THE BYE-LAWS

OF
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PECULIAR PEOPLE
MICROFINANCE
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MULTI-PURPOSE
CO-OPERATIVE SOCIETY

LIMITED
 THE BYE-LAWS OF THE PECULIAR PEOPLE MULTI-PURPOSE CO-OPERATIVE
SOCIETY LTD

SECTION I
I. INTERPRETATION
1.
(i) All words and expressions used in the Bye-Laws; and defined by Sections 5 of the Nigeria Co-
operative Societies Act 90 of 1993 shall have the meaning assigned to them in the above named
section.

The following words or expressions shall have the meaning respectively assigned to them below:

(ii) “Financial Year” means the period of twelve months beginning on the 1st January and ending
31st December, the same year.

(iii) “Law” means the sections Chapter N98 of The Nigeria Cooperative Societies act 90 of 1993.

(iv) “Bye Law” means the registered bye-laws made by a society in exercise of any power
conferred by this laws and it included a registered amendment of the bye-laws.

(v) “Officer” includes a President, Vice president, Secretary, Treasurer, and members of
Committee or other persons empowered under the regulations or bye-laws to give directions
with regards to the business of a registered society.

(vi) “Persons” include any company or association or body of person corporate or

unincorporated.

(vii) “Regulations” means regulations made under this law as amended from time to time.

(viii) “Executive Committee” means the governing body of a registered society to whom the
general management of its affairs is entrusted. (Elected officials who manage the affairs)

(ix) “Management Committee” means the governing body of a registered society and other
management staff who may not be members of the executive committee to whom the general
and specific day to day management of its affairs is entrusted. (Elected officials and appointed
officials who manage the affairs)

(x) “Functional Committee” means an appointed body of persons within the society to whom
specific duties are delegated by the society.

(xi) “Voting member” means a member who hold shares, who is not behind on dues is not
currently defaulting on loans and can vote in the society’s meetings.

(xii) “Term” shall mean tenure of three years in office

(xiv) “Non-Voting Member” means a member without voting rights.

(xv) If there shall arise any doubt regarding the meaning or intention of any of these bye-laws,

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 the matter shall be referred to the Registrar for ruling.

SECTION II

II. NAMES, ADDRESS AND AREA OF OPERATION

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(i) Names: The society shall be called the PECULIAR PEOPLE MULTI-PURPOSE
COOPERATIVE SOCIETY LIMITED.

(ii) Address: Its registered address shall be 10 new Abuja Street Jos, Plateau State.

(iii) The area of operation: The area of operation shall cover all residents of Plateau State and
other offices in the neighboring States.
SECTION III
III. OBJECTIVES:
The objectives are:

(a) To encourage regular savings among members and to provide credit to members for
provident and productive purposes.

(b) To create special funds for investment purposes, including procurement of essential
commodities, aimed at enhancing the economic and social well-being of members.

(c) To promote the spirit and practice of thrift, mutual and self-help based on co-operative
principles among members.

(d) To supply members with consumer goods, housing and agriculture products at reasonable
prices.

(e) To carry out regular training for the benefit of members.

(f) To create employment for members.

(g) To take other measures designed to encourage the spirit and practice of cooperation and
selfhelp to the members.

(h) To encourage Product development especially as it concerns the real-estate industry.

(i) To pilot and promote Vocational Training and skill acquisition programs.

(j)To engage in Research and Development.

(k) To promote all areas of trade and investment.

(l) To offer Agency and Loan Brokerage services to her members and the general public.

(m) To provide Consulting and Business Management Services.

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SECTION IV

IV. MEMBERSHIP RIGHTS AND LIABILITIES

4. MEMBERSHIP: It shall consist of persons:

(a) Who are above 18 years of age and resident in Jos, Plateau State and neighbouring states.

(b) Who join in by the application for Registration.

(c) Who are admitted in accordance with these bye-laws.

(d) Who are of good character, resident within the area of operation of the society and are engaged
in the activities and objectives of the society.

(e) Who are of not less than 18 years of age, except in the case of a minor heir of a deceased
member(s) and where the Registrar grants an exemption.

