This is a sample using Federal Medical Centre (Ebonyi) Staff Cooperative Thrift and Loans Society (CTLS) Limited, Abakaliki as a case Study
Following  the need for staff of the Federal Medical Centre, Abakaliki “to solve their needs or meet their obligation(s)”, in the midst of competing demands, some members came together and their discussions gave birth to Federal Medical Centre (Ebonyi) Staff Cooperative Thrift and Loans Society (CTLS) Limited, Abakaliki.

The Society shall be known and addressed as: Federal Medical Centre (Ebonyi) Staff Co-operative Thrift and Loans Society (CTLS) Limited, Abakaliki.
(A) All words and expression used in this bye-law are as defined in section 57 of the Nigerian Co-operative Society Decree 90 of 1993 and subsidiary legislation of Co-operative Societies Regulations made under section 56 of the same Decree, shall have the following meanings assigned to them unless otherwise stated.
I.          Bye-Law: the registered bye-law made by a registered Society in exercise of the powers conferred by this decree, and includes any registered amendment thereof.
II.         Committee: the governing body to which the Management of the affairs of this Society is entrusted.
III.       Co-operative Society: voluntary association of individuals united by common bonds who have come together to pursue the economic goals for their benefits.
IV.       Director: the Director of Co-operative Societies of Ebonyi State of Nigeria and includes any person exercising the powers of the Director, on his behalf.
V.        Member:  persons joining in the application for registration of this Society and persons admitted to membership after registration in accordance with the bye-laws and Regulations of the Society.
VI.       Officer:  includes a President, Secretary, Treasurer, Financial Secretary, Member of Committee, or other person(s) empowered under the Regulations or bye-laws to give directions in regard to the business of a registered Society. 
VII.      Registered Society: A Co-operative Society registered under decree No. 90 of 1993.
VIII.    Ballot: a vote taken in writing.
IX.       Chairman: the President of the Society and shall include the person who in the absence of the President performs the duty of Chairman for a time being.
X.        Decree: the Nigerian Co-operative Societies decree No. 90 of 1993.
XI.       General Reserve: that part of the annual net profit of a registered Society which is not distributed or appropriated to particular purposes.
XII.      Honorarium: a share of the profit of a registered Society divided amongst  some or all of the members of the Committee or the Council of Inspectors or Scrutinizers of the Society in recognition of services for which otherwise no payment is received. 
XIII.    Financial Year: the period of twelve (12) calendar months beginning from January 1 to December 31 of the same year.
XX.     Net Profit: the difference between income received or accrued during the financial year and the total of expenditure made or accrued during the year and provisions and allowances for the depreciation of fixed assets or the writing-off, of losses or bad debts and for the creation or maintenance of reserves against bad debts or depreciation of stocks.  
XXI.    Laws and Regulations: the Nigerian Co-operative Society’s decree No. 90 of 1993 and any subsidiary legislation made thereto.
XXII.   FMC SCTLS: Federal Medical Centre, (Ebonyi) Staff Co-operative Thrifts and Loans Society Ltd.
(B):     If there shall arise any doubts regarding the meaning or intention of any of the sections of this bye-law, the matter shall be referred to the Director for ruling.
Area of Operation: Federal Medical Centre, Abakaliki
a.                  To create Co-operative awareness in its area of operation.
b.                  To inculcate the spirit of thrift among members.
c.                  To provide loans to needy members.
d.                  Capital mobilization through members’ thrift saving and non-members deposits.
e.                  To raise the standard of living of members.
f.                   To do any other business that will enhance the realization of these objectives.
SOURCES OF FUNDS: The sources of funds for the Society shall be the following;
(a)       Entrance fee.
(b)       Contribution and Savings.
(c)       Grants and loans – from members, government establishments and institutions, financial institutions and individuals subject to acceptance and approval of the general meeting.
(d)       Donations.
(e)       Levies.
(f)        Commercial activities.
(g)     Return on investment (ROI).                                                                                               
(h)       Interest on loan.
(j)      Sales of loan application forms.
 ****Should be expunged until it is fully discussed and accepted by members****
(a)       Funds of the Society shall be applied to the achievement of the objectives of the Society.
(b)       No fund of the Society shall be applied to any activity outside the objective of the Society except otherwise approved by the general meeting.
(c)       Capital application of fund must receive two-third (2/3) majority approval of the general meeting.
(d)       The Society shall not grant loan to a person who is not a member of the Society.
(e)       All loans (except short-term loan/short term preference loan) granted by the Society must have at least two (2) guarantors.
(f)        The Committee shall be liable to repay the Society any loss arising from any unsecured loan.
 (1) Qualification for Membership    
(a)       Intending members must be members of staff of the Federal Medical Centre, Abakaliki.
(b)       Members shall be admitted on completion of membership application form. They shall exercise the full right of membership on payment of an entrance fee of one thousand naira (N1,000.00) only, or such other amount as may be fixed from time to time by the general meeting.
(c)       Non-permanent staff of FMC, Abakaliki (Interns, Youth Corpers, Resident Doctors, Industrial Attachees, Contract staff etc) may be considered for special membership under ad hoc guideline, as shall be recommended by the Committee/Board and approved by the general meeting.
(d)       Once membership application is accepted by the Committee, the member shall be bound by the bye-law and Nigerian Co-operative Society Act.
 (2) Right and Liability of Members
A member shall not exercise the rights of a member unless or until he has made such payment to the Society in respect of membership and equally maintains monthly compulsory ordinary saving account.
(3) Restriction of Membership     
Except with the prior consent of the Society no member shall be a member of another Society whose primary objective is to grant loan to its members and whose deductions are made at the same source. Where a member contravenes this section, such member may lose the privilege of credit facility from the Society.
(4) Voting Rights of Members
 A member shall be entitled to have one vote only as a member in the conduct of the activities of the Society provided that the President/Chairman shall have the casting vote in the case of an equality of votes.
(5) Liability of a Withdrawn or Deceased Member
The debt of such member to the Society shall be applied on the balance of his savings with the Society or his monthly salary or his terminal benefit as the case may be in liaison with the relevant authorities.
Withdrawal/Termination of Membership
Membership of the Society may be terminated by:
(a)        Notice of termination of membership which must be in writing to the President with at least 3 months notice given from the date of official receipt of the notice as recorded in the Society’s official in-coming mail register.
(b)       The effective date of termination shall be at the expiration of the 3 months notice given in section “a” above.
(c)       Upon termination, full repayment for the debts owed the Society shall be effected on the balance of his savings with the Society, or his monthly salary or terminal benefit as the case may be.
(d)       Where he is not indebted to the Society, his total savings with the Society shall be paid in full provided that the interest on savings shall be paid when annual profit is declared and his name struck off the membership register but the membership number shall not be re-assigned.
(e)       Where the withdrawing member is a guarantor for another member loan, the Committee may reject the withdrawal until such a debt is repaid in full.
(f)        Where the termination is accepted despite member’s guarantor status, he shall still be liable to refund the Society in full where the debt goes into default.
(g)       Membership shall terminate if a member dies, is of unsound mind, ceases to work in the Society’s area of operation or ceases to be a staff of FMC Abakaliki.
(h)       Membership may terminate if a member is guilty of an act of misconduct adjudged injurious to the interest of the Society and may be terminated if he is convicted of an offence involving fraud.
(I)       A member who terminates his membership contrary to the bye law shall be liable to pay the Society 10% interest on the outstanding balance of his debt to the Society in addition to variable cost incurred in recovering the debt.
(J)       If a member withdraws in accordance to the bye-law, his entitlement shall be repaid within the 3 month notice.
(k)       No approval shall be granted to a person who has applied for withdrawal of           membership unless and until he/she has settled all indebtedness to the       Society.
Loan shall be granted to members in accordance with Regulation 44 and 45 and section 11 (3) and (4) of decree 1993 of the Nigerian Co-operative Society.

