STAFF MULTIPURPOSE COOPERATIVE SOCIETY LTD.

FEDERAL UNIVERSITY WUKARI.

PREAMBLE
We the entire members of the Staff Multipurpose Cooperative Society Limited
(SMCSL), Federal University Wukari (FUW), Taraba State, Nigeria having resolved
to form and register this Cooperative Society with the chief objective of enhancing our
socio-economic wellbeing in accordance with cooperative ideals, principles and
practices, hereby make and enact for ourselves the following bye laws:

SECTION 1. ESTABLISHMENT
There shall be established for Federal University Wukari, FUW a Cooperative Society
to be called Staff Multipurpose Cooperative Society Limited (SMCSL), Taraba State.

SECTION 2. INTERPRETATION
The following words or expressions shall have the meanings respectively assigned to
them below:
2.1 Society: Means Staff Multipurpose Cooperative Society Limited (SMCSL),
Federal University Wukari (FUW), Taraba State.
2.2 Bye laws: Means the bye laws of Staff Multipurpose Cooperative Society Limited
(SMCSL), Federal University Wukari (FUW), Taraba State, which provides
detailed guidelines on the operations of the society.
2.3 Member: Means a registered member of Staff Multipurpose Cooperative Society
Limited (SMCSL), Federal University Wukari (FUW), Taraba State.
2.4 Financial Year: Means the period of 12 months beginning from 1st January and
ending 31st December of the same year.
2.5 Officer: Means any member of the Executive which is: President, Vice President,
Secretary General, Assistant Secretary General, Treasurer, Financial Secretary,
Investment Officer, Public Relations Officer, and Internal auditors or other
person(s) empowered under the Bye law to give direction in regard to the business
of the society.

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2.6 Congress: Means the most powerful governing body of the society made up of all
the members.
2.7 He, Him, His, She, Her, Hers, etc: In this Bye law, the terms he, him, his, her etc,
refer to both masculine and feminine genders.
2.8 Shall: Where the word shall appears in this bye law, unless the content otherwise
requires, a duty is imposed and such a duty is deemed imperative.
2.9 May: Means that a discretionary power is conferred and this can be waived or
exercised in accordance with that section of the bye laws.

SECTION 3. NAME, ADDRESS AND BANK ACCOUNTS

3.1 Name: The society shall be called Staff Multipurpose Cooperative Society
Limited (SMCSL), Federal University Wukari (FUW), Taraba State, Nigeria.
3.2 Address: Its Registered Address shall be Federal University Wukari. Taraba State.
3.3 Bank Accounts: The Society shall open and operate one or more Bank Accounts
as directed by congress. Initially, the society’s Bankers shall be: Zenith Bank Plc
and UBA Plc and later on any other bank(s) as may be decided on by congress.
3.3.1 Signatories to the Bank Accounts
The following officers shall be signatories to the bank accounts as specified here
below;
OFFICER CATEGORY
President A
Secretary General B
Treasurer B
3.3.2 Validation of Transaction on the Bank Accounts
TWO SIGNATORIES ONLY, made up of any ONE only from category A and any
ONE only from category B shall sign together, for a valid transaction on the society’s
bank accounts.

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SECTION 4. MISSION, VISION AND OBJECTIVES
4.1 MISSION: The mission of the society is inspiring a spirit of savings, thrift,
mutual help and investment in the lives of the members.
4.2 VISION: The vision of the society is to evolve a fruitful investment model by
which the staff of FUW can attain great economic heights that will enable them
save from their salaries.
4.3 OBJECTIVES: The objectives of the Society shall be to promote the
socioeconomic well-being of members through the following ways:-
4.3.1 Creation of funds through savings through monthly contributions from members
to be loaned back to them for productive purposes thereof.
4.3.2 Raising of funds through issuance of shares to members for the purpose of trade
and sharing the net gains or proceeds.
4.3.3 Purchasing and selling of high quality goods such as foodstuff, electronic and
household goods to members at reasonable prices.
4.3.4 Creation of other profit generating businesses such as contract supplies of
certain essential items and services as deemed feasible by the society.
4.3.5 Taking other measures designed to encourage the spirit and practice of
cooperation and self-help to members.
4.3.6 Encouraging the use of group efforts in achieving individual and group
objectives and promoting the spirit of teamwork amongst members by
emphasizing equality of members.
4.3.7 Associating with persons or organizations of similar objective.