5. ADMISSION:

(i) Application for membership shall be in completion of a membership application and shall be
disposed of by the Management Committee who may grant or refuse admission and in case of
refusal, shall state the reasons.
Any applicant so refused shall be informed in writing. He may appeal through a member of the
society to the next general meeting of members, which may take such decisions it thinks fit.

(ii) Every member on admission shall pay an entrance fee of N2, 000 (two thousand naira).

(iii) Shall sign or thumb print the membership and attendance register.

(iv) Potential members must be serious minded persons who also identify with the vision and
mission of the cooperative and must be credible and of high integrity. They must also be of
good conduct, God fearing and have interests in areas, actions and activities that will benefit
the cooperative.

(v) Potential members will also contribute in the area of networking, mobilization and the
provision of technical and professional services and advice, as well as spiritual mentorship to
the cooperative, as at when needed.

6. LIABILITY OF MEMBERS:
The liability of the members for the debt of the society shall be limited to N500,000 (five hundred
thousand naira) per member.

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7. LIABILITY OF PAST MEMBER

(a) A past member shall be liable for the debts by the society as they existed on the date when he
ceased to be a member for a period of two years from the date on which he ceased to be a
member.

(b) The assets of a deceased member shall be liable for the debts due by the society as they
existed at the date of his deceased for the period of two years after his death.

8. NOMINEE:

Every member shall nominate one person in writing to whom his shares or interest shall be
transferred if he dies or become permanently insane. The member may at anytime change his
nominee, if admitted to membership.

The nominee shall, in case of the death or permanent insanity of the member, be paid the value of
the saving or other interest less any sum due to the society.

In case where there is no nominee, the Management Committee shall pay the interest to a person
who in their opinion appears to be the legal personal representatives of the deceased. The nominee
shall inherit both assets and liabilities of such member.
9. TERMINATION OF MEMBERSHIP:
Membership shall be terminated by:

(a) Death

(b) Permanent insanity

(c) Termination of employment/Withdrawal/liquidation of service from FIRS

(d) Withdrawal/liquidation after six months’ notice conveyed in writing to the Secretary,
provided that the member Withdrawal/liquidation is neither indebted to the society nor surety
for an unpaid debt.

(e) Expulsion under bye-law 10

10. EXPULSION: A member may be expelled for:

(i) Repeated failure to pay the debts due from him to the society.

(ii) Repeated failure to make the necessary savings as laid down in the bye-laws.

(iii) Conviction on a criminal offence involving dishonesty.

(iv) Mis-conduct or other acts contrary to the stated objects of the society or the interest of
cooperatives movement.
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SECTION V

V. SOURCES OF FUNDS
11.
(a) The funds of the society shall be made up of:

(i) Entrance fees

(ii) Membership savings

(iii) Deposits and interest on loans to members and deposits from non-members

(iv) Surplus arising out of the business of the society

(v) Purchase of shares comprising of Income, ethical and Cooperative fund shares

(vi) Miscellaneous sources approved by the Registrar

(b) Ordinary Saving: Every member may contribute at the end of every month a sum of money to
be known as ordinary savings.

(c) Deposits/Shares: Members may purchase shares christened PECULIAR PEOPLE CO-OPERATIVE
GROWTH FUND with the society for a period of not less than six (6) months, such deposit may
earn interest at a rate to be fixed by the Management Committee but in no case shall interest on
deposit exceed 25% monthly net .

(d) Co-operative savings accounts:

Co-operative savings accounts may be run by members/non-members in a manner that is
suitable to them for their personal deposits and withdrawals. The co-operative shall charge
applicable fees as determined from time to time by the management committee.

SECTION VI

VI.GENERAL ADMINISTRATION

12. GENERAL MEETING: The ultimate authority under the bye-laws in all the affairs of this society
shall be the general body of members who shall meet from time to time and at least once in a year to
review and direct the operations of the society.

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13. QUORUM: The presence of at least one third of the voting members shall be necessary for the
disposal of any business at the general meeting provided that where the total number of members
exceed one hundred; twenty-five members shall suffice.

