By Laws of Men of Faith Self-Help Group
These self-help group by-laws should be signed by all members joining the group.
1. The group working days shall be Monday to Friday from 8.00 AM to 5.00 PM.
2. One-time non-refundable fee of ksh.500/= shall be charged as registration fees for any member who is over 25 years and Ksh.200/= for a member below 25 years.
3. For a member to qualify to be a member of the management committee of the group he/she MUST have attained the age of 25 years and not exceeding 50 years.
4. All members are required to contribute a minimum share of ksh.500/= every month (Members can save as many times as they can in a month). A fine of Ksh.100/= will be imposed to members who fails to contribute shares in a particular month.
5. Every member should remit his/her contribution latest by the 10th of every month.
6. Late remittance without prior notification will automatically attract a penalty of 2% of the contribution.
7. The Group holds its Annual General Meeting (AGM) and Education Day once in every year and members are required to attend. A fine of ksh.500/= will be charged for members who are absent without apology and ksh.300/= with apology.
8. Every member should is required to contribute ksh.50/= every month towards benevolent fund.
9. The Group shall release Ksh.20,000/= to the next of kin of the deceased member who qualifies for the benevolent fund.
10. A retirement gratuity of Ksh.3,000/= per year served will be paid to each member of the management committee.
11. A member whose loan is recovered from shares will be charged a service fee of Ksh.500/=.
12. A member qualifies for surplus declared at the AGM by having saved for at least six different months in the financial year.
13. A member shall give a 60 business working day notice of the intention to withdraw from the group.
14. No member shall be allowed to withdraw from the Group’s membership unless:
- The member’s loan is repaid in full or the loan balance can be fully offset by the members’ shares contribution.
- Such member will also have to satisfy the group that all loans he/she has guaranteed have been repaid in full or:
- The balance does not exceed the contribution of the borrower or
15. A withdrawal fee of ksh.700/= shall be charged upon withdrawal.
- He/she avails an alternative guarantor.
16. Upon reactivating closed accounts, a reactivation fee of ksh.500/= shall be charged.
17. A transfer fee of ksh.300/= shall be charged to any member transferring shares to another member.
18. A member who decides to leave the Group shall forfeit his/her contribution towards the benevolent fund and membership application fee.
19. All new members are required to make six consecutive contributions to qualify for a loan facility from the self-help group. The maximum loan a member can get is three times of one's share.
20. In case the loan is not repaid for a month the group shall inform the loanee immediately in writing with a copy to each guarantor. If no repayment is effected in the second month, the guarantors shall be called upon to honour their obligations during the third consecutive month. However, the group will still maintain offsets to recover the defaulted loan from the loanee where it is practicable to do so.
21. All payments to the Self-Help Group should be made to the groups account and receipt submitted to the secretary.
22. All application for loan must be made on prescribed forms provided for by the group.
23. Unless the loan applied is equal to or less than a member contribution, guarantors must secure it. The total contributions of the borrower and those of the guarantors must be equal to or more than the loan applied for.
24. The Guarantors must be members of the Group.
25. The guarantors must not guarantee more than three members running loans at any given time.
26. All development loans shall be serviced within a maximum period of 12 months for an amount of Ksh.300000/= or less and 18 Months for a loan of Ksh.5000000/=.
27. The grace period for the loan is one month.
28. All first loans applied will be payable within 6 months and should not exceed ksh100, 000/=
29. Any addition to shares by cash other than the normal monthly ..............
To get a full PDF or Microsoft word copy of these by laws at ksh300/= WhatsApp us on 0712154328.