SECTION 5. MEMBERSHIP
Membership is voluntary and open to all members of staff of FUW and every member
shall on admission, pay admission or re-admission fee of one thousand naira (N1,
000.00) only.

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5.1 Rights and Obligations of a Member
5.1.1 A member shall own a copy of and be deemed to have accepted to abide by the
provisions of these bye laws and start participating in the activities of the
society.
5.1.2 A member shall attend and sign or thumbprint an attendance register at any
meeting held which involves him.
5.1.3 A member shall hold a minimum Ten (10) share units of the Society.
5.1.4 A member shall make a minimum monthly saving of one thousand naira (N1,
000.00) only with the society.
5.1.5 A member has the right to loan(s) from the Society in accordance with these bye
laws
5.1.6 A member has the right to hire purchase from the society as per these laws.
5.1.7 Liability of a Member: A member’s liability for debt owed the society shall be
limited to two (2) times his gross savings. I.e. monthly savings only.
5.2 Liability of an outgoing member
5.2.1 An outgoing member shall be liable for all debts owed the Society as they
existed on the date when he ceased to be a member or as judged by congress.
5.3 Nominee for Dues of Outgoing Member
Every member shall nominate one person in writing to whom:
5.3.1 His dues would be transferred (on termination of membership). The member
may at any time change his nominee on a prescribed form.
5.3.2 The value of his dues which shall be total assets less total liabilities with the
society, in the case of death or permanent insanity of the member would be paid
to the nominee.
5.3.3 Where no nominee has been appointed prior to the termination, the Society shall
pay the due to the next of kin of the deceased member.
5.3.4 The nominee or next of kin shall inherit both assets and liabilities of such
outgoing member.

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5.4 Termination of Membership
Membership shall be terminated by:
5.4.1 Death
5.4.2 Ceasing to hold the qualifying number of shares.
5.4.3 Ceasing to be a member of staff of FUW.
5.4.4 Permanent insanity.
5.4.5 Expulsion in terms of the provisions of these bye laws.
A member may be expelled for;
5.4.5.1 Repeated failure to pay debts owed for three consecutive (3) months.
5.4.5.2 Defrauding the society.
5.4.5.3 Any misconduct contrary to the objectives of the society.
5.4.5.4 Where termination of membership is by expulsion the outgoing member,
shall settle all outstanding debts to the society against him.
5.4.5.5 Expulsion of a member shall be approved by a 2/3 majority of members
present at a General Meeting.
5.4.6 Voluntary withdrawal
5.4.6.1 Such a member shall notify the Secretary General in writing to reach him at
least three months to end of the year.
5.4.7 A member on termination of membership as spelt out in sub Section 5.4. (1- 6)
above shall be paid his entitlements less the amount he owes the Society and
another one thousand naira (N1, 000.00) only for withdrawal charges.

SECTION 6. MEETINGS
The society shall have; Executive Meetings (EM), the General meetings; Ordinary
General Meetings (OGM), Annual General Meetings (AGM), Special General
Meetings, (SGM) and Committee Meetings respectively
6.1 Frequency of Meetings
6.1.1 Executive Meetings (EM) shall be held at least once a month.

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6.1.2 Ordinary General Meeting, OGM, shall be held at the end of every three
months.
6.1.3 The last General Meeting of the year shall be an Annual General Meeting,
(AGM).
6.1.4 There shall be at least two Special General Meetings (SGM) one for the
formation of electoral Committee in October and another in November of the
same year for election of officers to run the affairs of the society for another
term in office.
6.1.5 Committees shall meet as often as their duties demand or as directed by
congress.
6.2. Duties and Functions of Meetings
6.2.1 Executive Meetings (EM) shall:
6.2.1.1 Observe in all its transactions, the cooperative ordinance, regulations and
bye laws for the socio-economic well-being of the society.
6.2.1.2 Supervise the maintenance of records of all monies received and expended.
6.2.1.3 Assist in the inspection of the Society’s books by any person authorized by
Cooperative Society.
6.2.1.4 Receive, consider and vet reports from sub-committees and forward
recommendations to the General Meetings for ratifications,
6.2.1.5 Generate funds and execute expenditure for the Society as directed by the
house.
6.2.1.6 Perform any other duties to ensure smooth running of the Society.
6.2.1.7 Take any actions necessary to safeguard the society as directed by the
congress.
6.2.1.8 Be paid a minimum sitting allowance of N2,000.00 and a maximum of
N6,000.00 per executive member for attendance and full participation per
meeting to cover refreshments at their meetings.
6.2.2 Ordinary General Meetings (OGM) shall:
6.2.2.1 Confirm the admission of new or re-admitted members

