AT GENERAL MEETING

(a)               Each member shall have one vote.

(b)               Voting may be by ballot.

(c)               A member must be present to vote or may submit votes via proxy

                                                        i.            To be considered present, a member may participate live via electronic communications.  A meeting administrator will be designated to authenticate the identity of members participating via telecommunication link.  The meeting administrator will authenticate any electronic voting by verifying the identity and content of any electronic messaging sent by members participating via telecommunication link.

                                                      ii.            A member may designate a proxy voter to cast votes on their behalf during the meeting.  Member must send a notice electronic or conventional at lease 3 days prior to the meeting

                                                    iii.            The meeting administrator will verify and authenticate this proxy designation prior to the beginning of the meeting at which the proxy will serve

                                                    iv.            A member may vote via proxy using one of the following means

a)      Electronic mail

b)      Electronic texts

c)      Conventional postal delivery

Any such proxy votes shall be received prior to the opening of the meeting in which they are to be counted.  The meeting administrator will authenticate and tally these proxy votes and record them at the time of voting.

(d)               The minimum voting age shall be 18 years.

(e)               A person who has been convicted on fraud or dishonesty shall not be eligible for election to any of the Committees of the Union

 

48.      QUORUM AT GENERAL MEETINGS

(a)   The quorum at Annual and Special General Meetings shall be forty or one half of the members whichever is lesser.

(b)   In case a quorum has not been reached, the meeting shall stand adjourned for a week, and until such as the adjourned meeting is held the affairs of the Union remain unchanged in so far as that is possible and consistent with justice, equality and common sense.

 

 

PART V – (BOARD OF DIRECTORS)

 

49.       BOARD OF DIRECTORS

(a)               The Board of Directors shall consist of a minimum of five (5) and a maximum of Seven (7) members

(b)               It shall include the Chairperson (President), Vice Chairperson (Vice-President), Secretary, Treasurer, Assistant Treasurer, other Officers as may be required, and other members; provided that no such person shall be an employee of the Society or a member of Loans or Supervisory Committee.

 

50.       ELECTION OF BOARD OF DIRECTORS

(a)               The members of the Board of Directors shall be elected by the Annual General Meeting.

(b)               Vacancies occurring during the year shall be filled by the Board of Directors.

(c)               Elected members shall serve four-year term of office, and shall be eligible for re-election, provided the member shall not have served for a maximum of two consecutive terms of four years each.

(d)               After serving for a total eight (8) years made up of two terms of four years each, a Board member shall not be eligible for election until after a break of a term.

(e)               Election shall be organised in such a way that a percentage (%) of members faces elections annually.

 

51.       LOSS OF OFFICE

If a member of the Board of Directors fails to attend three (3) consecutive Board meetings, his/her office may be declared vacant by the Board.

 

52.       SUSPENSION/EXPLULSION FROM OFFICE

(a)               The Board of Directors shall have the power by a vote of two-thirds of their number present and voting to suspend from office any Board member for misconduct, such as dishonesty, fraud, corruption or any other act injurious to the Society.

(b)               A Board of Directors member suspends under 52 (a) above shall only be expelled after the final decision of a General Meeting duly called for that purpose.

 

53.       MEETING AND QUORUM OF BOARD OF DIRECTORS

(a)               Meetings of the Board of Directors shall be held regularly, at least, once each month and other times when necessary.

(b)               The Board of Directors shall invite the members of the Loan Committee and the Supervisory Committee to its meetings.

(c)               The quorum at meetings of the Board of Directors shall be most of the members of the Board.

(d)               Board members shall have one vote.  The chairman shall have a casting vote in the event of a tie in voting.

 

 

54.       DUTIES OF BOARD OF DIRECTORS

(a)               The Board of Directors is the executive organ of the Society.  Subject to the authority of the General Meeting and these bye-laws, the Board of Directors shall perform or authorized all actions necessary to achieve the aims of the Society.

(b)               It shall in particular:

1.      Determine the purpose and objectives of the credit union.

2.      Draft and propose bye-laws

3.      Develop and ensure the implementation of operational policies of the credit union (Lending, Savings, Investment, Financial, Personnel etc.)

4.      Develop short, medium and long-term business plans for the growth of the credit union.

5.      Represent the Society in its dealings and transactions.

6.      Engage the services of a Manager for the day-to day activities of the credit union and fix his or her remuneration and conditions of employment;

7.      Decide on the bond, which may be required of employees or officers handling the funds and property of the Society.

