VILLAGE SAVINGS AND LOANS ASSOCIATION. Group Constitution

 

VSLAs GROUP CONSTITUTION

 

Part 1: Group governance 

I.                    BASIC INFORMATION ON THE GROUP

a.        Name of the Group   _____________________________________________ 

b.       Address:    ____________________________________________________________ 

c.       The Group was formed on:   _______________________________________________ 

d.      Date of official registration:   _______________________________________________ 

 

II.                  OBJECTIVE OF THE GROUP

a.       The purpose of the Group is to be an independent, profitable provider of financial services to its members

b.       The services the Group provides to its members in order to achieve this objective are:    _____________________________________________________________________    _____________________________________________________________________ 

 

III.                RELATIONSHIP TO EXTERNAL SOURCES OF FINANCIAL SERVICES

a.        The Group will not borrow from financial institutions during its first cycle of operations.  If it does so in future cycles, it will follow these rules:

b.       The loan to the Group will not exceed the value of the previous cycle share-out amount

c.        The Group will take the loan, not individual members. 

d.       The Group will on-lend the money to its members, and will not provide information about this to the lender.

e.       If the Group borrows from a financial institution, members agree that their individual borrowing may never exceed 5 times their shares (without an outside loan from a financial institution, the rule remains 3 times)

f.         If a group borrows from a financial institution, member savings will not be used as a security deposit

 

IV.                WHO MAY BE A MEMBER OF THE GROUP?

a.        Lower age limit   ________________________________________________________

b.       Gender   ______________________________________________________________ 

c.       Residence  ____________________________________________________________ 

d.      Other common circumstances   ____________________________________________

 

V.                  COMPOSITION OF THE MANAGEMENT COMMITTEE

a.        Chairperson

b.       Record-keeper

c.        Box-keeper

d.       2 Money-counters

 

VI.                ELECTION PROCEDURES

a.        Elections must be held at the beginning of each new cycle

b.      The minimum number of people that must stand for each position is 2

c.        A member can only be re-elected to the same position once

d.       The minimum number of members who must be present to hold an election is:  ______ 

e.       The election procedure will use a system that allows everyone vote to be secret.

f.         A candidate for any position must be proposed by another member

 

VII.              REMOVAL OF OFFICERS FROM THEIR POSITION BETWEEN ELECTIONS

a.        Any member of the Association may, at any time, request a vote of no confidence against a member of the Management Committee

b.       The Committee member must resign if the majority of members decide to remove him/her

c.        An election is required to fill the vacant position

 

VIII.            MEETINGS

a.        To buy shares the Group will meet every week

b.       Shares will be bought at every meeting but loan/repayment transactions will be conducted only during loan meetings, held every 4 weeks.  The Group will conduct a share-out every year.

 

IX.                MEMBERS LEAVING THE GROUP

If a member leaves before the cycle is finished, the money they have used to purchase shares will be returned to them, minus any loan and service charge they owe

 

X.                  EXPULSION FROM THE GROUP

The reasons for which a person should be expelled from the Group are:   _________________________________________________________________________   _________________________________________________________________________

 

XI.                FINES

The following table lists the fines that will be charged.

Offence

Offence Amount

Failure to attend a meetings 

 

Late to a meeting 

 

Not remembering Group rules 

 

Loss of member card number

 

Forgetting key     

 

Chatting through the proceedings

 

Showing disrespect to a fellow member

 

Not remembering decisions or balances from the preceding meeting

 

Failure of a member of the Management Committee to perform their duties

 

 

XII.              AMENDMENTS TO THE CONSTITUTION

a.       2/3  of the members must agree before the constitution can be changed

b.       Any member can propose an amendment to the Constitution 

 

Part 2: Services offered by the Group

I.                    SAVINGS

a.        Members may buy 1 - 5 shares in each meeting

b.      The purchase price of a share will be:  _______________________________________ 

c.        Members may contribute an equal agreed-upon amount at the start of every future cycle to speed up the growth of the loan portfolio.  At this moment only, the number of start-up shares can be more than 5 shares per member, if all members agree

 

II.                  LENDING

a.        The maximum amount that anyone can borrow is three times the value of their savings

b.       The maximum length of a loan term is 24 weeks, but only 12 weeks during the first cycle

c.        A member must repay a loan before (s)he can take another

d.       The monthly service charge to be charged every four weeks is:  __________%

e.       If a member dies and has a loan remaining unpaid, it will be treated as follows:  _____________________________________________________________________    _____________________________________________________________________

f.         The highest priority for loans will be given for:   ________________________________ 

g.        The second highest priority for loans will be given for:   __________________________

h.       The third highest priority for loans will be given for:   ____________________________ 

III.                SOCIAL FUND

a.       The Social Fund is for grants only.  No loans will be made from the Social Fund.

b.       The member contribution to the Social Fund per meeting will be:   _________________ 

c.        The benefits for the death of a member will be:  _______________________________

d.       The benefits for the death of a spouse will be:  ________________________________ 

e.       The benefits for the death of a child will be:  __________________________________ 

f.         The benefits for the death of a parent will be:   ________________________________ 

g.        Other: ________________________________________________________________ 

h.       Other: ________________________________________________________________ 

i.          Other: ________________________________________________________________

 

 

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

Name:  ______________________ Signature:   ____________________________  

 


 

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