(a)       A member who desires to obtain a loan from the Society shall obtain the prescribed form from the Officer or staff of the Society so delegated upon payment of the prescribed fee.
(b)       The appropriate application fee shall only be collected when the member is adjudged to be reasonably qualified for the loan after verification.
(c)       Effective date of application shall be the date of submission and acceptance of the application form, and the application shall immediately be entered into the prescribed register in a serial order.
(d)       Submitted application form shall be kept in the custody of the Secretary or an employee of the Society so delegated until it is required for consideration.
(e)       Completed application form must be returned with the photocopies of application fee receipt and the most recent pay slip.
(f)        Application fee shall be made to the Financial Secretary or any employee of the Society so delegated for transmission to the Treasurer for custody and deposit into the Society’s designated bank.
(g)       Application shall be considered in a fair and serial manner.
(h)    Once a loan is granted, it must immediately be entered into the member’s personal ledger, reflecting the loaned amount and date of approval.
(i)        Loan shall not be granted to a person who is not a member.
(j)        Applicants shall endeavor to wait for their turn on the list and not pile pressure on the Committee.
(k)   Loan granted from the monthly deduction or any other source shall be deemed to have been issued in the same month of that deduction not withstanding when the beneficiary receives his cheque.
(l)        There shall not be upward adjustment of the requested amount once a loan application has been successfully submitted and entered into the loan register.
(m)      A loan beneficiary shall also be responsible for the correct loan deduction. However, any error arising from incorrect deduction, the Society shall upon discovery take necessary action to ensure that relevant section of the bye-law is not breached and no loss shall be to the Society.
(n)       Loan applicant shall not be allowed to use more than 70% of their net salary to repay their loan.