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6.2.2.2 Fix the rates of interests to be charged on fresh loans for the year to members
provided such rates shall not exceed 15% per loan per loan recovery period.
6.2.2.3 Take any necessary actions regarding debtors or delinquent members
including expulsion
6.2.2.4 Approve the budget of the Society
6.2.2.5 Dispose of any other business brought before it.
6.2.3 Annual General Meeting (AGM) shall:
6.2.3.1 Receive and consider the Society’s annual report including a report from the
president.
6.2.3.2 Pass vote of confidence or no confidence
6.2.3.3 Appoint an Audit Committee
6.2.3.4 Elect the members of the Executive Committee
6.2.3.5 Refer necessary matters to other General Meetings.
6.2.4 Special General Meeting (SGM) shall:
Be summoned as and when the need arises at the instance of the President. Where
the President fails to summon meetings as specified in this bye law, then he may
stand the risk of vote of no confidence at the next AGM
6.3 Attendance at Meetings and Quorum
6.3.1 Every member shall attend all General Meetings.
6.3.2 Congress shall have power under this bye law to impose fines on members who
without prior information or good cause neglect to attend meetings.
6.3.3 The quorum of meetings shall be 2/3 majority of members present at the
meetings.

SECTION 7. EXECUTIVE COMMITTEE

7.1 Composition The Executive committee shall consist of President, Vice President,
Secretary General, Assistant Secretary General, Financial Secretary, Treasurer,
Investment Officer, Public Relations Officer, Provost Marshal, Internal Auditors.

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7.2 Tenure
7.2.1 The Executive Officers shall serve for a tenure of four years. Any member of
the Executive may be re-elected for one more tenure only and shall not be
eligible for re-election until at least one term has elapsed.
7.2.2 The Executive Officer/s shall be dissolved at the Annual General Meeting
corresponding to end of tenure or by vote of no confidence on all or specific
members of the executive. If on all members, shall be elected for a full term in
office otherwise, only affected members shall be elected to run the balance of
the current tenure only at the same AGM.
7.2.3 An officer shall cease to hold office:
7.2.3.1 When his tenure expires
7.2.3.2 When his membership terminates
7.2.3.3 When he ceases to hold office in accordance with the provisions of the bye
laws.
7.2.4 Any vacant office/s shall be filled within three (3) months through bye elections
to complete the current tenure only.
7.3 Duties and Powers of Executive Officers
7.3.1 President. The President shall:
7.3.1.1 Preside over all General meetings of the Society
7.3.1.2 Direct the Secretary to summon meetings;
7.3.1.3 Be a co-signatory to the society’s bank accounts under category A
7.3.1.4 Render an account of his stewardship at Annual General Meeting or as
directed by congress.
7.3.1.5 Settle minor disputes and misunderstandings among members and direct
serious cases to the Disciplinary and Arbitration Committee
7.3.1.6 Lead a representation or in person represent the Society at external functions
as directed by congress.
7.3.1.7 In consultation with the Executive liaise with other bodies on behalf of the
Society.

