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    Final Draft_Constitution of de Billionaires OSLA_2023

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    afamtonymax
    De Billionaires Office Savings and Loans Association is established with 25 to 40 members to facilitate savings and loans at a share value of 2,000 naira, charging a 5% interest on loans repayable within 60 days. Members must save at least half of the loan amount requested and can only borrow up to 70% of their savings three months prior to the share-out. The organization has a structured management system and requires a quorum of 75% for decision-making, with quarterly meetings to review activities.

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    Final Draft_Constitution of de Billionaires OSLA_2023

    Uploaded by

    afamtonymax
    3 views3 pages
    De Billionaires Office Savings and Loans Association is established with 25 to 40 members to facilitate savings and loans at a share value of 2,000 naira, charging a 5% interest on loans repayable within 60 days. Members must save at least half of the loan amount requested and can only borrow up to 70% of their savings three months prior to the share-out. The organization has a structured management system and requires a quorum of 75% for decision-making, with quarterly meetings to review activities.

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    De Billionaires Office Savings and Loans Association is established with 25 to 40 members to facilitate savings and loans at a share value of 2,000 naira, charging a 5% interest on loans repayable within 60 days. Members must save at least half of the loan amount requested and can only borrow up to 70% of their savings three months prior to the share-out. The organization has a structured management system and requires a quorum of 75% for decision-making, with quarterly meetings to review activities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    3 views3 pages

    Final Draft_Constitution of de Billionaires OSLA_2023

    Uploaded by

    afamtonymax
    De Billionaires Office Savings and Loans Association is established with 25 to 40 members to facilitate savings and loans at a share value of 2,000 naira, charging a 5% interest on loans repayable within 60 days. Members must save at least half of the loan amount requested and can only borrow up to 70% of their savings three months prior to the share-out. The organization has a structured management system and requires a quorum of 75% for decision-making, with quarterly meetings to review activities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    You are on page 1of 3

    Constitution of De Billionaires OSLA

    1.1 Name
    The organization being constituted will be known as De Billionaires Office Savings and Loans
    Association.

    1.2 Body Corporate


    This organization shall:
    Exist with a minimum of 25 and maximum of 40 members making it functional through their purchase
    of shares and payments of fines and interests as at when due.

    2. Objectives
    (a) De Billionaires OSLAs main purpose shall be to save money at a share value of 2,000 naira per share
    by members, and give out loans to members with an interest rate of 5% and in a 2 months duration.
    (b) De Billionaires OSLAs secondary objective include being able to encourage members to save money
    and have dividends at the end of the cycle.
    3. Income
    3.1 The group income shall be but not limited to money such as interest on loans and fines.

    4. Loan

    4.1 A member shall only get loan from De Billionaires OSLA if said member has saved at least half of the
    loan amount s/he requests.

    4.2 Interest of 5% shall be deducted from source of loans being given to members

    4.3 Duration of Loan repayment: loan repayment shall be within the stipulated duration of 60 days
    from the date of collection

    4.4. Penalty or default loan: Failure to repay loans within the stipulated duration of 60 days shall attract
    a fine of same interest rate. Equally, fine of 5% shall also apply on total outstanding balance where the
    member has paid part of the loan and failed to complete it in not more than 60 days duration

    4.5 Members are not eligible to take loan above 70% of their savings 3 months to share out

    4.6 For no reason shall loans be granted to non-members of De Billionaires OSLA.

    4.7 Loans shall not be given to members with outstanding loans. One must repay all outstanding loans
    before applying for another loan.
    4.8 A minimum of 3 members must give approval for a loan request before the transaction is carried
    out, with the Financial Secretary and Treasurer ensuring that the person making the request meets up
    with the constitutional requirements.

    4.9 To be considered an active member of the group, every member must purchase at least a minimum
    share value of 2,000 naira and maximum of 50 shares every month. Failure to comply with this attracts a
    fine of 500 naira deducted at source.

    5. Transaction procedures

    5.1 All proof of payments/ transactions must be sent to the Treasurer and Financial Secretary who will
    update the members on the page. This is to ensure effective accountability and transparency

    5.2 If a member wishes to withdraw either part of or all his/her shares, he ceases to partake in any
    benefit for the withdrawn shares. Treasurer/ Financial Secretary must be informed and approved while
    they update the general group members.

    6 Management

    6.1 De Billionaires OSLAs management structure shall be made up of 5 office bearing positions including
    Chairman, Secretary, Financial Secretary, Treasurer and PRO. 4 Admins shall be managing the Whatsapp
    page.

    6.2 These positions will serve for two saving cycles. The previous officers can be nominated to handle
    same position s/he performed well while voting shall be used to confirm the status

    6.3 If an Officer abuses his/her office, first, warning shall be issued to such an officer and if the
    misconduct is repeated, then the officer shall be up for removal by the highest vote (75% of members)

    6.4 In order to have a quorum to make decisions or vote on matters pertaining to the group, there must
    be 75% of members in attendance. If this number is a fraction, this number will be rounded up to the
    nearest whole number.

    6.5 The group shall maintain a quarterly virtual meeting for the review of all activities within the
    quarter/ cycle
    6.7 Pending the Group official Account opening, the Treasurer shall present an account details which
    shall be used by the group members for financial transactions.

    7. Responsibility of offices
    7.1 The chairman shall be responsible for the coordination of the group, including leading discussions in
    the group, facilitating meetings and overseeing the other elected positions as well as facilitating the
    communication between office bearers.

    7.2 The Secretary’s duties shall include taking attendance during meetings, making an agenda for each
    meetings and taking minutes for the meetings. In the absence of the Chairperson, the Secretary will take
    on the responsibilities and duties of the Chairman.

    7.3 The Financial secretary shall record all financial transactions of the group and shall present quarterly
    financial updates/ transactions carried out within the quarter/ cycle respectively. He/she shall in
    collaboration with the Treasurer prepare a share-out matrix at the end of the cycle.

    7.4 The Treasurer shall keep funds and detailed record of all transactions made and having the financial
    records in his/her possession, providing monthly update in collaboration with the Financial Secretary on
    the financial status to members. He/she shall in collaboration with the Financial Secretary prepare a
    share-out matrix at the end of the cycle.

    7.5 The PRO shall be responsible for dissemination of information and follow up erring members and
    any other duties as may be assigned to him/her by the group.

    8. Duration

    8.1 Savings cycle elapses at the end of the year with 10 months of savings (January- October)

    8.2 Loan out shall end at the 9th month (September)

    8.3 All outstanding loans within the week of share out preparations shall be deducted from such
    member’s shares
    8.4 Share out shall be done by first week of December to mark the official closing of the cycle.

    9. Compensation

    9.1 The association shall on 75% membership agreement gift an amount of money not exceeding 15,000
    to the treasurer during the end of cycle share out for all his/her labour and outstanding performance

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