Short-term Loan   
1          Application fee shall be five hundred naira (N500.00) subject to change by general meeting.
2.         Compounded ten (10%) interest shall apply and repayment period shall be for a maximum of three months.
3.         The maximum amount loan-able shall be one hundred thousand naira (N100,000.00) only.
4.         A member applying for short-term loan shall have a minimum of twenty thousand naira (N20,000.00) only in his special saving.
5.         Deduction shall mandatorily commence from the succeeding month of the loan grant.
6.         Under no circumstances shall a member be granted another loan when he is still repaying an outstanding loan and neither shall a loan be suspended when there is still an outstanding balance.
Long-term Loan:           
(1)      Applicant must have saved at least 35% of the amount so requested at the point of obtaining the loan application form.
(2)      The special saving shall form the only basis for calculating the 35% in section (1) above.
(3)       Five percent (5%) interest shall apply irrespective of the amount granted and shall be paid in full at the point of receiving the loan.
(4)       The maximum tenor shall be 24 months with the monthly repayment spread equally over this period.
(5)       No suspension or downward review of the repayment plan shall be allowed by the Committee.
(6)       The entire loan sum shall be repaid to the Society, notwithstanding the 35% collateral.
(7)       No additional long term loan shall be granted to any member who is still repaying a long term loan except the additional loan so granted must be made to run concurrently and simultaneously with the earlier loan granted and both monthly deductions for the loan shall mandatorily be together and concurrently.
(8)       Guarantors upon endorsing a loan application accept responsibility for full repayment of the Society’s debt in the event of a default and the repayment shall be determined by the Committee.
(9)       All loan repayment shall be obtained at salary source. However, a debtor-member shall be free to repay a loan from a private source provided that the loan is liquidated at the expiration of the 24 months.
(10)     The Committee shall have powers to make standing orders in pursuance of smooth loan disbursement in line with the provisions of the bye-law.
(11)     No person other than members of the Committee and the Director shall be present at any meeting where loan consideration is made.
(12)     Maximum Credit Limit
i.          Any loan granted above four million naira (N4,000,000.00) only shall be  given in 2 or more successive installments
ii.         No loan shall be granted to a member if the monthly repayment value shall be greater than 70% of the member’s net monthly salary.
(13)     Non performing long term loans shall be recovered from the guarantors of such loans it after six (6) months, the loans cannot to be recovered as a result of either, dismissal, suspension etc of the beneficiary. 
(14)     All other savings of a member except the special saving may be continued once a loan application is approved.
Fast-Track Loan
(1)                 Shall be between two to five hundred thousand naira (N200,000 to N500,000.00) and  attracts five percent (10%) interest. The refund period shall be 12 months and a waiting period of one (1) month subject to availability of fund and at the discretion of the committee.
(2)                 Minimum of 35% special saving balance and minimum of 70% net salary lien shall apply.
External Loan
(1)       The Committee may subject to two-third (2/3) majority decision of the general meeting borrow money on such terms and conditions with the consent of the afore-mentioned for a specific purpose.
(2)       The Committee shall issue a written notice of seven (7) days before a general meeting for which the external loan is to be deliberated.
(3)       The notice shall contain specific reasons and aims for the loan, interest rate, tenor, lien and repayment schedule.
(4)       Question for rejection or approval of the loan shall be a validly moved motion and decided by a vote count of two-third (2/3) majority of the general meeting.
(5)       The Committee shall be responsible for the prudent management of the loan in strict compliance with the general meeting approval.
(6)       Any defect, financial loss or substantial impropriety ascertained shall be borne by the Committee except otherwise proven.
(7)       Not withstanding any section of this bye-law, any external loan obtained by the Society for the benefit of some members, the repayment of the entire principal/interest and other associated charge MUST ONLY be borne by the affected members.
(8)       The benefiting members shall be properly guaranteed in the prescribed form.
(9)       No member shall benefit from both external loan and the internal Society loan if the total monthly repayment sum shall be greater than 70% of the member’s net monthly salary.
The Society shall have a seal and a stamp approved by the Director, both shall be in custody of the President.
Savings and Contributions:
(1)       The Society shall have different forms of saving subject to the approval of the general meeting.
(2)       The Committee shall have powers to introduce different forms of savings and to propose guideline regarding the features and characteristics of the savings subject to majority approval of the general meeting.
(3) Ordinary (Compulsory) Saving (OS)
(a)       Ordinary Saving shall be compulsory and no withdrawals shall be allowed except on termination of membership.
(b)       No part of OS shall be transferred to another saving.
(c)       OS shall form the only basis for distribution of the Society’s annual net profit.
(d)       The minimum monthly saving shall be two thousand naira (N2,000.00) only.
(4)       Special (Project) Saving 
(a)       Shall be voluntary and shall not be transferred to another savings.
(b)       Shall not attract interest, since it is collateral for long term loan.
(c)       A member shall have the right to stop or review savings for not more than three times in a year.
(d)       Savings may be stopped when a long term loan is granted.
(f)        The withdrawal policy shall be determined by the Committee subject to approval by the Board.
(5)       Christmas Saving:  
(a)       Shall be voluntary
(b)       Shall automatically commence every January for interested old members and new members shall be allowed to commence at any month of their choice.
(c)       Savings shall not be transferred to another savings.
(d)       Payment of savings to entitled members shall only be between October and November of the same year.
(f)        A member shall have the right to stop or review saving for not more 3 times a year.
(g)       Saving shall attract a maximum interest of two percent (2%) of the total sum saved, provided the member must have saved for at least 6 months within the particular year.
Non-Permanent Staff Savings:
(1)             The Committee shall subject to majority approval of the general meeting make guidelines for the provisional membership of Non-Permanent staff.
(2)        Non-Permanent staff shall not be entitled to a long term loan.
(3)     Short term loan granted to a Non-Permanent Staff must be suretied by two (2) full members and the relevant Board representative must also endorse the application.