8.      Open bank accounts in accordance with provision of the Decree, and decide on the investment of funds;

9.      Appoint 3 signatories and any 2 of the 3 signs cheques, notes, drafts and other obligations of the Society;

10.  Constantly evaluate the performance of the credit union

11.  Develop and implement an ongoing educational programme for the Society;

12.  Authorize borrowing by the Society in accordance with paragraph 29

13.  Ensure that true and accurate records and accounts of all transactions of the Society are kept;

14.  Take action against delinquent borrowers;

15.  Recommend to the Annual General Meeting the dividend rate on shares

16.  Determine interest rates to be charged and paid on loans and savings respectively as is deemed necessary.

17.  Suspend from membership, for valid reasons, and until general membership decision is reached by any member of the Society.

18.  Where necessary the Board of Directors may appoint an internal Auditor to compliment the work of the Supervisory Committee.

(c)               The Board of Directors shall have the power to delegate to an officer or an employee of the Society such of its own powers, as it may deem necessary.

 

PART VI – LOANS COMMITTEE

 

55.              MEMBERS OF LOAN COMMITTEE

(a)        The Loan Committee shall consist of at least three members, elected by the Annual General Meeting.

(b)        The Members of the Loan Committee shall not be members of the Board of Directors

(c)        Members shall serve a four-year term of office but can be re-elected for a maximum of two consecutive terms after which such member shall have a break of one term and shall afterwards be eligible for election.

 

56.       MEETINGS AND QUORUM OF LOAN COMMITTEE

            (a)        The Loan Committee shall meet frequently to conduct its business.

(b)        The quorum at meetings of the Loan Committee shall be majority of the members of this committee

 

57.       DUTIES OF LOAN COMMITTEE

(a)               The Loan Committee shall grant loans only in accordance with these bye-laws and the rules and policies laid down by the Board of Directors.

(b)               It shall decide on loans only at proper meetings and if the required quorum is present

(c)               The loans committee must submit a monthly report to the Board of Directors

(d)               It shall in particular;

1.      Consider all loan applications.  The Manager may be authorized to approve loans completely secured by the borrower’s own savings which are not already pledged as security for another loan, if the Loan Committee so wishes.

2.      Ensure that loans are properly secured.

3.      Determined reasonable conditions of repayment;

4.      Follow up delinquent loans;

5.      Make recommendations to the Board of Directors for action to be taken against delinquent borrowers.

 

58.       LOANS TO MEMBERS OF OTHER COMMITTEES

(a)               Loans to members of the Loan and Supervisory Committees shall be granted only with the prior approval of the Board of Directors.

(b)               Such approval shall appear in the minutes of the meetings of the Board of Directors and on the loans bond.

 

PART VII – SUPERVISORY COMMITTEE

 

59.       MEMBERS OF SUPERVISORY COMMITTEE

(a)               The Supervisory Committee shall consist of a minimum of three members elected by the General Meeting.

(b)               The members of the Supervisory Committee shall not be members of the Board of Directors or the loan Committee, signatories, or persons handling cash or accounts on behalf of the Society.

(c)               Members shall have four-year term of office but can be re-elected for a maximum of two consecutive terms (8 years).

 

60.       DUTIES OF SUPERVISORY COMMITTEE

            Supervisor Committee shall have the following duties.

            1.         To check whether the Board of Directors has fulfilled its functions properly.

2.         To check whether the Loans Committee has followed the prescribed procedure in granting loans particular with regard to security.

3.         To see that the Treasurer or another authorized person prepares a monthly financial statement.

4.         Ensure that the Treasure / Manager or another authorised person prepares a Balance Sheet and an Income and Expenditure account at the end of each financial year and sends them to the registrar and the National Credit Union Association (CUA) Headquarters

5.         Ensure that a complete audit of the books of account is made at least once a year.

6.         Check each member’s passbook against his personal ledger card at least once a year.

7.         Check the cash on hand, bank accounts and investment securities at least once every three months.

8.         Make a report to the Annual General Meeting.

9.         Meet monthly to check and sign the financial report.

10.       A monthly supervisory report must be submitted to the Board of Directors

 

61.       OTHER COMMITTEES

The Board of Directors shall establish an Education Committee and such other Committees, as it may deem necessary.

 

PART VIII – OFFICERS OF THE SOCIETY

 

62.       OFFICERS

The Officers of the Society shall be a Chairman (President), a Vice-Chairman (Vice-President), a Secretary, a Treasurer, an Assistance Treasurer and such other Officers as the Society may require.

 

63.       ELECTION OF OFFICERS

(a)               The Officers shall be elected by the Board of Directors from among its own members

(b)               Officers need not be present to be elected.

 

64.       TERM OF OFFICE

            Officers shall hold office as per “paragraph 50 (c) and (d)”.

 

65.       CHAIRPERSON

            The chairperson shall preside at all General Meetings and meetings of the Board of Directors.

