1. All words and expressions used in these Bye-Laws are as defined in Section 2 of the Co-operative Societies Law, Laws of Bayesla State, Nigeria, and shall have the meaning assigned to them in the above named section.
2. Subject to subsection (1) of this section, the following words or expressions shall have the meanings respectively assigned to them:
   1. Words importing the singular or plural number respectively include the plural and singular number.
   2. Words importing the masculine gender also include the feminine gender.
   3. “Financial Year” means the period of twelve months beginning from 1^st January and ending on 31^st December.
   4. “The Law” means the Cooperative Societies’ Laws, Laws of Bayelsa State, Nigeria.

The area of operation of the Society shall be confined to Bayelsa State AND Beyond.

1. To create funds for lending to its members for useful purposes.
2. To encourage thrift and provide a means whereby savings may be made.
3. To do other things that are necessary for the attainment of these objectives as agreed at the General Meeting or Executive Committee.
4. To promote cooperative spirit among members and do all such things as will lead to its improvement.

1. Full Membership: Full membership shall be open to anybody residing in any part of Bayelsa State only and no person shall be admitted as of right.
2. Associate Membership: Associate membership shall be open to ex-members of the Society whether residing within or outside the area of operations of the Society but no person shall claim admission as a matter of right.

Application for membership shall be in writing through the Secretary or online application via the website and shall be disposed of by the Executive Members who shall have the power to grant admission as soon as he/she has paid the entrance fee of N2000 and the first monthly subscription (share/thrift savings). The minimum monthly subscription is N5,000 (Shares: N3,000 per month and Thrift: N2,000 per month).

Each member, on admission, shall supply the full names and address of his next of kin to the Secretary to whom, in the event of a member’s death, the Society shall pay a sum representing the deceased member’s holdings and any other sum due to him at the time of his death. In the event that no nominee has been appointed by the deceased member, the society shall pay his entitlement, if any, to the person who, after examination, appears to be the heir or legal representatives of the deceased member.

1. When a member intends to resign his membership, he shall send a letter of resignation to the Secretary of the Society and such resignation shall take effect from the date on which the resignation is accepted by the Executives. Such a member shall be eligible to withdraw his savings within a period of THREE months of the Executives’ acceptance subject to a deduction of an administrative charge of N5,000.
2. Any member who resigns his membership, except due to relocation outside the state, shall be reabsorbed into the Society if he/she decides to come back with a re-entry fee of N3000.
3. Any member who fails to remit his dues for a year (12 months) without any cogent reason shall have his name removed from the list of members of the Society and can claim his entitlements only on application.
4. No member shall be permitted to withdraw his shares in the Society while he/she is still a member.
5. A member can resign the membership of the society at any time but must give a minimum of THREE months’ notice in writing to the Executives. After such a period he may withdraw his shares with the consent of the Executives provided he/she is not indebted to the society.
6. Withdrawals of thrift savings shall be limited to once per year, provided he/she is not indebted to the society.
7. No member will be allowed to withdraw his savings if he/she is on loan and is owing the society.

1. Death
2. Permanent insanity
3. Withdrawal in writing or resignation

1. A member may be expelled on any one or more of the following grounds:
   1. For any misrepresentation to the society
   2. For any conduct likely to bring the society to disrepute
   3. For conviction for criminal offence, other than traffic offences, by a court of law.
2. On expulsion, a member shall be paid all money due to him from the society after deducting any money due from him to the society.

1. An ex-member shall be liable for the debts due to the Society as they existed on the date when he ceased to be member and for a period of a year thereafter from the date on which he cased to be a member.
2. The estate of a deceased member shall be liable for the debts for the society as they existed at the date of his death for a period of a year after his death.

1. Shares: Each share in the Society shall be of the value of THREE thousand naira (3,000.00). There shall be twelve (12) fully paid-up shares per member per annum.
2. Entrance fees: Every member on being admitted into the Society shall pay Two thousand naira (N2,000.00) entrance fee.
3. Savings of members: savings of members shall not be less than two thousand naira (N2000) per month, and accepted and accounted for by the society in accordance with the rules approved by the Director of cooperatives and shall be credited to such members of the society.
4. Borrowings: The Society shall not borrow money or accept deposits from any external source without the written permission of the Director of cooperatives but in the ordinary course of its business shall accept money or overdraft facility from its bankers and other co-operative organizations in which the society has business connections and/or investments without reference to the Director of cooperatives.
5. Such remunerations as may be earned or granted by other cooperative organizations for assistance rendered.
6. Such commissions as may be earned by the Society in the Course of its activities under these bye-laws.
7. Dividends
8. Development levies
9. Miscellaneous sources approved by the Director of Cooperatives.

