March 22, 2021   by
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Constitution in a Chama: An image of members managing their group online

A Constitution is important for every Chama investment group or investment club. Investment clubs are some of the major economic and financial drivers in today’s society. As people gather around to help each other, they also end up growing financially. The amount of money put together by these groups often ensures they grow both physically and economically. The groups pool money together to act as savings. More often than not, when these savings grow, the members use them to venture into a different business. This helps the funds saved to mature double and or triple in size. The responsibilities of such groups are numerous and therefore it is important to establish a constitution that gathers the main information and rules that will govern such a group. As discussed in the previous article these constitutions have different articles and sections. Below are more to these rules.

ARTICLE VI OF THE CONSTITUTION: COMMITTEES

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Chama Constitution: An image of members of group brainstorming

Section 1

The standing councils of the Board will be Nominating Committee and Membership Committee. If the need emerges, the Board can create an impromtu council meeting.

Section 2

The roles of the Nominating Committee are as per the following:

Firstly, before the club registration deadlines are set by the Office of Student Activities for the most part in February. The Chairperson, in the meeting together with different officials, will appoint a Nominating Committee, who will be responsible for introducing a record of Nominees for the specific vacant offices of the Club at least in a minimum of a week before the Annual Meeting. Moreover, the Nominating Committee will comprise of five customary individuals from the Club of whom at least two (2) will not be present officials.

No member from the Nominating Committee should be on the record of Nominees that the Nominating Committee present as qualified Nominees for the different officials of the Club. They can not participate in the official position selection.

The list of Nominees put together by the Nominating Committee should be appropriately distributed to the members. The distribution should occur at the time of the declaration of the Annual Meeting. Extra selections are producable using the floor the evening of the Annual Meeting whenever endorsed by a 2/3s vote of those present.

Section 3

The function of the Membership Committee shall be as follows:

To promote and encourage membership in the Investment Club. Promotions are achievable a membership drive, advertisements in the student newspaper, flyers, and such other actions as may be determined by the Board or membership.

Article VII OF THE CONSTITUTION: Meetings

Section 1 of the Constitution Article VII

The Annual Meeting of the Club will ensure all members gather before the end of January as the new financial year continues. The meeting will have a set time and place that the officials will choose and declare. Notice of the Annual Meeting should be available at least two to three weeks before the real gathering. The members should take a register of all the attendees and absentees who did not attend with or without apologies. The fines will be processable as per the register.

Section 2

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Chama Constitution: An image of a gathering comprising a quorum

Secondly, at least (25%) twenty-five percent or a quarter of the Secretary’s up-to-date register of the regular Club meetings should be available to continue the agenda and business at the Annual Meeting. If a majority is absent at a meeting, a subsequent meeting will occur. The subsequent meeting should be within fourteen days after the convened meeting. Notice of the subsequent gathering should be available to every one of the group members who should be there at least five (5) days before it occurs. Regular members present at the subsequent gathering will comprise a quorum.

Section 3

Special, one-time, and irregular group meetings and participation of the Club meetings are to be called by the President; or by (2/3) two-thirds of the Board of Directors or by a written petition to the Secretary. These petitions must be signed by at the very least twenty of the group’s members. All members will receive a written notification of invitations to attend such a gathering at least three (3) days before the meeting.

Section 4

This section of the article states that gatherings will occur a minimum of once per month all through the year. The Board may plan more regular gatherings upon notice to all individuals. The plan for all gatherings will be controlled by the Board.

ARTICLE VIII: DISBURSEMENT OF FUNDS

As per the standards set up by the committee of the group, the faculty advisor for the Club should affirm all expenses and disbursements of funds. The Treasurer will be responsible for finishing the necessary forms for the appropriate deposit and disbursements of funds. Before any money is withdrawn the three main officials must act as signatories and approve the withdrawal of funds.

ARTICLE IX: DISSOLUTION

The procedures of the club proceedings in case of the disintegration of the Club are determinable by the Bylaws.

ARTICLE X: AUTHORITY TO BIND THE CLUB AND SIGNING POWERS


All transactions of the Club will require a properly adopted written Resolution taken by the Investment Club. It should contain the signatures of each of the office-bearers. Among other factors, it will include :
Entering into the Invest club, making withdrawals from the investment club savings. Providing the club with any other instructions relating to the investment club; or entering into any other transactions required for the successful management and operation of the Investment Club.

Article XI: AMENDMENTS

This constitution is editable at any gathering of the Club. It is changeable by a three-fourths (3/4) vote of the total regular group members. It should be as characterized by the Bylaws. There exists ten (10) days of written notice of the proposed amendment(s) has been given to the participation. The Board of Directors might propose corrections as well as the club counselor. Twenty (20) individuals can also propose the changes by marking a request for that reason. One should prepare and submit any changes should be as a hard copy straightforwardly to the Chairperson of the Chama.

At any meeting of the membership of the Club by a majority vote of the members present. Only then can the investment club pass, amend, or repeal the by-laws. The law works as long as ten (10) days’ notice of the change one may propose is available to the members. Changes may be proposable by the committee members or officials or by any twenty (20) members of the Club.

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This post was written by Martha Adhiambo

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