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NATIONAL PRIVATE EDUCATIONAL INSTITUTIONS ASSOCIATION-UGANDA

"In Coherence we achieve"

"In Coherence we achieve"

About SACCO

1. NAME

  • The name of the Savings and Credit Co-operative Society Ltd is NPEIA SAVINGS AND CREDIT CO-OPERATIVE SOCIETY
  • The abbreviated name is NPEIA – UG Sacco (if Applicable)

2. FORM OF FINANCIAL CO-OPERATIVE

  • This is the constitution of a business undertaking formed as a Savings and Credit Co-operative Society Limited.

3. PLACE OF BUSINESS

  • The main    place    of    business    of    the Co-operative is         situated  at:
  1. P.O. Box 9107 KAMPALA, UGANDA
  2. Plot 3. 8th street industrial area, City Star Building suite No.2 first floor
  • Any change of situation of the main place of business or the registered Savings and Credit Co-operative Society Ltd shall be notified to the Commissioner and to the shareholders.

4. OBJECTIVES

  • To promote and advance the social and economic welfare of its members by enhancing access to financial services under sustainable conditions by providing financial
  • To encourage savings by providing a means whereby such savings may receive a competitive rate of interest. There will be both voluntary and mandatory
  • To generate wealth for members by investing in profitable and legitimate business

5. SERVICES TO MEMBERS

The NPEIA Savings and Credit Co-operative Society Limited may provide the following financial services to its members:

  • Solicit and accept money from members;
  • Open savings accounts for its members, in the name of each member, into which that member may put or withdraw money and from which that member may instruct the Savings and Credit Co-operative Society Ltd to transfer or pay money;
  • Borrow money from other organizations including government agencies and banking institutions up to a percentage of the assets held by it as may be prescribed by the
  • Open a savings account or cheque account in the name of that Savings and Credit Co-operative Society Ltd with any banking institution;
  • Grant secured and unsecured loans to members to a maximum aggregate value prescribed in the Credit Policy;
  • Conduct any additional services as may be prescribed by the Board for the benefit of the members;
  • Invest money from its members in investments approved by the Board of Directors.

6. MEMBERSHIP

Membership shall be limited to persons who qualify for membership to this Savings and Credit Co-operative Society Ltd, whose members meet one of the criteria as listed below:

  • Have common membership in National Private Educational Institutions Association.
  • Persons who are employed in Private schools or own private schools or who are employed within the Education Institutions in Uganda.

or

  • A registered group which receives funds from members against the issue of shares or by means of the subscriptions of
  • The qualifying criteria for membership to this Savings and Credit Co-operative Society Ltd shall be (describe criteria for
  • No discrimination will be allowed along the lines of race, political affiliation, gender or religion. The Board, by majority vote, reserves a right to refuse membership of a person or entity if it is in the best interest of the Savings and Credit Co-operative Society The Board is not obliged to give reasons.
  • Minors may become Members, duly assisted by their parent’s / legal guardian’s. Minors under the age of 18 (eighteen) will, however, have no voting
  • Every applicant for Membership shall complete the prescribed Application Membership form.
  • Entities, such as societies, associations, clubs, partnerships comprising individuals who in their own right are eligible to become members of the Savings and Credit Co-operative Society Ltd may, be admitted as members in the same manner and under the same conditions as individual
  • An applicant shall be admitted to Membership on being approved by a majority vote of the Board but shall not qualify for the rights and privileges of Membership until he/she has contributed 100,000 to acquire the minimum share(s) or the minimum amount of shares and an annual membership fee of shs. 100,000 to the association as determined by the Board from time to time.
  • The membership fee is non-refundable and the share capital contribution may be transferrable after giving one months’ notice .
  • Every Member shall receive a statement which shall record his/her shares, deposits and loan transactions with the Savings and Credit

Co-operative Society Ltd upon request.

  • Every Member shall be registered on the Savings and Credit Co-operative Society Ltd’s member database, whose details will include the name, surname, identity card number, date of joining and any other relevant information
  • Every Member shall nominate in writing one person to whom, upon his/her death, his/her share(s) and any amount due to such Member shall be transferred to.
  • The Member shall have the power to change the name of the The name shall be entered into the Member database, with the original document securely kept by the Savings and Credit Co-operative Society Ltd.
  • The Member shall sign any alteration of the nominee. If not admitted to membership, the nominee shall be paid in full the value of the shares and/or assets less any sum due from the deceased Member to the Savings and Credit Co-operative Society Ltd. Such payment shall be made as soon as possible but not later than six (6) months after the death of the
    1. The Savings and Credit Co-operative Society Ltd, shall at all times, keep an updated register of all its members.
    2. All Members of the Savings and Credit Co-operative Society Ltd should have a copy of the current constitution or unrestricted access thereto.