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7.3.1.8 Coordinate the activities of other members of the Executive and other
committees of the Society.
7.3.2 Vice President. The Vice President shall:
7.3.2.1 Act in the absence of the President.
7.3.2.2 Be a co-signatory to the Society’s Account under Category A
7.3.2.3 Perform such other duties as the society may determine.
7.3.2.4 Assist the President in the performance of his day-to-day duties.
7.3.3 Secretary General. The Secretary General shall:
7.3.3.1 Record, compile and produce minutes of every General and every Executive
Meeting,
7.3.3.2 Convene meetings on the advice of the President or as stated in this bye law.
7.3.3.3 Be a co-signatory to the Society’s account under category B.
7.3.3.4 Take charge of all correspondences of the Society
7.3.3.5 Maintain all records pertaining to the office of the Secretary.
7.3.3.6 Prepare and present a comprehensive list of all members at every General
Meeting.
7.3.3.7 Liaise with the Financial Secretary and prepare Administrative annual report
for the Annual General Meeting (AGM).
7.3.3.8 Perform any other duties as may be assigned by the Society.
7.3.4 Assistant Secretary General. The Assistant Secretary General shall:
7.3.4.1 Act in the absence of the Secretary General.
7.3.4.2 Perform such other duties as the society may determine.
7.3.4.3 Assist the Secretary General in the performance of his duties.
7.3.4.4 Perform any other duties as may be assigned by the Society.
7.3.5 Financial Secretary. The Financial Secretary shall:
7.3.5.1 Collect all monies due to the Society and issue approved current receipts.
7.3.5.2 Handover all monies so collected to the Treasurer within 24 hours, or bank
such monies within 72 hours and give evidence of such to the Treasurer.
7.3.5.3 Keep proper records of all Society’s assets and liabilities.

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7.3.5.4 Make available all financial records in his possession for auditing.
7.3.5.5 Liaise with the Secretary General and Treasurer, and Prepare financial
annual report for the Annual General Meeting (AGM).
7.3.5.6 Assist the Treasurer in preparing cash account.
7.3.5.7 Perform any other duties as may be assigned by the society.
7.3.6 Treasurer. The Treasurer shall:
7.3.6.1 Receive all monies presented to him by the Financial Secretary and bank
same within 72 hours in the Society’s bank accounts and give a copy of the
evidence of such transaction to the Financial Secretary within 24 hours of
banking.
7.3.6.2 Make payment on all approved expenditure of the Society.
7.3.6.3 Maintain financial records of the Society pertaining to his office.
7.3.6.4 Make all financial records in his possession available for auditing
7.3.6.5 Maintain an imprest account of N50,000.00 or as specified by the congress.
The imprest must be fully retired before it shall be replenished.
7.3.6.6 Keep as directed in these laws and be fully responsible for all the assets of
the society in his custody.
7.3.6.7 Be a co-signatory to the Society’s account under category B.
7.3.6.8 Liaise with the Financial Secretary to prepare joint financial report and
present it to the Annual General Meeting.
7.3.7 Investment Officer. The Investment Officer shall:
7.3.7.1 Advise the society on areas of profitable investment.
7.3.7.2 Invest for and on behalf of the society.
7.3.7.3 Manage the investment outlets of the society.
7.3.7.4 Take delivery of goods and supervise the running of the society’s shop (if
any).
7.3.8 Public Relations Officer. The Public Relations Officer shall:
7.3.8.1 In consultation with the Executive or Congress publicize the activities of the
Society.

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7.3.8.2 Be the Master of Ceremonies at meetings or as appointed by the house.
7.3.8.3 Perform any other duties as may be assigned him by the Society
7.3.9 Provost Marshal. The Provost Marshal shall:
7.3.9.1 Source for and organize sitting at meeting venues.
7.3.9.2 Maintain law and order in all activities during meetings and can impose fines
while doing so.
7.3.10 Internal Auditor. The Internal Auditor shall:
7.3.10.1 Check all payment vouchers before payments are made.
7.3.10.2 Prepare and present Auditor’s report at Annual General Meeting
7.3.10.3 Perform any other duties as may be assigned by the society.
7.3.10.4 Audit the Society’s books of accounts monthly from January to December of
the same year and report to the house quarterly at OGM or whenever called
upon to do so.
7.3.10.5 Work with External Auditors to produce and present audited report to the
congress.
7.3.10.6 Perform any other duties as may be assigned by the Congress within that
period.