1. A Reserve Fund
2. A Depreciation Fund
3. An Insurance Fund
4. Development, Education, Propaganda or other funds approved by the Executive Committee.

1. With the exception of such amounts as it is essential to keep in the office, the liquid funds of the Society shall be kept in the Bank Accounts.
2. The Society’s Bank Account shall be Trustees’ Accounts
3. When money is paid into the bank, the pay-in-slip shall be signed by the Treasurer/Secretary.
4. Withdrawals: Before money is withdrawn from the bank, the cheques or withdrawal slips shall be duly signed by the President, Secretary and Treasurer (any two signatories shall be allowed).

Loans shall be granted to members only for purposes which, in the opinion of the Board, are productive or necessary and in the best interest of the borrowers.

1. Loans shall be advanced only to members who must have paid six consecutive subscriptions and also to have joined the Society for not less than six months.
2. Loans shall not be given to an Associate Member who has not made his thrift savings regularly.
3. Every member applying for loan shall be subjected to his repaying capacity and shall not exceed his maximum credit limit as may be prescribed from time to time by the Executives.
4. Members on loan must continue to regularly make the monthly payment for Shares and Thrift. However, such a member is at liberty to reduce the shares/thrift payment to whatever amount which must not be below the minimum allowable amount of N5000 per month.

1. Member who desires to obtain a loan shall submit an application form to the Executives stating the amount and the purpose for which the loan is required, the term for which it is asked, whether he desires to repay it by installments and the names of two members- sureties or any other security offered.
2. Member who desires to obtain a loan must have been a regular member for at least Six (6) months and must have saved half (50%) of the amount he/she is applying for.
3. The Executives shall consider at a meeting every application for loan and if the Executives is satisfied with the trust worthiness of the applicant, the sufficiency of the security offered and the prospects of advantage to the borrower in the way of increased production or economy or otherwise, it may approve or disapprove the loan.
4. The sureties (GUARANTOR) of members’ loans must be reputable members of the Society, should have been members for not less than six months, have saved more than a quarter of the amount to be borrowed.
5. NB: The guarantor will not be allowed to access the guaranteed equivalent until the borrower has fully repaid the loan.
6. Where a member is in default in the payment of a loan or an installment of a loan and does not satisfy the Executives about the reason for such default members shall not be entitled to receive another loan from the Society.
7. If, by reason of sickness or some other genuine causes a member finds that he will not be able to discharge his obligations to the loan repayment, such member must report to the Executives as early as possible and they shall consider the case and take a decision whether to extend or not the time fixed for payment on such conditions as it thinks fit.

The interest on loans advanced by the Society from time to time shall be 10% which shall be taken upfront and payable within 12 months. Interest on other loans will be at the discretion of the executives committee. Kindly confirm before any application.

1. Transfer of an amount not less than 25% of the surplus to the Reserve Fund
2. At least one tenth shall be carried to an Education Fund
3. Charity
4. The balance shall be utilized for one or more of the following purposes.
   1. Payment of dividends on members’ total holdings (share, savings and fixed deposits) as per Co-operative Societies Law and Regulations.
   2. Constitution of, or contribution to, one or more of the following purposes, namely:
5. Any other fund approved by the General Body and the Director
6. Payment of bonus to the Secretary, Executives and its sub-committees to an extent and manner set out for that purpose or thought fit subject to the approval of the General Meeting.

1. Any amount due from the Society and not claimed shall be added to the Reserve Fund of the Society.
2. The Reserve Fund is indivisible and no member shall be entitled to claim as specified share from it. Except with the written permission of the Director, it shall not be utilized in the business of the Society, but shall be deposited or invested in such manner as the Director may prescribe and shall not be drawn upon except with his approval.

1. Any proposed amendment or addition to these Bye-Laws shall be at the discretion of the Executives
2. Any amendment of and/or addition to these Bye-Laws shall be made by Executives.