Article I: NAME AND PURPOSE

Section 1: NAME

The name of this cooperative is GLOBAL THRIVE ALLIANCE (hereinafter referred to as "the Cooperative").
Slogan: Empowering Dreams, Building Realities.

Section 2: PURPOSE

The purpose of the Cooperative is to foster a culture of savings through regular contributions and diverse savings programs, and to provide accessible credit solutions (loans), enabling members to achieve their financial goals and contribute to community development.

Article II: MEMBERSHIP

Section 1: ELIGIBILITY

Membership is open to individuals of good character, integrity, and high discipline standards.
Applicants must be employed or self-employed with a stable source of income.
Applicants must be at least 18 years of age.
Applicants must secure two guarantors: one existing member and one individual from outside the Cooperative.
Applicants must provide a valid government-issued identification.

Section 2: APPLICATION

Applicants shall submit a written application to the Board of Directors, accompanied by a non-refundable application fee of ₦10,000 (Nigeria) or ₦20,000 (outside Nigeria).
Members shall maintain a savings account with a minimum monthly contribution of ₦10,000, plus any applicable administrative charges based on their membership tier.

Section 3: ADMISSION

Admission to membership requires a majority vote by the Board of Directors.

Section 4: RIGHTS AND RESPONSIBILITIES

Rights:
Participate in Cooperative affairs, including meetings and discussions.
Vote on matters presented at general meetings.
Access Cooperative information, including financial statements and bylaws.
Share in Cooperative benefits, such as services, patronage refunds, and dividends.
Receive fair and equitable treatment.
Appeal decisions affecting membership or rights.
Withdraw membership according to bylaws.
Petition the Board of Directors or general meeting.
Right to due process.
Responsibilities:
Actively participate in Cooperative affairs.
Comply with bylaws, policies, and rules.
Pay dues and contributions as required.
Support the Cooperative's mission and objectives.
Utilize Cooperative services whenever possible.
Act in good faith and with integrity.
Treat other members with respect.
Maintain confidentiality of sensitive information.
Resolve disputes amicably.
Stay informed about Cooperative activities.

Article III: MEETINGS

Section 1: ANNUAL MEETING

The annual meeting shall be held in January for reviewing financial statements, discussing Cooperative business, and other agenda items.

Section 2: SPECIAL MEETINGS

Special meetings may be called by the Board of Directors or by a petition signed by 15 members.

Section 3: NOTICE

Meeting notices shall be provided to members at least 7 days in advance.

Article IV: BOARD OF DIRECTORS

Section 1: COMPOSITION

The Board of Directors shall consist of 7 members.

Section 2: POWERS AND DUTIES

The Board shall manage Cooperative affairs, set policies, approve loans, and make decisions.

Section 3: MEETINGS

The Board shall meet at least quarterly.

Article V: DEPARTMENTS

Section 1: LOAN DEPARTMENT

The Loan Department shall review loan applications and make recommendations to the Board.

Section 2: OTHER DEPARTMENTS

The Board may establish other departments as needed.

Article VI: FINANCES

Section 1: FISCAL YEAR

The fiscal year shall be February to December.

Section 2: FINANCIAL STATEMENTS

Annual financial statements shall be presented at the annual meeting.

Section 3: DISTRIBUTION OF SURPLUS

Surplus, after expenses, reserves, and taxes, shall be distributed as follows:
20% to the Board of Directors.
50% reinvested in the Cooperative.
30% distributed to members as dividends.
65% of the member dividend share to members with loans held for at least 4 months.
35% of the member dividend share to members with savings but no loans.
Dividend Calculation: (Member's Total Savings / Total Member Savings) x Total Dividend Allocation.

Article VII: LOANS

Section 1: LOAN PURPOSE

Loans may be granted for productive, developmental, or emergency purposes, as approved by the Loan Department and Board.

