Rank: Member Joined: 5/8/2009 Posts: 263 Location: Gigiri, Nairobi
|
@Guest, memba (Member)
Sample what you should have had in your group’s constitution before you started investing as a group. If you would like more of this, howler at me on xmyscreenname@livedotcom
12 PENALTIES FOR VIOLATING THE GROUPS RULES AND BY-LAWS
a) Any member who willfully acts in violation of these By-laws or regulations made there under shall be liable to a fine not exceeding Ksh. 2,000 (Two Thousand Shillings) notwithstanding any other action that may be taken against him/her in accordance with the Rules and these By-laws
b) The Tribunal Committee shall have power to hear and determine matters relating to any alleged violation of the By-laws by members. Any member aggrieved by the decision of the committee may appeal to the Members’ meeting whose decision shall be final.
c) Notwithstanding clauses (a) and (b) above, no such fine shall be imposed upon any member until a thirty (30) days written notice of intention to impose the fine and the reason thereof has been served on him/her and he/she, has been accorded-an opportunity to show cause why the fine should not be imposed.
16. VOLUNTARY WITHDRAWAL
a) Members with liability or outstanding obligations on their accounts or outstanding collaterals or guarantees for other members are accountable and thus cannot withdraw from the group until they clear the same.
b) Members without advances may-withdraw from The Group by giving a sixty (60) days notice.
c) No part withdrawal of share shall be allowed; neither offsetting of advances with shares unless the member concerned is leaving the common bond completely.
17. CESSATION OF MEMBERSHIP
Membership in The Group shall be terminated upon:
a) Voluntary resignation or transferring all shares or interest to The Group.
b) Withdrawing deposits.
c) The death of the member
d) Expulsion from membership by Group’s Meeting
e) Becoming certifiably insane
f) Acting contrary to the provisions of the Rules and these By-laws
g) Losing any of the qualifications for membership as set out in these By-laws.
18. SUSPENSION OF MEMBER
The Group Executive Committee may suspend a member who:
a) Willfully fails to comply or refuses to comply with these By-laws, policies, general internal regulations, a resolution of Members Meeting, contracts and persists in such refusal or failures.
b) Act in a manner detrimental to The Group's and members’ interest particularly if he/she makes consciously false statements to the Group Executive Committee, Tribunal Committee, Supervisory Committee or any other sub-committee or any Group’s meeting or fails to keep secrets of The Group
c) If he/she is convicted in a court of law of a criminal offence involving dishonesty or fraud or is imprisoned for a period of three months or more (Tribunal Committee decides on period of suspension or recommends to the GEC the expulsion of the member)
d) For any other reason approved by a Group’s Meeting and/or as contained in The Group's code of ethics.
19. EXPULSION PROCEDURE
a) Upon receipt of formal and written announcement and/or proof that a member has committed an offence punishable by expulsion, the Tribunal Committee shall serve written notice to the member stating the reasons for the proposed expulsion, and grant the member thirty (30) days for him/her to prepare a defense, if any.
b) Upon expiry of the thirty (30) days and taking into consideration the member's filed defense, the Tribunal Committee shall initiate an administrative inquiry and take a decision on its findings within fifteen (15) days upon which the member expelled if found guilty stands expelled.
c) A member so suspended by the Tribunal Committee and expelled by the Members’ Meeting, shall have the right to appeal at the next Members Meeting provided the notice and grounds of such appeal have been filed with Group Secretary not less than thirty (30) days before the date of the meeting, The decision of Members’ Meeting concerning such expulsion shall be final.
20. PAYMENTS UPON WITHDRAWAL, TERMINATION OR EXPULSION
a) Withdrawal, expulsion or termination of membership will not exonerate a member from any existing personal or membership liability.
b) A member who withdraws or is expelled shall be repaid the following amounts after deductions of any debts owed by him/her to The Group as a borrower, endorser, guarantor or otherwise:
i. shares where a six months notice has been issued and received
ii. Any dividend and / or interest due to him/her on the date membership ceased.
iii. Sums held by The Group on his/her behalf.
iv. 75%market or book value of shares, whichever is less
c) A member who resigns, retires or is dismissed from employment and opts to cease to be a member qualifies for benefit under the benevolent funds, if existing.
21. RE-ADMISSION
A member who voluntarily withdraws, then re-applies for admission will wait for a period of three (3) months from the date of withdrawal subject to a fresh member registration process.
 >>>>>>
A thing of beauty is a joy for ever:
Its loveliness increases;
It will never pass into nothingness;
But still will keep a bower quiet for us,
and a sleep full of sweet dreams,
and health, and quiet breathing. - Keats
>>>>>>>In life,there are three classes of people,
1. Those who make things happen,
2. Those who watch things happen
3. And those who ask what happened.
Where do you fall?
|