b. LIMITATION OF LIABILITY

  • The liability of a Member towards the liabilities of the Savings and Credit
  • Co-operative Society Ltd by virtue of his or her Membership shall be limited to an amount equal to the nominal value of the shares held by him or her and he or she is not otherwise personally liable for any of the debts of Savings and Credit.
  • Co-operative Society Ltd, except where other special circumstances exist, e.g. when explicit guarantees have been given.

c. TERMINATION OF MEMBERSHIP

Membership shall cease upon

  • death;
  • receipt by the Savings and Credit Co-operative Society Ltd of voluntary termination of Membership in writing; subject to a 3 month notice period or
  • Expulsion from the Savings and Credit Co-operative Society The expelled Member may still avail of the dispute resolution procedure outlined in clause 38.
  • Upon termination of
  • Membership, a Member shall be entitled to receive the full amount standing to his/her savings less the amount of any loans, interest and fines payable. Fixed term obligations shall be repaid with accrued interest (less penalties for early withdrawal) upon termination of
  • Upon the death/permanent disability of the Member, his/her shares/savings will be transferred to the nominated beneficiary as entered by the Member.

d. SUSPENSION/ EXPULSION OF A MEMBER

Members are expelled/suspended subject to the following provisions

  • A Member may be suspended if he/she does not comply with this constitution, any rules of the Savings and Credit Co-operative Society Ltd and/or failure to pay on due date any amounts owing by the Member to the Savings and Credit Co-operative Society
  • A Member may be suspended whose account is more than one hundred and eighty (180) days dormant or who has relocated and the new place of residence that is unknown to the Savings and Credit Co-operative Society Ltd. Such a member will be considered NOT to be in good standing. Save for unforeseen circumstances.
  • The Board, by majority vote, may recommend a Member for expulsion and may then suspend the Member and by so doing deprive him from any benefits of the Savings and Credit Co-operative Society Ltd until such time as the issue is voted on at a General meeting.
  • Prior to a decision on expulsion the Members shall be afforded an opportunity to be heard at the general If the general meeting ratifies such expulsion by a special resolution, it shall be effective from the date of suspension. If the general meeting does not ratify the expulsion by the required majority, the suspension shall be immediately removed and the Member treated as if no such suspension had been imposed.
  • A Member expelled in terms of these provisions shall forfeit all rights to share in the surplus or other benefits of the Savings and Credit Co-operative Society

e. ANNUAL GENERAL MEETING (AGM)

  1. The authority of the Savings and Credit Co-operative Society Ltd emanates in properly convened general meetings of Members.
  2. Subsequent Annual General meetings within 6 months after the end of the preceding financial year and notify the SUPERVISORS.
  • At least 21 (twenty one) working days before the date of any annual or extraordinary general meeting of Members, the secretary shall provide written notice, including the agenda to each Member and must post notice of the meeting in the place of business and other noticeable places where it may be read by the Members at least 21 working days prior to such meeting.
  • The order of business at an Annual general meeting shall be:

f. EXTRAORDINARY MEETINGS

  1. Extraordinary general meetings may be called by the Board on their own initiative and shall be called at the request of the audit committee, or upon a written petition signed by at least 10 % (percent) of Members in good standing.
  2. Notice of any extraordinary general meeting shall state the purpose for which it is to be held and no business other than that related to this purpose shall be transacted at the meeting.
  • The Audit Committee may at any time request the Board to summon an extraordinary general meeting in such manner and at such time and place as they may direct, and must specify what matters shall be discussed at any such meeting.

f. EXTRAORDINARY MEETINGS

  • A quorum for an annual or extraordinary general meeting shall be constituted by at least one tenth of the Members of the Savings and Credit Co-operative Society Ltd plus at least one per cent of the Members of the Savings and Credit Co-operative Society Ltd in excess of two hundred members. Such members must be in good standing.
  • If a quorum is not secured within 1 (one) hour of the opening of the general meeting, the meeting shall

Why Join us ?

  • Professional growth through workshops, seminars,  conferences, summits.
  • Access to Educational entrepreneurship and school management Resources
  • Access to wealth of education information
  • Support supervision and Inspections. 
  • Access to joint education programs and investment finance
  • Social Capital and net working with Edu- entrepreneurs through Welfare programs
  •