Section 2: LOAN ELIGIBILITY

Members must be in good standing for at least 2 months.
Members must have a satisfactory savings record.
Members must demonstrate a stable income or viable business plan.
Members must meet loan-specific requirements.
Members must provide required collateral or guarantors.

Section 3: LOAN APPLICATION PROCESS

Submit a written application with supporting documents.
Collateral appraisal (if applicable).
Credit check (if applicable).
Review and approval by the Loan Department and Board.

Section 4: LOAN TERMS AND CONDITIONS

Loan Amount: Subject to fund availability and Board limits, up to 90% of share capital or 10 times the monthly contribution.
Interest Rate: Determined by the Board.
Repayment Period: Varies by loan type.
Repayment begins the month following disbursement.
Installment repayments.
Collateral or guarantors required.
Guarantors are liable for defaulted loans.
Loan processing fees may be charged.

Section 5: LOAN APPROVAL AND DISBURSEMENT

Loan Department reviews and recommends.
Board provides final approval.
Funds are disbursed upon approval.

Section 6: LOAN MONITORING AND RECOVERY

Regular repayment monitoring.
Borrower updates may be required.
Delinquency procedures as per separate policy.

Section 7: LOAN DELINQUENCY AND DEFAULT

Delinquent: Overdue by 30 days.
Default: Overdue by 60 days, after all recovery efforts.
Separate policy for delinquency and default.

Section 8: LOAN LOSS PROVISION

Board to determine provision amount.

Section 9: Loan pay back deadline.

All loans must be paid back one month before the end of the fiscal year.

Article VIII: SAVINGS

Section 1: SAVINGS ACCOUNTS

Savings accounts are offered for fund accumulation.

Section 2: TYPES OF SAVINGS ACCOUNTS

Regular, fixed deposit, and targeted savings accounts may be offered.

Section 3: DIVIDENDS ON SAVINGS

Dividends may be paid at a rate determined by the Board.

Section 4: WITHDRAWAL OF SAVINGS

Withdrawals are subject to account terms and conditions.
Withdrawals are allowed at the end of the financial year.

Section 5: RETENTION OF SAVINGS

10% retention of savings at the end of each financial year.
Retention is paid back every 3 years.

Article IX: AMENDMENTS

These bylaws may be amended by the Board of Directors.

Article X: Administrative charges

Section 1: Purpose

The Cooperative shall levy monthly administrative charges to cover operational expenses and ensure the efficient management of member accounts.

Section 2: Tiered Structure

Administrative charges shall be determined based on the member's savings balance, according to the following tiered structure:
Tier 1:
Members with a savings balance between ₦20,000 and ₦200,000 shall pay a monthly administrative charge of ₦2,000.
Members with a savings balance less than 20,000 shall pay a monthly administrative charge of 1000 naira.
Tier 2:
Members with a savings balance exceeding ₦200,000 up to a certain board determined amount shall pay a monthly administrative charge of ₦5,000.
Tier 3:
Members with a savings balance exceeding 500,000 monthly for tier 2, shall pay a monthly administrative charge of ₦10,000.

Section 3: Payment

Administrative charges shall be deducted automatically from the member's savings account on a monthly basis.

Section 4: Review and Amendment

The Board of Directors reserves the right to review and amend the administrative charge structure as necessary, providing members with reasonable notice of any changes.

Article XI: WITHDRAWAL AND TERMINATION OF MEMBERSHIP

Section 1: WITHDRAWAL

Written notice of withdrawal is required 30 days in advance.
A fee of ₦1,500 will be deducted.

Section 2: TERMINATION

Termination occurs upon death, permanent insanity, expulsion for misconduct, or non-payment of dues.

Section 3: READMISSION

Expelled members may appeal to the Board.
Second expulsion is final.

Article XII: NEXT OF KIN

Section 1: Members must nominate a next of kin.

Section 2: Members may change their next of kin.

Section 3: If no next of kin is nominated, the immediate family will

If you have any questions about this By law, please contact us at: +2348069648432
contact@globalthrivealliance.com

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