(a) The Trustees of the Society shall be the President, Secretary and Treasurer who shall sign all official documents relating to the Society’s business according to their respective portfolio and shall affix the seal of the Society on such documents thereto.
(b) The President, Secretary and Treasurer shall be signatory to the Society’s bank account and shall sign all cheques, postal orders or other bills of exchange or negotiable instruments on behalf of the Society’s account, the President and either of the two afore-mentioned Officers can withdraw.  
1.         The supreme authority shall be vested in the general meeting and which must be held at least 3 times a year.
2.         Each member shall have one vote only which shall be exercised in person.
3.         Every meeting shall proceed according to the adopted agenda.
4.         Five qualified members shall be appointed by 2/3 members present in a      general meeting to audit the quarterly financial report.
5.         All financial reports shall be distributed to members at least seven days prior to any meeting. This is to enable members’ makes quality    contributions.
Ordinary General Meeting (OGM):
1.                  Shall mandatorily be held at least 3 times in a year.
2.                   The matters that shall be brought before the OGM shall include the following;
(a)       Presentation of quarterly financial report of the Society as prepared by the    Financial Secretary.
(b)       Receipt and deliberation of the Internal Audit report of the preceding quarter.
(c)       Formation of a new Internal Audit Committee to assess the quarterly financial report so presented.
(d)       State of the Society report by the President.
(e)       The Co-operative supervisor shall be involved in all the internal audit exercise of the society.

1.         On receipt of the Society’s audited annual Account the Committee shall immediately convene the Society’s AGM, and shall specify such in the notice and at least eight days notice shall be given.
2.         The period between one AGM and another shall not be more than 16months.
3.         Where the Society fails to hold its AGM in accordance with this section, the Director may, on the application of at least 1/5 of the members or twenty members or whichever is less, call or direct the calling of a special meeting and members present shall count for a quorum for the AGM.
4.         The Functions of AGM shall include the following:
(a)       To confirm the minutes of the last general meeting
(b)       To consider the Committee’s annual report, the statement of account, balance     sheet, the audit report and the inspection note of the Director.
(c)       To decide upon the disposal of the net profit of the preceding year as recommended by the Committee in accordance with the bye law.
(d)       To dissolve the Committee and elect Officers where applicable.
(e)       To deal with any other business.
1.         No business shall be transacted at any general meeting unless a quarter of the total registered members are present to form a quorum at the time when the meeting proceeds to business, provided where the total membership is more than one hundred and twenty (120), thirty (30) members shall form a quorum.
2.         Where in the course of a well constituted meeting a member or members withdraw(s) from the meeting for what appears to the Chairman to be sufficient reasons and for the purpose of reducing quorum, and in fact the quorum is no longer present, the meeting may continue with the number present and their decision shall be binding on all members.
1.         At least seven (7) days notice shall be given for any general meeting.
2.         Where a special meeting is convened by the written request of the members at least fourteen (14) days notice shall be required.
3.         When any meeting is summoned by the Director at least four (4) days notice shall be given by the Director.
4.         All notice of meetings shall be conspicuously written and circulated.
5.         Notice of emergency general meeting shall be at least 4 days and the purpose of the meeting clearly stated.      
1.         The President or in his absence the Vice President (VP) or in the absence of both any other person elected by a majority of those present shall preside at any general meeting.
2.         The duties and powers of the Chairman of the meeting shall include the duty to:
i.          To see that the proceedings are conducted in an orderly manner.
ii.         Reserves the power to take such measures as are reasonably necessary to achieve (I) above.
iii.       To ensure that the true intention of the meeting is carried out in resolving any issue before it.
3.         In the absence of both the Secretary and his assistant, the Chairman may appoint any other person to perform the duties of the Secretary at such meeting.
4.         The Chairman may if necessary appoint Officers to assist at meetings.
5.         The Chairman may by the decision of the house adjourn the meeting from time to time, but no business shall be transacted at any meeting so adjourned other than business left unfinished at the previous meeting.
1.         Minutes of the meeting shall be entered in the minutes’ book containing;
(a)       The numbers and names of the members, who attended the meeting,
(b)       The time the meeting commenced and ended,
(c)       All the resolutions and decisions made at the meeting,
(d)       The minutes of the preceding meeting shall be read, corrected and adopted then signed by the Chairman and Secretary.
2.         Meeting shall proceed according to the adopted agenda and the order shall be essentially as follows:
(a)       Minutes of the previous meeting.
(b)       Matters arising from the minutes.
(c)       Financial matters and reports
(d)       Correspondence(s)
(e)       Any other business (A.O.B).
1.         During meeting members shall not address the Chairman unless recognized by the Chairman, or any one appointed to act as the Provost.
2.         Every presentation shall be civil and polite, devoid of abuse and threat.
3.         If a member moves a motion or recommendation the Chairman shall invite the member to open discussion and shall thereafter ask for a seconder
4.         Where there is no seconder, the motion shall be stood down.
5.         Where a motion, recommendation or amendment is seconded, the motion shall be resolved after discussion by a majority vote.
6.         No member shall address the meeting more than once on any motion or subject except with the consent of the Chairman.
7.         Any member, whether he has spoken on the matter under discussion or not, may rise to a point of order or information but such order or information shall be confined to material part of a former speech. A member so rising shall be entitled to be heard forthwith.
8          The ruling of the Chairman on a point of order, on the admissibility of information, shall be final and shall not be open to discussion.
9         Only a member or person permitted by the Chairman shall address the meeting.

