ELITE ASSOCIATES CHAMA

RULES AND REGULATIONS GOVERNING THE DISBURSEMENT,

PAYMENT, CONDUCT AND DISCIPLINE OF THE ELITE ASSOCIATES
CHAMA MEMBERS

PREAMBLE
The objective and purpose of these rules and regulations is to provide the control, governance and
administration of the Elite Associates Chama (Hereinafter referred to as the EAC).

Registration Fee:
Example: Every new member joining the Elite Association Chama is required to pay a one-time
registration fee of 100 shillings before becoming an active participant in the Chama's activities. This fee
will be collected upon the approval of their membership application and before they start making weekly
contributions. This amount will be used to offer small loans to members of the chama (details to be given
on the same later).

Contribution Schedule:

Each member is required to contribute 250 shillings every week on a designated day, such as every
Monday.

Disbursement Procedure:

When it's Member A's turn to receive the disbursement, they will be given 200 shillings from the weekly
contributions, and the remaining 50 shillings will be saved for annual disbursement.

Turn Order:

The turn order will be determined through a randomized draw during the Chama's monthly meeting,
ensuring every member has an equal chance to receive disbursements. Those who will want a leave from
the chama will have to notify the secretary and wait for the cycle to end so that each person receives a fair
amount of their disbursements before they can take their leave.

Member Responsibilities:

All members are expected to attend Chama meetings regularly, maintain their weekly contributions, and
show respect and cooperation towards fellow members. Those who will not abide by this rule shall be
fined accordingly as shall be agreed upon by the chama leaders.

Penalties for Non-Compliance:

If a member fails to contribute their 250 shillings for two consecutive weeks without a valid reason, they
will be fined an additional 100 shillings which will be put into the chama's account

Dispute Resolution:
In case of disputes between members, an arbitration committee consisting of three neutral members will
be formed to mediate and reach a fair resolution.

Voting and Decision-Making:

Major financial decisions, such as investments or large purchases, will require a two-thirds majority vote
from all active Chama members.

Financial Reporting:

The Chama's treasurer will provide a detailed financial report at the end of each quarter, outlining the
total contributions, disbursements, defaulters and savings made by each member.

Membership Withdrawal:

If a member decides to withdraw from the Chama, they must submit a written notice to the Chama's
secretary at least one month in advance, and they will receive their savings upon their turn for annual
disbursement.

Amendments to Rules:

Any member can propose changes to the Chama's rules during the monthly meetings. The proposed
changes will be put to vote, and a simple majority will be required for approval. This will be done through
a POLL during the meeting.

Code of Conduct:

Members are expected to treat each other with respect, avoid and refrain from engaging in any behavior
and/or conducts that may harm or thereof bring this programme to disrepute, ridicule or public odium, as
well as the Chama's reputation, and support fellow members during challenging times.