• info@npeia.co.ug
  • 256 751 455 918
Who we are

About Npeia 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:

P.O. Box 9107 KAMPALA, UGANDA

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
  1. 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:
  2.  Have common membership in National Private Educational Institutions Association.
  3. Persons who are employed in Private schools or own private schools or who are employed within the Education Institutions in Uganda. or
  4. A registered group which receives funds from members against the issue of shares or by means of the subscriptions of
  5. The qualifying criteria for membership to this Savings and Credit Co-operative Society Ltd shall be (describe criteria for
  6. 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.
  7. 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
  8. Every applicant for Membership shall complete the prescribed Application Membership form.
  9. 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
  10. 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.
  11. The membership fee is non-refundable and the share capital contribution may be transferrable after giving one months’ notice .
  12. Every Member shall receive a statement which shall record his/her shares, deposits and loan transactions with the Savings and Credit
  13. Co-operative Society Ltd upon request.
  14. 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
  15. 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.
  16. 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.
  17. 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
  18. The Savings and Credit Co-operative Society Ltd, shall at all times, keep an updated register of all its members.
  19. 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
  1. 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.
    1. 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 Membership.
  • 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

  1. 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
a. 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.
    1. The order of business at an Annual general meeting shall be:
    • Ascertainment that a quorum is present;
    • Reading and approval of the minutes of the last meeting;
    • Report of the Board
    • Report of the Treasurer
    • Report of the Loans Committee
    • The consideration/resolution of the Annual financial statements, Audit report and appropriation of surplus;
    • The presentation and consideration of the budget statement;
    • Election of Directors and members of the Audit Committee
    • Appointment of an Auditor
    • Any other
      1. The Members in good standing (as stipulated in Section 10 (b) assembled at any Annual General Meeting may defer the above order of business upon a two third vote of the Members present at the meeting.
      2. The Minutes, the annual accounts, the report of the Board and Audit Committee and a statement of the number of Members at the end of year and any available documents issued pursuant to the agenda shall be displayed at the office of the Savings and Credit Co-operative Society Ltd at least fourteen

    (14) days before the Annual General Meeting.

    • Written resolutions to be considered at a General Meeting shall be supported by at least ten percent (10%) of Members in good standing and deposited with the Secretary not less than 28 (twenty eight) days before the meeting and displayed at the office of the Savings and Credit Co-operative Society Ltd prior to the meeting. Resolutions requiring the approval of the AGM and which would affect operating costs shall be accompanied by a statement from the Board as to the financial implications of such resolutions.
    • A Resolution may be withdrawn at any time before voting commences.
    1. If a resolution to be considered at a general meeting and which has been displayed is withdrawn and the Secretary notified in writing, notice of such withdrawal shall forthwith be displayed at the office of the Savings and Credit Co-operative Society Ltd.
b. 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.
c. Quorum
        1. 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.
        2. If a quorum is not secured within 1 (one) hour of the opening of the general meeting, the meeting shall
        • if convened as an extra ordinary meeting (in terms of 13 (a) above, be deemed to be cancelled; or
        • if otherwise convened, subsequent to an announcement to the Members, be adjourned and reconvened on the same day in the next week at the same time and place, or, if that day is a public holiday, to the next day which is not a statutory holiday; provided that no additional item shall be included on the agenda of the reconvened
          • If no quorum is present within 1 (one) hour at a meeting reconvened in terms of 13(b) (2) the Members in good standing present, being not less than 20 (twenty), shall constitute a quorum. No decisions requiring a special resolution shall be taken at such a meeting.
        1. Every matter submitted to a general meeting for resolution, except for a matter requiring a special resolution, shall be determined by a majority of votes of members in good standing recorded at the meeting. Proxies made in writing and signed by a Member having given a proxy will be accepted for forming a quorum and voting purposes. A Member giving a proxy must be in good standing. Signed photocopies and emails will be acceptable.

         

a. National NPEIA SACCO LEADERSHIP

a.     National NPEIA Sacco Executive COMMITTEE

b.    Regional Sacco executives

c.     Districts Saccos executive

d. Operations committees
          1. The Board may appoint Standing Committees under the control of particular Directors for the following functional responsibilities
          • Marketing and product Promotion Committee
          • Welfare committee.
          • Investment Committee
          • research and strategy committee
          • supervisory committee
          • Credit (Loans committee)