The Secretary shall publish and circulate all resolution of the general meeting within four (4) days of the general meeting for the benefit of members who could not attend. 
1.         The Board shall be made up of one member each from the different departments in the hospital as the Committee shall stratify subject to the approval of the general meeting.
2.         The Board representatives shall be nominated or elected by only members of that department. The nomination or the result of the election should be communicated to the Committee through the President in writing.
3.         The tenor of the Board shall be the same as that of the Committee including commencement and termination of tenor.
4.         No Board member shall occupy a Board position for more than 2 tenures.
5.         The members of the Committee shall automatically assume Board representative of their departments, thus there shall be no more Board representation from a Committee member’s department.
6.         Meeting/Minutes/Debates
The rules applicable shall be same as that of the general meeting/Committee meeting, but the quorum shall be half (½) of the number of members.
7.         The Board shall meet at least once every quarter. However half (½) of the Board members may summon an emergency Board meeting in writing to the President.
8.         The Board shall have oversight function over the activities of the Committee.
9.         The non-Committee members of the Board may be divided into different Sub- Committees to assist the Committee.
10.       Without prejudice to any section of this bye-law the approval for the following activities shall first go through the Board.
(a)       Employment of Co-operative staff
(b)       Capital Project.
(c)       Co-operative education
(d)       Co-operate social responsibility
(e)       Quarterly/annual account
(f)        Acquisition of external loan
(g)       Commodity shop management
(i)        Major periodic product acquisition apart from Christmas commodities                 
11.       In general, the Committee shall review the progress of the Society with the Board and map out future plans and strategies that will move the Society forward.
1 a.      General election shall be conducted every two (2) years. Date for general   election shall be fixed at the Ordinary General Meeting (OGM) preceding the election. All Officers of the Society shall be elected except Ex-officio members.
b.         Every financial member shall have one voting right which shall not be transferable.
c.         Only members whose appointment have been confirmed and has been a member for at least 6 months shall be legible to contest for election.
d.         There shall be a bye-election in cases of critical vacant positions occasioned by exit, resignation, vote of no confidence or transfer of an incumbent Officer.
e.         A vote-of-no-confidence shall be upheld by 2/3 majority vote in an Ordinary General Meeting.
f.          During general elections, all posts stand dissolved. Incumbent Officers can be re-elected for a particular position. He/she shall also be eligible to contest for any other post on which he/she has not previously served.
g.         There shall be a five (5) man ad hoc Election Committee to be appointed at the preceding Ordinary General Meeting. This shall consist of Chairman, Secretary and three (3) other members.
h.         Nomination for election shall be by an application form to be completed by the candidate and submitted to the Secretary of the Electoral Committee at the cost that shall be determined by the general house. The Committee shall screen all applications in compliance with the bye-law.
i.          The method of voting shall be by open ballot. The Director of Co-operatives in Ebonyi State or his representatives shall witness the election as an Observer.
j.          Authentic results of each election shall only be announced by the Chairman of the Electoral Committee.
k.         A three (3) man ad hoc Election Petition Panel shall be appointed at the same Ordinary General Meeting. Election petition(s) to the panel shall be entertained within seven (7) days from the date of election. The panel          must dispose of all petitions and submit its report to the new Executive Committee within twenty eight (28) days from the date of election.
(a)       The candidate shall appoint one agent in writing, to monitor the election process.
(b)       Only the authenticated membership register shall be used for accreditation of voters. 
(c)       Accreditation of voters must end before actual voting shall commence and the number of accredited voters announced before voting commences.
(d)       The already approved ballot papers validly endorsed for the election shall be counted and announced before commencement of the election.
(e)       Only accredited members shall be allowed to vote.
(f)        Only transparent ballot boxes shall be used during the election.
(g)       Results shall be announced publicly by the Chairman, Election Ad-hoc Committee at the end of balloting/counting of ballots.
(h)       Members shall be identified to vote by their co-operative I.D cards.   
(a)                    The Committee shall represent the registered Society before all competent public authority and in all dealings and transaction with a third party, with power to institute or defend suits brought in the name of or against the Society, and in general, it shall carry out such duties in the management of the affairs of the Society and exercise all such power of the Society as provided by the decree or the regulations or bye-laws required to be exercised by members in general meetings.