SECTION 8. STANDING AND AD HOC COMMITEES

There shall initially be three standing committees namely; Business Committee,
BUCO, Disciplinary and Arbitration Committee, DACO and Loans Committee LOCO.
More standing committees may be created as decided by the congress from time to
time
Their tenure of office shall be as in Executive Committee above.
8.1 Business Committee BUCO. The Business Committee shall:
8.1.1 Be elected at the Annual General Meeting for one term of office of two (2) years
as in Executive committee and comprise five (5) members:
8.1.2 Have a Chairman, who shall be reporting to the President of the Society or
congress.

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8.1.3 Have a Treasurer
8.1.4 Have a Financial Secretary
8.1.5 Have two (2) floor members
8.1.6 Three (3) Business Committee members shall form quorum for their meetings
8.1.7 Functions of the Business Committee, BUCO.
The Business Committee, BUCO shall:
8.1.7.1 Procure goods and services and sell them to members at affordable prices
and at a profit or as directed by congress.
8.1.7.2 Sell shares of the society with par value of N100.00 at a premium of N20.00
for N120.00 per share unit
8.1.7.3 Repurchase shares at par value of N100.00 and resale them at a premium of
N20.00 for N120.00 per share unit
8.1.7.4 Seek and find information on current market trends for good business
transactions for the society.
8.1.7.5 Perform any other function as may be directed by the Executive
8.2 Loans Committee LOCO
8.2.1 The Society shall only operate loan schemes for her members who are at least
actively six (6) months old in the Society.
8.2.1.1 The Loans Committee shall consist of five (5) EXCO members with.
1. Chairman
2. Secretary, and
3. Three (3) other members
8.2.1.2 The Loans Committee shall hold meetings at least once a month or, as the
business requires
8.2.1.3 Three (3) Loans Committee members shall form quorum for their meetings
8.2.2 Duties and Powers of Loans Committee
The Loans Committee shall:
1. Receive completed loan application forms duly paid for and examine them against
the background of the financial conditions, personal habit or character, previous

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record of borrowings, purpose of loans, ability to repay fully and financial standing
of the member in the society.
2. Receive working capital, being savings from the Society.
3. Where savings cannot cover, borrow working capital being shares from the society.
4. Implement the terms of repayment of loans
5. Grant loans to qualified member applicants only.
6. Recover the loans so granted as prescribed by congress.
8.2.3 Loan Administration
8.2.3.1 Types of Loans:
8.2.3.2 Emergency Loan: Maximum of N150, 000.00 repayable within Six (6)
months with interest.
8.2.3.3 Short term Loan: Maximum of N500, 000.00 repayable within twelve (12)
months = 1 year with interest.
8.2.3.4 Long term Loan: over N500, 000.00 repayable within or over thirty six (36)
months = 3 years with interest.
8.2.3.5 Granting of loans
8.2.3.6 Application for loans shall be made on prescribed forms only and through
the Financial Secretary at an application fee of two hundred naira N200.00
only or as decided by the General Meeting
8.2.3.7 All loan applications shall be guaranteed by two other members of the
Society.
8.2.3.8 Monthly savings shall form primary funds for loans due to members of the
society.
8.2.3.9 Loans shall be granted to only members for provident and productive
purposes, or when they are deemed necessary and in the best interest of the
borrower, upon such security and terms, as congress shall approve as
proposed by the loans committee.

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8.2.3.10 Loans shall be granted to as many interested members as possible based; on
qualification, on first come first served basis as registered by the Financial
Secretary and on availability of funds.
8.2.3.11 Loan ceiling of a member shall be two (2) times his gross savings with the
Society or 70% of his Annual Gross Salary or as per non movable collateral
attached.
8.2.3.12 All Loans shall carry a processing fee of 5% of amount loaned still
outstanding per each year of the loan or as decided by congress for the year.
i.e congress shall take this decision each year at AGM.
8.2.4 Loan Recovery
8.2.4.1 Loan repayment may be in equal installments unless where rescheduled.
8.2.4.2 Loan repayments shall be re-scheduled on approved variation form only.
8.2.4.3 Default in repayment of the amount of loan due for the month shall attract a
fine equal to expected interest on amount due for the month.
8.2.4.4 Where a member leaves behind a debt to the Society that his shares and
savings cannot cover or cannot pay off, his savings shall be used, the
dividend on his shares at the end of the current year shall be applied, his
shares shall be repurchased by the Society to pay the loan. Finally, his
account with the society shall be closed.
8.3 Disciplinary and Arbitration Committee DACO
The Disciplinary and Arbitration Committee shall have five (5) members comprising a
Chairman, a Secretary and three (3) other members elected at a General Meeting.
8.3.1 Functions of Disciplinary Committee. The Disciplinary Committee shall:
8.3.1.1 Receive and investigate complaints from aggrieved members against fellow
members and on matters relating to the activities of the Society.
8.3.1.2 Recommend disciplinary actions to be taken by congress in accordance with
the relevant sections of this bye law.
8.3.1.3 Perform any other duties as may be assigned it by the Executive or Congress.