If no quorum is formed at a meeting an adjournment may be made for a period not less than 7 days
or more than 15 days. Thereafter, the number of members present at any such adjournment shall
form a quorum.

14. THE ANNUAL GENERAL MEETING (AGM): The annual general meeting shall be held once a
year only in the month of January after the annual statement of Accounts shall have been prepared.
The Secretary shall cause notice thereof to be sent to members at least 14 days before the date of
the Annual General Meeting or general meeting of the society.

The agenda of the AGM shall be:

(i) Consideration and approval of reports and the accounts for the preceding year.

(ii) Disposal of surplus or losses in accordance with the provisions of the bye-laws.

(iii) To elect/confirm officers for the ensuring year.

(iv) To consider any communication received from the Registrar.

15. ORDINARY GENERAL MEETING: The duties of ordinary general meeting shall be:

(i) To elect, suspend or remove officers and members of the executive Committee with the
exception of the president and financial secretary/treasurer. (you may remove or edit this as
appropriate)

(ii) To confirm the admission or expulsion of members.

(iii) To amend or repeal any existing bye-laws or enact any new one in accordance with bye-law
with the exception of 45 (a). (you may remove or edit this as appropriate)

(iv) To dispose of any other business brought before it.

16. SPECIAL GENERAL MEETING: A special general meeting may be called at any time by a
majority of the Management Committee or the President or General Manager.

17. ATTENDANCE OF MEETING: It shall be the duty of every member to attend general meetings.
The
general meeting shall have power under these bye-laws to impose fines on members who, without
good reason neglects to attend any meeting. The Secretary shall keep an attendance register for this
purpose.

18. VOTING: Voting at general meeting shall be by show of hand by voting members, unless a ballot
on any question is demanded by majority voting members present when it shall be taken by ballot.
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All questions shall be decided by a majority of votes of the members present, and voting. Each voting
member shall have one vote only. At all meetings, the President shall have a casting vote, if votes are
equal or he may call for a second voting. Members who do not hold up to 100 units of share
Shareholding shall not be accorded voting rights. Non-Voting Members are not allowed to cast votes
during general meetings.

19. COMPOSITION AND POWERS OF EXECUTIVE AND MANAGEMENT COMMITTEE:

Subject to the law, the regulations and the bye-laws and in accordance with the operational policy
and procedures document of this cooperative,( This is the working document of the co-operative) the
administration of the society shall be vested in the Executive and Management Committee .

20. OFFICERS: Officers of the society shall be the President, Vice-President, the General
Secretary, Treasurer/Financial Secretary and any other two committee members. The Founder of
the Co-operative having invested huge resources, energy and time shall be a life time President
of the Co-operative and shall have unhindered right to appoint any person who can best sustain
the vision and objectives of the society as at when she so determine. As such only the offices of
the Vice-President, the General Secretary, Treasurer, Financial Secretary shall be open for
election. The other two committee members shall be elected at the Annual General Meeting.
The Society Officers shall not be more than 7 (seven) committee members. These shall constitute
the Executive Committee of the society. The Management Committee shall have powers to
appoint a functional committee charged with any specific responsibility. Any officer of the society
can be a servant of the society provided that he/she is qualified educationally and has the
requisite experience to run the day to day operations of the society. The management
committee shall appoint a General Manager and operations manager and other personnel as it
deems fit for the day to day running of the society’s business in accordance with the operational
policy and procedures document of the (refers to the working documents of the co-operative)
society.

21. TENURE OF OFFICE: Any elected officer of the society shall hold office for one 5 year term and
shall retire at the next Annual General Meeting. Such officer shall be eligible for re-election; provided
that no such officer shall hold the same office for more than 3 consecutive terms.

22. REMOVAL OF MEMBER OF THE EXECUTIVE COMMITTEE: A member of the executive

Committee in line with 20. shall cease to hold office if he:

(a) Ceases to be a member of the society;

(b) Becomes of un-sound mind;

(c) Is convicted on major criminal offence; and

(d) acts in a manner prejudicial to the interest of the society and he is removed by a majority
vote of member present and voting at a special general meeting. The society may fill any vacancy
arising from death, resignation and any incapacity or any removal at the next general meeting.