(b)                    In their conduct of the affairs of the Society, the Committee shall exercise the prudence and diligence of ordinary members. They shall be held responsible for any loss sustained through failure to exercise such prudence and diligence or act contrary to the decree, the regulations or the bye-laws and as such must account for monies, over which they exercise control and shall refund any money improperly paid out. They shall exercise their powers in utmost good faith and in the best interest of the Society and members.
(c)                     The Committee shall perform all such duties as are laid down in the decree and regulations and in particular their duties shall include:
i.                    To comply with the law, the regulations and the bye-laws of the Society and to enforce them;
ii.                 To maintain true/accurate accounts of the Society’s asset and liabilities;
iii.               To lay before the Annual General Meeting an annual report and audited annual accounts;
iv.               To assist in the inspection of the books by any person authorized to inspect and to .facilitate the annual audit;
v.                  To make adequate provision and security for employees of the Society;
vi.               To supervise the application of loans for the purpose for which they were granted;
vii.             To take adequate measures for the safe custody and maintenance of the Society’s money, stock and property;
viii.          To ensure that money is not borrowed in excess of the Society’s maximum liability and that money is not lent to members in excess of their maximum credit limits;
ix.               To take prompt action to put right, faults pointed out in audit report. Director’s comment or inspection reports.
x.                  Consider and recommend the admission, discipline, suspension or expulsion of any member or Officer and present its recommendation to the general meeting for approval. 
1.         The Committee shall meet as often as the business of the Society requires and in any case not less than once a month.
2.         The Secretary shall at the instance of the President summon meeting in writing or in any medium adopted by the Committee and at least 3days notice shall given.
3.         The President shall be Chairman or in his absence the Vice President shall preside.
4.         The quorum for a meeting shall be half of the number of the Committee members.
At Each Meeting Proceeding  
5.         The minutes of the preceding meeting shall be read by the Secretary and when corrected and adopted, it shall be signed by the Chairman of that meeting and the Secretary.
6.         The matters arising from the minutes read shall be discussed.
7.         The Financial Secretary shall produce the cash book, detailed entries of receipts and payment made therein since the last meeting and produce receipt vouchers in support of payments made for checking.
8.         The Treasurer shall produce the cash or evidence of cash lodgment into Bank   for verification by the Committee.      
9.         The Financial Secretary shall produce periodic relevant financial information related to the Society’s transactions.
10.       The Secretary shall present the correspondence received.
11.       Any other business shall then be transacted
12.       Attendance register shall be maintained

13. Minutes
Shall be recorded by the Secretary in the prescribed minute book and shall include:
(a)       Names and numbers present
(b)       Name of Chairman
(c)       Date and commencement time.
(d)       Brief and concise record of business done and decisions taken including whether each decision was taken unanimously or by a majority.
i.          The President shall be the Principal Officer of the Society and shall be responsible for ensuring that the decree, regulations and bye-laws are observed by all Officers and members and that all decisions and resolutions of the general meeting are given effect to.
ii.         The President shall preside at general and Committee meetings and ensure that meetings are summoned as prescribed by the bye-law and regulations.
iii.       The President shall be a member on at least grade level 10 and who has not been indicted in any fraudulent matter.
iv.        The President shall approve all authorities for the disbursement of funds in accordance with decisions of the Committee.
v.         He must not hold a similar position in another association or primary cooperative society.
i.          The Vice President shall act in the absence of the President. He shall carry out any other duty(ies) as directed by the President or Committee.
i.          To attend all meetings of the Society and of the Committee and to carry out all the instructions of the Committee.
ii.         To record the whole of the transactions of the Society in the books prescribed for that purpose.   
iii.       To summon, attend and record minutes of the meetings of the Society as shall be directed by the President in accordance with the regulations and bye-laws.
iv.        To conduct correspondences in conjunction with the President on behalf of the Society.
v.         To perform such other duties as may be laid down in the bye-laws or assigned by the Committee.
vi.        The Secretary shall be a member on at least CONHESS 08 (grade level 09).
vii.      He shall keep custody of all the Society’s documents/materials.
viii.     He must sign the minutes of the meeting with the President.
ix.        He must submit his books to the Auditors whenever the need arises.
x          He must not hold an Executive position in another primary Co-operative Society or Association.
xi         He may be entitled to some remuneration or imprest as shall be determined by the Committee subject to the Board approval in order to cover his logistics/incidentals expenses. 
i.                                 The Assistant Secretary shall act in the absence of the Secretary.
ii.                             He may be assign duties by the Committee or General Meeting.
i.          The Financial Secretary shall be in charge of collecting monies that are deducted and shall record same in the member’s passbooks and ledger in compliance with the provisions of the bye law.
ii.         All monies collected by the Financial Secretary are to be handed over to the Treasurer for onward payment to the Bank within 72 hours.
iii.       Shall prepare promptly the quarterly and annual statements of the Society’s account to the general meeting.
iv.        Shall ensure that all financial transaction of the Society are accurately assembled, transmitted and recorded as may be directed by the Director.
v.         The Financial Secretary must be a member on at least CONHESS 7 (grade level 08) and must possess a minimum of HND or BSC in Accountancy, Banking and Finance, Economics or Business Management.
vi.        Shall not be a member who has been indicted in any financial matter.
vii.      Shall not hold executive position in another association or primary Cooperative society.

