Article 10.1:
The Association’s Bank Account
The Association shall maintain Account(s)
with such Licensed Commercial banks as may be approved from time to time by the
Executive Council of the Association provided that the first account shall be
opened with a bank approved by the General Meeting of the Association.
Article 10.2:
Bank Account Signatories and Mandate
Signatories
: The following are
signatories to the bank account:
1. The
President;
2. The
Secretary and;
3. The
Treasurer.
The Three (3) signatories shall jointly sign for all
withdrawals:
a) Any
two Signatories shall sign, if the Financial Secretary is unavailable, the Vice
President shall be a replace as signatory.
b) The
Association’s funds shall only be deposited with and invested in commercial
banks and its instruments e.g.
i. Fixed
Deposit Accounts;
ii. Bankers
Acceptance Investments (BAIs);
iii. Commercial
Papers (Guaranteed only);
iv. Treasury
Bills & Treasury Certificates.
Article 10.3:
Common Seal
a) The Ebira First shall have a common seal. Such common seal
shall be kept with the secretary who
shall produce it when required for use by the Excos;
b) All documents to be
executed by the Association, shall be signed by the President/Secretary and
sealed with the common seal
Article 10.4 Disbursement
and Application of Funds
The funds shall be applied
for disbursement for the purpose of achieving the aims and objectives (Vision
and Mission) of Ebira First.
Article 10.5:
Inspection of Book
Any member having an interest
in the funds or activities of the Association may apply for the inspection of
the Association’s books through the Secretary, but subject to the approval of
the Exco.
Article 10.6:
Amendment(s)
This
constitution is subject to amendment:
a) Any
desire to amend any section of this constitution shall be supported by at least
2/3 of the majority of the general assembly and the Executive Committee of the Ebira First
Association in a general meeting;
b) The
article(s) may be amended at the instance of the Executive Council or any
member of the group by the submission of the proposed amendment(s) to the council’s
Secretary at least 30 days prior to a general meeting of the Association;
c) The Secretary will circulate draft copies of the proposed amendment to
members not later than seven days to a general meeting;
d) The
President may endorse the amendment of two-third of members present or by
voting at a duly convened meeting, provided quorum was formed, and thereafter;
e) Shall
be submitted to the Secretary General after such amendment(s) have been
effected.
Article 10.7: Bye-Law
The Association shall have a
bye-law and article of faith which shall not be contrary to this constitution
for the effective running of the Ebira First Association.
Article 10.8:
Special Clause
The income and the property of this Association shall
be applied solely towards the promotion of the objects of the Association as
set forth in the Rules and Regulations/Constitution, and no portion thereof
shall be paid or transferred directly or indirectly by way of dividend, bonus,
or otherwise, howsoever by way of profit, to the members of the Association.