23. MEETING: Meeting of the executive Committee and Management Committee (refer to section 1
sub viii and ix) shall be held at least once every month when necessary. The attendance of at least 3
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members for both committees shall be required for the disposal of any business. The Management
Committee shall fix the date and hour of all general meetings giving at least fourteen day’s notice.

24. CO-OPTION: The President shall have power to co-opt any person with expert knowledge of
and commitment to the business and objectives of (a person who is serious about the business of
the society) the society.

25. DUTIES OF THE MANAGEMENT COMMITTEE: Subject to the law, the regulations and the
bye-law and in accordance with the operational policy and procedures document of the society, the
Management Committee shall exercise all the powers of the society except those reserved for the
general meeting, and shall in particular have the following powers and duties.

(a) Shall produce the operational policy and procedures document of the society and make
policies to be carried out by or on account of the society.

(b) Appoint, fix salary or promote, discipline, suspend or dismiss all senior employees of the
society in accordance with the terms of employment.

(c) Elect functional committees for the business of the society;

(d) Co-opt resource personnel from within or outside the society to serve on such functional
committees;

(e) But shall have no power to instruct any servant of the society or to pledge the credit of the
society or to involve it in any expense, except by virtue of a written order, signed by the
President of the society on behalf of Management Committee;

(f) All other matters brought before it shall be dealt with.

26. RESPONSIBILITIES OF THE MANAGEMENT COMMITTEE: In their conduct of the affairs

of the
society, the Management Committee shall exercise the prudence and diligence of ordinary men of
business and shall be responsible for any loss sustained through acts or omissions contrary to the
regulations, these Bye-Laws and the operational policy and procedures document of the society .

27. PRESIDENT: The President shall be the Chairman/Chief Executive of the Society. He/she shall
preside at all General, Executive and Management Committee meetings of the society. In the absence
of the President, the Vice-President shall be the Chairman of the meeting and at such meetings he shall
have all power of the President.

28. TREASURER: The Treasurer shall take charge of all monies received by the society and shall
make
disbursements in accordance with the directives of the Executive/ Management Committee. He shall
sign the cash book monthly in token of its correctness. He shall deposit all funds over and above the
limit fixed by the Management Committee as cash-in-hand into any Bank approved for this purpose
by the general meeting.

29. GENERAL SECRETARY: The General Secretary shall keep and maintain correctly and up-to-
date, the prescribed books and register. The General Secretary shall be the head of the Secretariat
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administration. He/She shall summon and attend all meetings, record the proceedings of such
meetings and make them duly signed. He/she shall prepare and submit to the Management
Committee the Annual Accounts and Statements and certified copies of entries in the books under
section 32 of Ordinance. There shall be an Assistant Secretary who shall be appointed amongst the two
ex-officers elected. The Assistant Secretary shall assist the General Secretary in his routine duties and
carry out any other duty as the Society may assign from time to time.

30. FINANCIAL SECRETARY: The Financial Secretary shall keep and maintain all the financial
records of the society. He/She shall ensure timeliness and accuracy of records. He shall produce the
cashbalance whenever called upon to do so by the Executive and Management Committee, or the
Directors of Cooperatives Societies, or the Inspector or Auditor. He/She shall perform any other duty
as the Society may determine from time to time.

31. TRUSTEES: The President, Vice-President, General Secretary, Treasurer and financial secretary
shall be the Trustees of the society. They shall sign on behalf of the society legal documents provided
that any of the four signatories could be considered.

32. BONDING OF OFFICERS AND EMPLOYEES: Every officer or employee of the society who
receives or pays out money on behalf of the society shall before assuming his duties furnish a bond
with sureties in an amount to be determined by the Management Committee and a pledge that he
will faithfully discharge his duties. In addition, the society may also take fidelity Insurance for its paid
employees who handle cash or stock on behalf of the society.