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8.3.2 Recommended Disciplinary Actions and Fines
8.3.2.1 Any member distracting; making noise, walking about, eating or drinking etc
during meetings when it is not refreshment or entertainment time shall be
cautioned at the first instance, subsequently, he shall pay a fine of N100.00.
He shall face stiffer sanctions if continued.
8.3.2.2 Fighting, verbal quarrelling or insult by any member on matters relating to
the Society shall pay a fine of N1000.00 if judged at fault.
8.3.2.3 Any member, who leaves during meeting without permission, shall be
treated as being absent from that meeting and shall have all decisions of the
meeting binding on him.
8.3.2.4 Deliberate failure to make monthly savings shall be fined N500.00 for the
month.
8.3.2.5 Deliberate failure to make monthly loan repayments shall be fined N1000 for
the month.
8.3.2.6 Deliberate failure to deposit Society’s monies in the bank account within 72
hours shall attract a fine of 10% of the outstanding money per month until
full repayment of the money.
8.3.2.7 Embezzlement of the Society’s funds attracts a fine of 12% of the
outstanding money embezzled per month until full repayment. Where the
erring member is an officer of the Society, he shall in addition, relinquish his
office immediately.
8.3.2.8 Where a member secures another appointment while he owes the Society, he
shall make arrangements with the society for the settlement of his debt
otherwise the Society shall write a letter to his new organization stating the
position and requesting for redress from it for full settlement of his
indebtedness to the society.
8.3.2.9 If a member owes the society and takes another loan outside and gives his
salary as collateral to the extent that there is nothing left in his salary to
cover monthly repayment of his liability, the Society shall write to the

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Management of the University requesting the University Bursar not to
deduct any money from the member’s salary to any organization until, the
Society’s money is retrieved. After the member has finished repaying, he
shall not be given another loan until after three months.
8.3.2.10 Aiding and abetting electoral malpractices, inability to perform in office,
negligence of duties by an officer shall lead to removal of the officer from
office.
8.3.2.11 The disciplinary actions for other offences not stated above shall be
determined by the disciplinary committee.
8.4 Ad-Hoc Committees
The Congress or the Executive may from time to time appoint Ad-hoc committees to
undertake specific assignments for the Society.
8.5 Legal Adviser
There shall be a Legal adviser for the Society to be appointed as recommended by the
by the Executive. He shall:
8.5.1 Advise the Society on legal matters.
8.5.2 Not be a member of the Executive.
8.5.3 Be entitled to a sum of N25,000.00 as honorarium payable for each active
quarter of the year in office.

SECTION 9. SOURCES AND USES OF FUNDS

9.1 Sources of Funds
The Society’s funds shall be derived from:
9.1.1 Admission or Re- admission fees
9.1.2 Savings from members
9.1.3 Loan application fee.
9.1.4 Interest on loans
9.1.5 Sale or Resale of shares
9.1.6 Share premium