 

66.       VICE-CHAIRPERSON

The Vice-Chairperson shall perform the duties of the Chairperson in the absence of that officer.

 

67.       SECRETARY.

(a)               The Secretary shall keep the minutes of all General Meetings and all meetings of the Board of Directors and shall perform such other duties as are regularly performed by a Secretary.

(b)               The Secretary to delegate part of his duties to a qualified person with permission of the Board of Directors.

 

 

68.       TREASURER

(a)               The Treasurer shall ensure that full and complete record of all financial affairs and monies of the Society are kept.

(b)               He/she shall ensure that a monthly financial statement is prepared and posted in a conspicuous place at the office of the Society.  He/she shall also ensure that a Balance Sheet and an Income and Expenditure account are prepared at the end of each financial year.

(c)               He shall perform such other duties as are regularly performed by a Treasurer.

(d)               The Treasurer may delegate part of his duties to the Assistant Treasurer or to another qualified person with the approval of the Board of Directors.

 

69.       ASSISTANT TREASURER

            The Assistant Treasurer shall assist the Treasurer in the performance of his duties.

 

70.       THE MANAGER.

The Board of Directors shall appoint a Manager who will be charged of the day to day administration of the credit union and shall fix his/her remuneration for his/her services.

 

The services of the Manager may be terminated or suspended in line with the staff condition of service.

 

71.       DUTIES OF THE MANAGER

(a)               To act as a secretary at General Meetings, Board Meetings, Executive Meetings and at any meetings as far as his/her services are required.

(b)               To conduct the correspondence on behalf of the Credit Union.

(c)               To appoint other staff with the approval of the Board of Directors and to dismiss an employee and report such action to the Board of Directors.

(d)               To supervise and co-ordinate the activities of the staff of the Credit Union.

(e)               To act on behalf of the treasurer of the Credit Union and as far as delegated to receive and pay out money and keep cash on hand, deposit and withdraw money from banks or other financial institutions as well as investing surplus funds.

(f)                To sign cheques, notes and other obligations of the Credit Union as may be recommended by the Board of Directors.

(g)               To keep accurate accounts and records and have charge of the documents, payment vouchers and receipts of the Credit Union as may be recommended by the Board of Directors.

(h)               To carry out such duties that may be lawfully assigned to him/her by the Board of Directors.

(i)                 To advise the Board of Directors on financial and other matters.

(j)                 Prepare a monthly financial statement i.e. Income and Expense statement and a Balance Sheet in a timely and efficient manner for the attention of the Board of Directors.

 

PART IX – AUDIT

 

72.       ACCOUNTS

The accounts of the Credit Union shall be inspected and audited within three months after the end of each financial year in accordance with the Co-operative Decree.

 

PART X – VOLUNTARY DISSOLUTION

 

73.       VOLUNTARY DISSOLUTION

The Credit Union may be dissolved by the consent of ¾ of its members, testified by their signatures identified by membership numbers/Accounts numbers.

 

74.       SPECIAL RESOLUTION

By a special resolution, the Credit Union may amalgamate with or transfer its engagements to another Credit Union.

 

75.       AMENDMENT OF BYE-LAWS

(a)               These bye-laws may be amended by a 3/4 majority vote of members present at a General Meeting, provided that one-half or not fewer than 40, whichever figure is lesser, of the members of the society are present.

(b)               No amendment of the bye-laws can be made unless the proposed amendment was specified in the notice calling members to meeting.

(c)               An amendment duly passed at a General Meeting can only become effective when it is registered according to paragraph 9 of the Decree.

                                               

PART XI

76        RECORDS

            The Credit Union shall maintain permanently the following records:

(a)               Register of members

(b)               Registered copy of Rules and Amendments thereto

(c)               Supplementary bye-laws.

(d)               Minutes of General Meetings, Annual and Special, and of all other committees.

(e)               Member’s shares/ savings and loan register and general ledger.

(f)                Applications for membership and loans

(g)               Any other accounting books or records prescribed by the National Association.

 

77.       AFFILIATION

The Society shall have the power to affiliate with any Regional or National Association established with the object of facilitating the operations of Savings and Credit Societies in accordance with Co-operative Principles.

 

78.       DISPUTES

All disputes within the Society, which cannot be settled, by the Board of Directors or a General Meeting shall be referred to the Registrar in accordance with paragraph 45 of the Decree.

 

79.       LIQUIDITION

The Society shall be liquidated only by order of the Registrar in accordance with the Decree, paragraph 54 – 63.

 

 

80.      CERTIFICATION

 

I certify that the foregoing bye-laws Number 1-80 of the BLACKSTARLINE CO-OPERATIVE CREDIT UNION LIMITED.