SECTION VI

VI. CREATION OF FUNDS AND FINANCIAL MANAGEMENT

33. ORDINARY SAVING: Every member shall contribute at the end of every month a sum to be
known as ordinary savings. No member shall have a right to withdraw part or all ordinary savings
except on termination or final Withdrawal/liquidation of membership from the society. All savings
accounts holders shall maintain a minimum deposit of N1000.00

34. DEPOSITS:

(1) A member/non-member may operate a cooperative savings account and maintain a minimum
deposit of N1000.00 ; and may purchase units of PECULIAR PEOPLE Shares which constitute
share holding in the cooperative and valued at Net Asset Value. Such investments can be
liquidated in part or in full via a letter of liquidation subject to availability of funds and a 3
months prior notice.

(2) A member may make cash (cheque) deposit into their savings which shall not be considered
for fixing maximum credit limit until after 90 days. However, such deposit will not attract any
special interest.

35͘ MEMBERS’ DUES: Any money due from this society to a member or past member shall be set off
fully or in part in payment of any sum which the member may owe.

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36. ENTRANCE FEE: Every member on joining the society shall pay an entrance fee of N2, 000
(two thousand naira only).

37. INTERNAL FUNDS: The funds of the society may be held in the form of:

(a) A reserve fund, contribution to which shall cease as soon as sufficient reserve has been
accumulated to cover the total limited liability of member as provided for in bye-laws .

(b) Current or savings bank account or cash.

38. LOAN ADMINISTRATION

(i) PURPOSE OF LOAN:

Loans shall be restricted to members only and shall be made for provident and productive
purposes only and upon such security and terms as the Credit Committee shall have approved.

(ii) APPLICATION FOR LOANS:

Application for loans shall be on forms prepared and furnished by the Management Committee
and shall set out the purpose for which the loan is desired, the security (if any), and such other
data as may be required.

(iii) CONDITIONS GOVERNING LOANS:

No loans shall be granted:

(a) To any individual other than a member of the society.

(b) To any member whose monthly savings are in arrears.

(c) For a period exceeding the time limit fixed by the General meeting.

(d) If it would bring a member’s total indebtedness at the time of loan to an amount exceeding
his maximum credit limit.

(e) Collateral provided for loans must be valued by the management committee or the
cooperative’s management consultant.

(f) The processing period for loans shall be 3 (Three) Months.

(g) n amount equivalent to 2% of loan amount must be paid into members’ cooperative savings
account as insurance premium to insure collateral for a sum assured of 20% of the asset value
furnished by the management committee or the cooperatives management consultant.
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(iv) RATE OF INTEREST ON LOANS:

Rate of interest shall be fixed from time to time by the Management Committee but shall in no
case exceed 5% monthly on unpaid balances depending on the loan type. In case of default in
payment, penal interest at twice the normal rate may be charged and any collateral deposited
will be sold to offset unpaid balance.

(v) MAXIMUM CREDIT LIMIT:

The Maximum credit limit of each applicant for a loan shall be determined by the Management
Committee from time to time but shall not exceed N50,000.00 (Fifty Thousand Naira Only)). The
Committee shall bear in mind the availability of funds, the principle of making credit available to as
many members as are qualified and the security offered.

(vi) BONDS AND SURETIES:

Every borrower shall execute a bond and shall furnish two sureties who may be members of the
society. Members must provide collateral and title documents as well as change of ownership will be
transferred to and made in the name of the cooperative or its consultant.

(vii) DUTIES OF SURETY/GUARANTOR:

A surety or guarantor must be a reputable member or non-member of the society and shall
personally guarantee.

(a) Repayment of the loan if the borrower defaults.

(b) The correctness or the particulars on which the value of the borrowers’ securities is based.

(c) That the loan is used for the purpose stated by the borrower in his application, misuse of the
loan shall be reported by the surety to the committee immediately.

(viii) RECALL OF LOANS:

All loans shall be issued subject to the right of the society to call for immediate repayment:

(a) If any misapplication is proved

(b) If the borrower gives an indication of resignation

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 (c) Persistently defaulting for a period of over three months.

(ix) COMMITMENT AS SURETY:

member’s commitment as surety/guarantor shall not be taken together with his own existing
borrowing and shall not exceed his maximum credit limit.

