OF

OHABUIKE THRIFT ASSOCIATION

(WEEKLY CONTRIBUTIONS) MOTTO: UNITY & PROGRESS NO. 101 OMUMA ROAD ABA SIGNED: CHAIRMAN SECRETARY

DATED THIS 20TH DAY OF JANUARY 2014.

CONSTITUTION OF OHABUIKE THRIFT ASSOCIATION
1

PREAMBLE: 1. The name of the Association shall be known as and called OHABUIKE THRIFT ASSOCIATION ABA, ABIA STATE. 2. 3. 4. M !! : The Motto of the Association is "UNITY AND PROGRESS. This constitution shall only apply to Financial Members of the Association. The Fundamental Ob ecti!e of the Association is to keep safe all monies collected on behalf of the members and to assist members financially. #n this constitution$ money means %Money of the members& and members mean %Financial Members&. Members are obli(ed to pay their weekly contributions to the meetin( e!ery )unday. T#$ A%% &'(!' ) %#(** +$ , -$.)$/ +0 !1 223 + /'$%: A3 THE BOARD OF TRUSTEES: This is the body of founders whose positions in the Association are permanent. The Trustees ha!e the ri(ht to !eto any decision taken by the e+ecuti!e committee$ but the ,oard-s decisions are not sub ect to e+ecuti!e re!iew. This body e.ually reser!es the ri(ht to ac.uire more powers to itself$ and to e+pand its membership. The followin( persons are the Trustees of OHABUIKE THRIFT ASSOCIATION, ABA: CHIEF STEPHEN ALAJEMBA 4 CHAIRMAN HON. GIDEON ADIK5URU 4 SECRETARY MR. BENNETH BELON5U 4 MEMBER ,/ THE E6ECUTI7E COMMITTEE: This is the decision makin( or(an of the Association. They ha!e the ri(ht to decide on any matter concernin( the Association. 0owe!er$ their decisions are sub ect to ratification by the ,oard of Trustees. At present$ there shall e+ist the followin( e+ecuti!e positions1 i. 2hairman
2

". '. *.

ii. 3ice 2hairman iii. )ecretary i!. Treasurer !. Financial )ecretary !i. 4ro!ost. 0owe!er$ as circumstances arise$ the 5+ecuti!e 2ommittee can take decisions to e+pand itself$ sub ect to the ratification of the ,oard of Trustees. 6. All monies contributed weekly shall be handed o!er to the treasurer for upward remission to the ,ank and the followin( 5+ecuti!es shall be si(natories to the Account of the meetin(1 the 2hairman$ the )ecretary and the Treasurer. The desi(nated ,ank for the meetin( shall be 8nited ,ank for Africa 98,A/$ or any other bank appro!ed by the 5+ecuti!e 2ommittee sub ect to ratification by the ,oard of Trustees. ;o member or e+ecuti!e member shall be in the custody of the money reali<ed in the meetin( weekly. 5!ery money recei!ed from members on )undays shall be deposited in the Association account the followin( Monday immediately. On no account should the Association money be kept in the custody= personal account of a member or e+ecuti!e member. 5!ery financial member is entitled to financial assistance from the Association and such assistance shall not be e+tended to non> members. The financial assistance shall be limited to the sum total contributions of a member in the year of application. Any member who wants financial assistance shall apply to the Association and on appro!al? two members of the e+ecuti!e shall be )urtees for the loan. And in case of default$ the two )urtees shall be held liable to pay the amount or the money shall be deducted from their contributions in the Association. The Association shall not in any way spend any kobo in reco!erin( of any debt arisin( from any member? the )urtees shall bear all e+penses accordin(ly.

7.

1:.

11. 12.

13.

14.

5!ery member shall in addition to his=her weekly amount of contribution pay the sum of N20.00 9Twenty ;aira/ weekly to be used as runnin( costs. Any member who fails to contribute his=her weekly contribution to the end$ or stops contributin($ the sum as shall be determined by the e+ecuti!e committee shall be deducted from his=her money already contributed and the balance shall be (i!en to him=her at the end of the year. Any member who stops half>way from the contributions is not entitled to withdraw his=her money from the Association until the end of the year. @here there is alle(ation of fraud a(ainst any official of the Association$ such official shall step down from his position dependin( on the outcome of in!esti(ation. The Association-s place of meetin( shall be as decided by the 5+ecuti!e 2ommittee. This constitution is sub ect to re!iew and amendment by a simple ma ority of !otes cast by the 5+ecuti!es at a special meetin( called for this purpose.

1".

1'.

1*.

16.

17.

DATED THIS 20TH DAY OF JANUARY 2014. SIGNED: CHAIRMAN SECRETARY