i.    The Treasurer shall be responsible for the safe custody of cash and other valuables belonging to the Society.
ii.   The Treasurer shall receive monies due to and payable to the Society and issue receipt to the Payer for like sum from an approved counterfoil receipt book, obtaining at the same time the signature of the person making the payment on both original and counterfoil or duplicate of the tellers. Or shall receive from the Financial Secretary or Secretary, monies collected by the latter on behalf of the Society, furnishing him with a receipt on a form taking from an approved counterfoil book and obtaining at the same time the signature of the person on the counterfoil.
iii. The Treasurer shall make payments as authorized by the Committee.
iv.  The Treasurer shall produce the cash balance whenever he is called upon to    do so by the Committee, general house or the Auditor.
v.   The Treasurer shall keep records in the prescribed form of all monies  collected by him and of all monies paid to him.
vi The Treasurer shall be required to give security for such amount as may be determined by and to the satisfaction of the Committee.
vii.      The Treasurer shall pay into the accounts of the Society in such Banks as may be approved by the Committee within 72 hours of the receipt of such amount from the Financial Secretary.
viii.     He shall maintain a retire-able imprest of five thousand (N5,000.00) naira only.
ix.        He shall do such other duties as may be assigned to him or laid down in the decree or regulations.
x.         Shall not be a member who has been indicated in any financial matter.
xi.        He shall not hold executive position in any other association or primary cooperative society.
i.          Ex-officio members shall be the immediate past President, Secretary, Financial Secretary and Treasurer.
ii.         They shall be admitted or invited at Committee meeting
iii.       They shall not have voting rights neither shall they have the right to move motion for deliberation.
vi.        They shall be entitled to allowances approved for the Committee only for the meetings they attend.
viii.     Their role shall essentially be to give the Committee correct perspective on the past action of the preceding Committee.

a.         The tenure of an elected Committee shall be for two (2) years.
b.         Retiring Officer(s) shall be eligible for re-election.
c.         Elected Officer shall serve for a maximum of two (2) tenures in a particular office.
i.          Any Officer found wanting in the discharge of his/her duties can be removed from office.
ii.         Motion to that effect shall be moved at a general meeting and two-thirds (2/3) majority votes shall be required for the motion to be upheld.
iii.       No Committee member shall be removed from Office until the Committee member shall be given opportunity to defend himself in person, before the Board and then the general meeting.

The annual net surplus of the Society shall be determined after examining all the Society’s income and expenditure accounts which shall arise from the annual audited account approved by the Director in the following fraction;
1.         Interest on savings shall not exceed fifteen percent (15%). Ordinary Saving’s shall form the only denominator for payment of interest on savings.
2.         Maximum of ten percent (10%) of the net surplus shall be applied to Co-operative education of the Officers and members. The Board shall be actively involved in the implementation of the Co-operative education.
3.         The Society shall not spend more than two (2%) of its net surplus on implementation of Co-operate Social Responsibility (CSR). The decision on the project choice shall be taken at the Board level.
4.         Honorarium payable to the Committee shall not exceed 8% of the net annual surplus. Where two (2) different sets of Committee administered a financial year the honorarium shall be shared in a ratio to reflect the period managed by each Committee.
5.         Twenty five (25%) of the net annual Surplus shall be credited to the Reserve Fund which shall be indivisible and no member shall be entitled to claim any part of it. The “reserve fund” may be expended in strict Compliance with Regulation 49 (3) of the Nigerian Co-operative Society Act 1993.
6.         The general reserve shall not exceed forty (40%) of the net annual surplus and may be utilized with the approval of the general meeting for special and non- recurrent expenditure, capital projects and also for equalization of bonuses/interests where applicable.
7.         Payment of interest on Christmas Savings Surplus shall be as stated in the relevant section of this bye-law.                     

The Society through the Financial Secretary and Treasurer shall keep and maintain such books, records, accounts and registers in a manner as shall be prescribed by the Director and particularly the following books shall be maintained.
a.         Register of members by the Secretary.
b.         Attendance registers by the Secretary.
c.         Cash book
d.         General and personal ledgers
e.         Journal
f.          Loan register
g.         Property/asset registers
h.         Monthly analysis book.
a.         The Committee shall prepare or cause to be prepared the annual account of the Society in such a form as may be prescribed by the Director.
b.         The annual account shall be submitted to the general meeting not most than 5 months after the end of the preceding year.
c.         The President shall be held responsible to provide explanation for any delay arising from late submission of annual account.
e.         Any Officer found to be culpable for the delay of annual account shall be severely sanctioned by the general house.
f.          The general meeting upon receipt of the audited annual account may have the powers to set up a five (5) man ad hoc Internal Audit Committee to scrutinize the report as presented.
i.          The Committee shall prepare and present the quarterly account of the Society at least two (2) months after the preceding OGM.
ii.         The President shall be responsible to provide explanation for delay or non presentation of quarterly account and any Officer so indicted shall be severely punished by the general house.
iii.       Following the presentation and adoption of the quarterly account, the general meeting shall instantly constitute a five (5) man ad hoc Internal Audit Committee.
iv.        The Chairman and two other members of the committee shall have a minimum of a degree or HND in Accounting, shall be a confirmed staff  and shall be at least 6 months old in the society and at least two (2) members that have sound accounting background.
v.         The terms of reference shall include the following;
(a)       Ascertain the correctness of the report as presented in compliance with the bye-law.
(b)       Examination of all books/record of account to ensure that all loans and credit facilities and other liabilities granted by the society are being repaid in line with the bye law.
(c)       May make recommendations especially for gross financial abuse and violations of the bye-law and general competence or incompetence of the Officer.