(x) RECOVERY OF DEBTS FROM MEMBERS:

(a) Title documents and authority letter in respect of Collateral provided by a member who has
defaulted in paying back loan and interest after a period of 3 months following loan repayment
date will be immediately executed and asset/collateral auctioned to recover the amount due

(b) Where sales proceed from auction of collateral is in excess of the amount owed by the
member the surplus is credited to the member, however where there is a shortfall or the
collateral is deemed or rendered invalid for unforeseeable reasons, the balance is recovered
from the surety via any legal means approved by the management committee.

39. SHARE HOLDING/FIXED DEPOSITS:

(a) Value of Share/fund: Each share in the society shall be valued at Net Asset Value

(b) Share Holding: Every member shall hold at least 100 Units of PECULIAR PEOPLE Shares in the
society which shall be paid up in full on allotment or by regular monthly installments until the
required minimum share holding is fully paid up within a time limit.

(c) Maximum Share Holding: A member may hold any number of shares or units of investment in
excess of the minimum share holding fixed in this bye-law provided that his total holding shall not
exceed 20% of the total issued share capital.

(d) Share Transfer: Shares shall not be transferable except to a nominee in accordance with this
bye-law. The society shall have the right to acquire and hold the share of any member leaving the
society at its face value agreed upon by the general meeting until they are taken up by other
members.

(e) Withdrawal/liquidation of Shares: No members may withdraw his shares in the society within
two years (you may remove or edit this as appropriate) after taking them. A member may
withdraw his share/ Investment after that period provided that:.

i) He has given 3 months notice.

ii) The total amount of share capita/Fixed deposit permitted for Withdrawal/liquidation in any
one year does not exceed 25% of the aggregate paid up share capital of the society as it was on
the last day of December preceding.

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 (iii) There is no money or goods due from such members to the society. A member who
withdraws his share/ Fixed deposit /Investment under this bye-law shall be paid back the amount
of share capital actually paid by him.

(f) Any member who does not hold at least 100 units of share shall not be accorded voting rights.

(g) All members and non-members who have share holding will be issued a certificate of share /
Fixed deposit holding which must be provided in the event of liquidation or withdrawal.
(h) Fixed deposits shall earn monthly interests between 1%-10% as determined by management
committee.

40. INVESTMENT:
Management Committee may invest in any project, shares/Fixed deposit and stock, which shall be of
benefit to the society and which are not required for current use and may be invested mostly in
pharmaceuticals and agriculture businesses permitted by the law and regulations.

41. OPERATION OF BANK ACCOUNTS:

The society’s Bank ccounts shall be trustee accounts. The President, Treasurer or any person
authorized by him, subject to approval of the Management Committee shall pay all monies into the
society’s bank account and operate the cooperative bank account.

42. DISPOSAL OF SURPLUS:

At the close of each financial year the next surplus shall be appropriated as follows:

(i) At least one-fourth shall be carried to the reserve fund. Unless a lower rate is prescribed by
the Director;

(ii) 2½% to the Education Fund;

(iii) Honoraria and any other items of appropriations as may be decided by the general meeting;

(iv) Dividend on members savings, loan refunds, shares and deposits; and

(v) General Reserve.

43. DIVIDEND ON DEPOSIT AND SPECIAL SAVINGS:

There are no dividends or interests to be paid on Ordinary savings to members as any income
benefits are gained via investment in the Shares with projected capital growth valued at Net Asset
Value (NAV). Fixed deposits shall earn monthly interests ranging between 1%-10% as determined by
the management committee.

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44.
(a) Reserved Fund:
When the amount appropriated to the reserve fund equal the total limited liability of Members
as contained in these bye-law no further contribution shall be made to this account. The reserve
fund shall belong to the society and no one is entitled to claim a specific share in it except with
the written permission of the Director. It shall not be utilized in the business of the society but
shall be funded and invested in any profitable venture financial institutions approved by the
general meeting.

(b) Education Fund:

Not less than 2½% of the yearly net surplus shall be carried to an Education Fund, 50% of which
shall be paid to the Ministry of Commerce and Industry for the promotion and extension of
Cooperative Societies
(c) Audit and Supervision Fees:
Audit and supervision fees at the rate assessed by the Director shall be paid annually to the
appropriate authority as may be advised by the Director of Co-operatives Services.

