IMC Constitution & Official Document Centre

1. Opening prayer must be held.

2. The last meeting minutes must be read from the secretary.

3. Words of encouragement must be held in our meetings.

4. Any person who wants to join our cooperative society, has to inform his/her relative about it.

5. Keeping of grudges is highly prohibited in our society

6. Or personal sidetalks/backbiting.

7. There must be no side meetings (caucuses) after our legal meeting.

8. It is prohibited for our members to belong to any other (non-interest) cooperative society.

9. It is prohibited for our members to belong to any interest cooperative society.

It is compulsory to say the society slogan before saying anything.

Our slogan:

ITELORUN — ALAJ ESEKU

LENU ISE WA — AO JERE

NINU EGBE WA — AO JERE

ASEJERE NI TIWA O — AMIN.

1. Meetings would start at agreed and fixed time by the members.

2. Late comers to meetings would pay fine as agreed and fixed by members ________

3. If phone rings during meeting, it shall be fined ______

4. One time absent with message shall be fined ______

5. One time absent without message shall be fined ______

6. It is obligatory to cover our body properly ____

7. If a woman breastfeeds unconsciously there would be fine for it.

8. Members must pay their registration fee (card/form) within three weeks of joining our cooperative society.

1. The society would audit branches account after six months.

2. The branch executive who does not pass the audit after six months will be removed and would be replaced immediately.

3. The branch executive who passes the audit will receive a certificate of merit from the Society.

4. The society has the power and authority to remove any branch executive or member who is found guilty of atrocities.

5. The procedure for conducting the six-month anniversary would be rolled out by the society.

1. It is mandatory for members to maintain their savings, development and investment promptly.

2. The minimum amount that can be saved is: #1,000

3. Each branch shouldn't have more than 30 members in a Branch, otherwise the branch would be divided into two.

1. It is obligatory to share basiri/soft loans in our meetings.

2. Anyone who does not pay their registration fee is not eligible to get basiri/soft loan.

3. Anyone who does not return their form after filling is not eligible to basiri/soft loan.

4. Anyone who does not attend meetings regularly is not eligible to get basiri/soft loan.

5. Anyone who does not pay their savings is not eligible to get basiri/soft loan.

6. Anyone who does not pay their development fee is not eligible to get basiri/soft loan.

7. We do not tolerate rejection of basiri/soft loan either because it's small.

8. The last week of the month is when we do return our Monthly soft loan/basiri.

9. Anyone who fails to repay basiri/soft loan on time without a valid reason shall wait for a month.

10. A member is not entitled to take basiri more than once or twice within one month.

11. A new member is entitled to basiri after two months of paying their own contributions into our society.

12. A member is not permitted to obtain basiri through another person; the penalty is a one-month suspension.

13. Basiri is transacted in cash.

We have five officers in our society:

1. Alaga (Chairman)

2. Akowe owo (Financial Secretary)

3. Akowe minute (Minutes Secretary)

4. Iya egbe or Baba egbe (Mother or Father of the society)

5. Olopa (Marshal)

1. It is obligatory for a member to pay their Investment contribution once a month.

2. One may pay weekly where the provision allows it.

3. The minimum amount that can be paid for Investment is 1,000 naira; one may pay more where the provision allows it.

4. The Society (head body) has the right to use Investment funds productively.

5. Investment funds are what we use to purchase items within the society.

6. Sharing of Investment profit shall take place at the two-year anniversary period of the Branch.

7. There is provision to withdraw Investment from the Society (head body).

8. After six months, a member is entitled to use Investment to purchase items within the society.

9. A member who has completed six months and has passed the audit of their Investment, savings and development account is entitled to purchase items under the Investment standard.

10. Such a person will have 20% on items purchased under the Investment standard from 50,000 to 150,000; likewise from 150,000 to 300,000 will have 30%, from 300,000 to 400,000 will have 40%, from 400,000 to 500,000 to 1,000,000 will have 50%.

11. The period for repaying Investment obtained is at the least four months and at the most eight months.

[Original wording retained — administrative clarification may be required.]

1. A member is entitled to a loan of double their savings after six months in our society.

2. Members are eligible to get triple of their savings if double loan as been treated well.

3. The society would go through the activity of the member before getting loan.

4. Member who wants to receive a loan must have a good credit score within the last six months of joining the society.

5. Member who wants to get loan must obtain a letter of credit from the loan committee that is a regular and reliable member of the society.

6. Members who wants to get loan will buy a loan bond.

7. Members who wants to get loan must have two members as guarantor and one one other from outside the society.

8. It's compulsory to return loans monthly.

9. Member who is currently repaying loan is not eligible to get basiri/soft loan until he/she repays the loan.

10. Members who is currently repaying loan is not eligible to investment funds until he/she pays back half of the loan repayment.

11. Members that get loan must be present and punctual in all meetings.

12. Guarantors are not entitled to capital loan from the society except basiri/soft loan, until the person he/she represents pays half of the loan borrowed.

13. A member who is currently repaying a loan is not permitted to stand as guarantor for a member who wants to obtain a loan.

14. The Alaga (Chairman) is not permitted to stand as guarantor for any member who wants to obtain a loan.

15. The loan repayment period is at the least six months and at the most twelve months.

[Original wording retained — administrative clarification may be required.]

A member's decision to leave the society:

a. Such a person will no longer fill our records/forms.

b. Bringing the document before the sitting of the committee.

1. Where death occurs to a member, the person named as Next of Kin shall receive all of their assets held in the society together with the profit.

2. The person named as Next of Kin shall answer for whatever belongs to the society that is in the possession of the deceased.

3. Every such person to whom death occurs, or who wishes to leave the society without quarrel, trouble or indebtedness, shall receive their assets within six months of ceasing membership.

4. Any member who leaves the society in a quarrel, or who is accused, or is implicated in misconduct such as theft, falsification of records, harming the society and so on, will be expelled from the society and his/her property will be returned after six months of the incident.

5. Any member who wants to leave the society must pay all the debts that belong to the society that are in his/her possession.

6. We do not tolerate money laundering in our cooperative society.

i. The rule of law and the scope of the powers of these rules shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

ii. Any dispute arising in connection with the rules shall be subject to the jurisdiction of the Federal Court of Nigeria.

iii. The Association reserves the right to prosecute any person who refuses to return funds to the Association after being served with a summons by the FRC.

v. The person shall pay all expenses used by the FRC in accordance with the law.

[Original wording retained — administrative clarification may be required.]