The Committee shall have power to impose fines and penalties on members for the following reasons:
(a)       Late coming to meetings.
(b)       Absence from meetings.
(c)       Noise making during meetings.
(d)       Infringement on the bye-law.
(e)       Negligence of duty.
(f)        Any Officer found guilty of gross financial violation of the bye-law shall be removed from office with two-third (2/3) majority vote at a general meeting.
1.         The Society shall organize and stock for sales to members domestic and personal goods.
2.         The Committee shall determine the most reasonable mode of sales which may be through the Co-operative Commodity Shop or through periodic sales.
3.         The committee shall have powers to nominate a 5 man shop management committee to be presented to the Board for ratification. Subsequently the president shall appoint the chairman and secretary from amongs the ratified members.
4.         The Committee shall from time to time provide the Shop management Committee with guidelines and incentives to ensure probity and productivity.
5.         The Committee shall appoint a 5-man Audit Committee to audit the account and sale transactions of the shop before the Shop Committee’s commission shall be paid.
6.         The net proceeds of the shop transaction shall form an integral part of the Society’s annual net profit.
7.        The Committee shall recommend periodic commission payable to the Shop Managers only after that period has been audited by the Committee.
8.         The Commission which shall not be more than 8% may be paid quarterly.

1.         The Society shall enter into business transactions with Banks considered suitable by the Committee. The transactions shall include but not limited to opening and maintaining accounts.
2.         All Cheques, postal orders, bill of exchange or negotiable instruments shall be signed by the President, Secretary and Treasurer.
3.         The President and either Secretary or Treasurer may sign all Cheques for withdrawals from the Society’s account.

1.         The general meeting shall appoint Internal Auditors from among the members to audit the books and financial transactions of the Society quarterly and annually.  
2.         The external audit of the Society’s books and account shall be conducted by the person approved in writing by the Society in a manner prescribed by the Director.
3.         The Auditors observations/recommendation and the Director’s comments shall be made available to all members at least a week before the meeting with Director’s comments unedited.
The Society shall keep such books, records, accounts and registers as the Director may prescribe under the rules and as the need arises. Particularly, the following books shall be maintained:
1.         A Register of members (nominal roll).
2.         An Attendance Register (for Meetings).
3.         A Cash Book.
4.         General and Personal Ledgers.
5.         Journal.
6.         Loan Register.
7.         Property/Asset Register (Inventory).
8.         Monthly Analysis Book.
9.         Handover Records.
10.       Members shall be given access to all books and records of the Society on request in writing. 
The Society shall acquire assets/property, if in the opinion of the general house/Committee; it can make for any of the following reasons:
a.                  Serve the best interest of the majority of members.
b.                  Yield returns on their investment for the overall interest of members.
c.                  Help in efficient administrative processes of the Society.
d.                  Further reallocation of properties to interested, qualified and capable members.

1.         At the expiration of the tenure of office, the out-going Officer shall account for and handover all monies, documents, books, receipts, properties and other relevant materials of the Society to the in-coming Committee. The Officer shall prepare a handover note which must contain a numeration of all items handed over, the receipt of which must be acknowledged by the in-coming Officer. The exercise must be carried out not later than one month after the election.
2.         Handover note shall be prepared and submitted individually and separately by each outgoing Officer in three (3) copies, which shall be kept in a marked file.
3.         The Outgoing and Incoming Officers shall retain a signed copy each while one (1) copy shall be retained in the Society’s handover file.

1.         Any of the provision of this bye-law shall be subject to amendment in whole or in part.
2.         Notice for the proposed amendment must be given in a preceding general meeting and the Secretary must include it in the notice of the next general meeting stating the proposed amendment for any amendment to be valid.
3.         The resolution to amend the bye-law shall be passed by not less than three-quarter (¾) of the members present at a general meeting at which not less than one third 1/3 of the entire members are present.
4.         The notice and resolution must be validly raised and deliberated before a vote count is made.
5.         The amendment shall be deemed to be completed with Director’s notification and his formal approval obtained in writing, in accordance with regulation 51 (2).
6.         No part of this bye-law shall be arbitrarily suspended without compliance to the provisions of the bye law.
7.         Generally, the Society’s bye law shall be subject for review every four (4) years from the date it took effect.

1.         Subject to the ratification of the general meeting, the Committee may appoint/employ such employees as it considers necessary and fix their salaries, wages or other conditions of service of such employee.
2.         Without prejudice to section one (1) above, the Board must approve such employment before presentation to the general meeting.
3.         The essential contribution of the employee and the ability of the Society to provide for the wage/salary of the employee shall be a paramount reason for any recruitment.

This bye-law was reviewed following considerations of several memoranda submitted by members to the bye-law review and amendment committee compose of the following:
1.            Barr (Mrs) Felicia N. Chukwu                             Chairman
2.            Mr Emeka E. ChukwaAja                                                Vice Chairman
3.            Mr. Solomon U. Ama                                             Member
4.            Mr Obieshi Nshiowo                                              Member
5.            Mr. Peter Iroh                                                         Secretary

The proposed review and amendment by the committee went through a two day thorough first reading by the Board and Exco of the Co-operative society and members of the bye-law review and amendment committee.
The second reading shall be brought before Emergency General Meeting of the society for a second reading before it shall be presented for adoption at the forthcoming Annual General Meeting of the society.

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