45. TRADING PROFIT AND LOSSES:

a) The annual profit after deductibles of the co-operative will be shared as determined by the
management committee.

b) ny loss on the year’s working shall if possible be made good from non-statutory reserve, but if
that is insufficient may by a resolution of the Annual General Meeting be met from the
Reserve Fund in which latter the amount so withdrawn shall be restored to the Reserve Fund as
soon as any surplus is earned. Where the reserve fund is insufficient, losses will be borne by
members pro-rata to their shareholding.

46. BORROWINGS: The society shall have power to borrow money from any bank and co-operative
organizations, on the security or bonds under the seal provided such loan is applied for the projects
of the society, for which the loan is borrowed and subject to reasonable rate of interest and
repayment procedure.

SECTION VII
VII. SPECIAL PROVISION

47. PRESCRIBED BOOKS AND RECORDS: The following papers, books and records among others
shall be kept by the society:

(a) A Membership Register

(b) A Cash Book

(c) General Ledger

(d) Personal Ledger

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 (e) Loan Register

(f) Minutes Books

(g) Such other records as may be prescribed by the Director

48. INSPECTION OF BOOKS: The books, account registers and papers of the society shall be opened
at all times for member’s inspection and any accredited co-operatives officials provided that no persons
other than any co-operatives official shall be allowed to see the personal account of any member
without the members’ consent.

49. RECEIPT/DEPOSIT SLIPS: It shall be the duty of every member to:

(a) Call for official receipts/deposit slips as evidence of having paid money to the society; and

(b) Sign or thumb-print the payment vouchers as evidence of having received money from the
society.

50. INQUIRY BY THE DIRECTOR OF CO-OPERATIVE SERVICES: The Director of Co-operatives

may on his own motion or shall on the application of a majority of the committee or of not less than
onethird of the members hold an inquiry or direct some person authorized by him in writing in this
behalf to hold inquiry on the constitution working and financial conditions of the society.

51. LIQUIDATION

(a) The society shall not be liquidated except in accordance with Sections 54 and 55 of the Law.

(b) On the liquidation of the society shall be applied, first in discharging the liabilities of the
society and secondly in the repayment of the share capital paid up. The remainder shall be
placed by the Director of Co-operatives in the Bank until a new co-operative society with a
similar area of operations is registered in which event the funds shall be credited to the Reserve
Funds of the society.

52. DISPUTE: Any dispute arising in or concerning the society and its members or past members shall
be referred to the Director of Co-operatives for settlement by arbitration under the provisions of
Section 44 of the Law, provided such dispute cannot be settled internally.

53. SEAL: The Secretary shall hold in safe custody the seal of society on behalf of the trustees. The
seal shall be pattern approved by the Director of Co-operatives. Documents shall be sealed by at least
two of the Trustees, one of who shall be the Secretary on the authority of a resolution of the
Management Committee.

54. FINES: The general meeting of the society may impose fines on members to be determined by the
Management committee in any case for flagrant or repeated contravention of bye-laws.

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 55. AFFILIATION TO UNIONS: Unless otherwise directed, or unless there are reasons to the
contrary accepted by the Director, the society shall affiliate itself at the earliest possible time to any
recognized multipurpose co-operative union formed in its area of operation.

56. ADMINISTRATIVE PROCEDURES: The Management Committee shall have power to lay
down Administrative rules and procedure in form of operational policy and procedures document of
the society for the smooth running of the society provided such rules and procedures do not violate
or contravene the spirit and letters of the Law, Regulations and these Bye-Laws.

57. AMENDMENT OF BYE-LAWS:

Any amendment of or addition to these Bye-Laws shall be made by the General Meeting of the
society in accordance with the law and regulations and shall be valid.

58. CERTIFICATION:

I hereby certify that the foregoing Bye-Laws of the PECULIAR PEOPLE MULTI-PURPOSE CO-
OPERATIVE SOCIETY LIMITED Jos, Plateau State, Nigeria has been registered under Sections 5 of the
Nigeria Co-operative Societies Act 90 of 1993.

Date: 19-01-2018

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