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9.1.7 Borrowings
9.1.8 Fines and charges
9.1.9 Donations or grants received
9.1.10 Deposits received
9.1.11 Sale of goods and services
9.1.12 Depreciation
9.1.13 Profit from other businesses
9.2 Monthly Savings
9.2.1 Every Member shall make a minimum monthly saving of one thousand naira
(N1,000.00) which shall be accounted for by the Society.
9.2.2 Failure to make monthly savings shall attract a fine as under Disciplinary
Actions section in this Bye Law.
9.2.3 Payment shall be by deduction at salary source or any other acceptable means to
the Society.
9.2.4 Any member who wishes to withdraw part of his savings shall give at least one
month’s notice to the Secretary General in lieu of such withdrawal.
9.3 Shares
9.3.1 The Society shall place on sale a minimum initial share capital of one hundred
(100.00) units. Whenever fully subscribed and fully paid for, the same number
shall be placed on sale again subsequently.
9.3.2 Shares shall be sold at a premium of 20%
9.3.3 The Society shall sell one share unit of one hundred naira (N100.00) par value
at N120 per share otherwise the share is not fully paid for yet.
9.3.4 A member shall hold a minimum of one hundred (100) shares and a maximum
of 30% of the Society’s total share capital placed for subscription.
9.3.5 Shares shall be purchased in multiples of ten (10) units only.
9.3.6 A member may withdraw his shares on termination of his membership of the
society.

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FEDERAL UNIVERSITY WUKARI.
9.3.7 Shares are transferable through Business Committee using prescribed forms
only.
9.3.8 A member wishing to transfer his shares shall give one month’s notice to the
Society through the Secretary General.
9.4 Borrowings
9.4.1 The Society may borrow if necessary and as shall be approved by congress.
9.4.2 The Society shall not borrow more than half of the value of its share capital and
the loan conditions must be convenient to the Society.
9.5 Deposits: A Special Savings Scheme
The Society shall operate a Special Saving Scheme which allows members to deposit
any amount of money they wish save from January to October and be entitled to a
minimum interest of 2.5% (variable according to business output) by 30th October of
the year of transaction.
9.6 Uses of Funds
The funds of the Society shall be used only for:
9.6.1 Production of relevant books and stationeries.
9.6.2 Refund of Savings to members when due
9.6.3 Payment of Interest on savings
9.6.4 Payment of Dividend on shares held
9.6.5 Purchase of shares of other reputable firms
9.6.6 Repurchase of shares of the society
9.6.7 Payment for Bonus Shares issued to existing share holders
9.6.8 Repayment of Borrowings
9.6.9 Refund of deposits
9.6.10 Payment of fines where applicable
9.6.11 Donations or grants to members or others
9.6.12 Purchase of goods and services
9.6.13 Acquisition of additional assets

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FEDERAL UNIVERSITY WUKARI.
9.6.14 Settlement of Administrative charges such as; Salaries, Wages, Sitting
Allowances, HONOURARIA, Transport and Accommodations.
9.7 Approval of Expenses
All expenses shall:
9.7.1 Be considered and approved by the Executive Committee before
implementation.
9.7.2 Shall be presented for ratification at the next General Meeting.
9.8 Dividends and interest on savings.
Net Profit earned during the year on businesses using share capital shall be proposed
by the Executive Committee at the pre AGM to be appropriated as follows:
30% as Reserve Fund.
10% as Honorarium to Serving Officers
5% as Development Fund
15% as dividend on shares. Where there is no Development Fund the 5%
shall be added to the dividend on shares to make it 20%.
40% as interest on the monthly savings.
Total 100%
9.9 Duty Traveling Allowance (D.T.A)
Where a member is on the society’s official assignment outside Wukari town
but within Taraba State, the Executive officers shall calculate the current or
prevailing Duty Tour Allowance to be given to the Member on the assignment
9.10 Annual Accounts
The Executive shall prepare and published at the Society’s office, the under mentioned
Annual Accounts and Statements on or before the 15th of January annually.
9.10.1Trial Balance as at 31st December of the preceding year
9.10.2 Trading, Profit and Loss Account as at 1st December of the year.
9.10.3 Statement of Comprehensive Income and expenditure as at 1st December of the
year.

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FEDERAL UNIVERSITY WUKARI.
9.10.4 Statement of Financial Position for the year ended 31st December together with
a brief report on the business of the Society transacted during the year.

SECTION 10. ELECTIONS

Elections shall be conducted every four (4) years at the end of tenure at SGM.
10.1 Electoral Committee
10.1.1The electoral Committee shall consist of five members to be nominated at a Pre
AGM or at the first congress meeting in the first week of November, or at an
SGM for the purpose.
10.1.2 A member objecting a nomination must tell the congress why he is objecting
the nomination of the member.
10.1.3 Every nomination shall be seconded by another member.
10.1.4 The member nominated has liberty to decline the nomination.
10.1.5 After the nominations, the members of the Electoral Committee shall within
themselves appoint the Chairman and Secretary and present same to the
congress at the same meeting.
10.2 Functions of Electoral Committee
The Electoral Committee shall:
10.2.1 Receive and screen applications from interested members into the various
offices.
10.2.2 Receive from the Financial Secretary, any information about any contesting
member.
10.2.3 Organize and conduct elections at the second congress in the first week of
December.
10.2.4 Announce the results at the same meeting as soon as voting and collation and
counting have ended.
10.3 Qualification for Elections
To qualify for an elective position, a member shall:
10.3.1 Save a cumulative minimum of ;

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FEDERAL UNIVERSITY WUKARI.
N800, 000 for Presidential position.
N500, 000 for Secretarial position.
N300, 000 for Other positions.
10.3.2 Not have any established record of fraud
10.3.3 Have a good literacy level of a Bachelor’s degree or HND for key executive
offices.
10.4 Congress Meetings for Elections
10.4.1 There shall be two congress meetings for elections. The first congress meeting
shall be for inauguration of Electoral Committee, which shall hold by first week
of November, and the second congress meeting shall be for election of
Executive Officers, which shall hold by first week of December.
10.4.2 The quorum for the two congresses shall be 2/3 majority of members present at
the meeting.
10.5 Procedure for Elections.
10.5.1 On Monday of the week in which elections shall hold on Saturday, the electoral
Committee shall publish the list of qualified contestants.
10.5.2 Elections shall be by secret balloting.
10.5.3 Counting of votes shall be done at the meeting and in the open after collation of
votes.
10.5.4 A tie in votes of contestants for the same post shall be separated by Yes or No
lot written on paper and kept in a closure to be drawn by the contestants. The
Yes lot wins the election.
10.5.5 The candidate with the majority votes shall be declared the winner.
10.5.6 Bye elections shall be conducted within three months if an elective post
becomes vacant.
10.5.7 Handing over shall normally be at an Annual General Meeting (AGM)
otherwise at any General Meeting for special cases.

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FEDERAL UNIVERSITY WUKARI.
SECTION 11. BOOKS OF ACCOUNTS
11.1 Prescribed Books and Accounts
Accounts and Records shall be maintained in the forms prescribed by the
Registrar of Cooperative Societies and shall include the following:
11.1.1 Membership Register showing registration number, date of admission, name,
and department of each member in the university, his signature or thump print,
and a reference to any nominee appointed.
11.1.2 Attendance Register for each meeting held showing registration number, name,
and department of each member in the university, his signature or thump print.
11.1.3 A minutes book with recording of the proceedings of meetings
11.1.4 Cash book
11.1.5 Sales book
11.1.6 Ledger
11.1.7 Loan Register
11.1.8 Receipt book
11.1.9 File for loan bonds
11.1.10 Correspondence files.
11.1.11 Any other book as directed elsewhere in these bye laws or by congress

SECTION 12. AMMENDMENT OF THE BYE LAW

The decision of congress is supreme over this bye law. Therefore, the provisions
therein can be amended as deemed fit by congress through an amendment committee.
This Bye Law becomes effective
On the ------------------ day of -------------------------- 2021, as approved by congress.

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FEDERAL UNIVERSITY WUKARI.
BYE LAW AMMENDMENT COMMITTEE
The Bye Law of Staff Multipurpose Cooperative Society Limited (SMCSL), Federal
University Wukari, FUW was reviewed by the following committee members:

1. Mr. Ganchok P. Lawrence _________________ ____________

Chairman Sigature Date

2. Mr. Steven Tadawus Egah _________________ ____________

Member Sigature Date

3. Mr Oboh Gabriel _________________ ____________

Member Sigature Date

4. Mrs. Rhoda Achohwora _________________ ____________

Member Sigature Date

5. Mr. Charles Alam _________________ ____________

Member Sigature Date

6. Agelaga A. Gabriel _________________ ____________

Sec/Member Sigature Date

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