Official Governance Document

Cooperative By-Laws

National Population Commission Staff Co-Operative Thrift & Loans Society (CTLS), Abuja

BYE-LAWS

National Population Commission Staff Co-operative Thrift and Loans Society (CTLS), Abuja

1. NAME OF THE SOCIETY

The name of the Society shall be National Population Commission Staff Co-operative Thrift and Loans Society (CTLS) (hereinafter referred to as “the Society”).

2. REGISTERED ADDRESS

The registered office of the Society shall be situated at:

National Population Commission Headquarters,
No. 7 Olusegun Obasanjo Way,
Zone 7, Wuse, Abuja.

3. AREA OF OPERATION

The area of operation of the Society shall be within the Federal Capital Territory, Abuja, and all offices of the National Population Commission nationwide.

4. OBJECTIVES OF THE SOCIETY

The objectives of the Society shall be to:

  • a. Promote thrift and savings among members
  • b. Provide credit facilities to members at reasonable interest rates
  • c. Improve the economic well-being of members
  • d. Engage in lawful investment activities
  • e. Encourage mutual assistance and self-reliance among members

5. POWERS OF THE SOCIETY

The Society shall have the power to:

  • a. Raise funds through savings, deposits, and loans
  • b. Invest funds in approved ventures
  • c. Acquire, hold, and dispose of property
  • d. Enter into contracts
  • e. Sue and be sued in its corporate name

6. MEMBERSHIP

6.1 Eligibility

Membership shall be open to:

  • a. Staff of the National Population Commission
  • b. Retired staff (pensioners) of the Commission

6.2 Qualification

A person shall qualify for membership if he/she:

  • a. Is of good character
  • b. Accepts the objectives and bye-laws of the Society
  • c. Completes the prescribed application form

6.3 Admission Procedure

Applications for membership shall:

  • a. Be made by completing and submitting the prescribed hard-copy membership registration form to the Cooperative.
  • b. Be considered and approved or rejected by the President and the Secretary, in accordance with the provisions of these By-laws.

7. NOMINATION

Every member shall nominate a beneficiary to receive their funds in the event of death or permanent incapacity.

Where no nominee exists, payment shall be made to the legal representative or next of kin.

8. TERMINATION OF MEMBERSHIP

Membership shall cease upon:

  • a. Death
  • b. Permanent incapacity
  • c. Voluntary withdrawal
  • d. Expulsion
  • e. Leaving the service (for retirees that wish to close their accounts with the cooperative)

9. EXPULSION OF MEMBERS

A member may be expelled for:

  • a. Persistent failure to save
  • b. Loan default
  • c. Misconduct or actions against the Society

10. FUNDS OF THE SOCIETY

10.1 Sources of Funds

Funds shall consist of:

  • a. Members’ savings
  • b. Deposits and loans
  • c. Business surplus
  • d. Other approved sources

10.2 Savings

Members shall:

  • a. Make monthly contributions
  • b. Authorize salary deductions
  • c. Ensure timely remittance of funds

11. WITHDRAWAL OF SAVINGS

  • a. Savings shall only be withdrawn upon termination of membership.
  • b. Payment shall be made after application is received and deduction of salary stopped by IPPIS.

12. ACCOUNT MONITORING

Every member shall be issued a unique password to access their personal account through the NPC Staff Cooperative Thrift and Loan Society Limited (NPC Staff CTLS) Mobile Application / Web Portal. Members shall have online access to monitor their savings, loan transactions, and account balances at any time.

Members are responsible for regularly reviewing their account statements and shall promptly report any discrepancies, unauthorized transactions, or irregularities to the Cooperative for investigation and appropriate action.

13. GENERAL MEETING

The General Meeting shall be the supreme authority of the Society.

13.1 Quorum

A quorum shall consist of at least 20% of members.

14. ANNUAL GENERAL MEETING (AGM)

The AGM shall be held not later than November each year to:

  • a. Approve accounts and reports
  • b. Elect officers
  • c. Approve surplus distribution
  • d. Decide on policy matters

15. VOTING

  • a. Each member shall have one vote
  • b. Decisions shall be by simple majority
  • c. The President shall have a casting vote

16. MANAGEMENT STRUCTURE

16.1 Officers

The Society shall have the following Executive Officers:

  • President
  • Vice President
  • Secretary
  • Financial Secretary
  • Treasurer

16.2 Tenure

Officers shall serve for three (3) years and may be re-elected for another three years term. If any Executive member is due for retirement or unfortunate death and tenure is not completed, his/her position becomes vacant and the position in view will be open for a by-election to fill up the space.

17. DUTIES OF OFFICERS

17.1 President

  • Presides over meetings of the Society
  • Provides general leadership and direction
  • Ensures implementation of decisions

17.2 Functions of the Vice President

  • Deputizes for the President and presides over meetings in their absence
  • Supports the implementation and follow-up of decisions of the Society
  • Coordinates assigned committees or activities as delegated by the President or Executive Committee
  • Ensures continuity of leadership and smooth functioning of the Society
  • Performs any other duties assigned by the President or the Executive Committee

17.3 Secretary

  • Keeps accurate records of meetings and proceedings
  • Handles all correspondence of the Society
  • Maintains membership register
  • Processes loan applications and documentation

17.4 Treasurer

  • Has custody of all funds of the Society
  • Keeps proper books of accounts
  • Prepares financial statements and reports
  • Ensures safe-keeping of cash and bank instruments

17.5 Financial Secretary

The Financial Secretary shall be responsible for financial record-keeping and transaction documentation of the Society.

  • a. Maintain accurate records of all income and expenditure of the Society
  • b. Keep detailed and up-to-date records of members’ savings, contributions, loans, and repayments
  • c. Update individual members’ accounts and reconcile balances periodically
  • d. Prepare periodic financial summaries and reports for the Management Committee
  • e. Assist the Treasurer in ensuring accuracy and completeness of financial records
  • f. Ensure proper filing and safe custody of all financial documents and records
  • g. Present financial records when required for audit or inspection

18. LOANS

18.1 Eligibility

Members must have:

  • At least six (6) months membership
  • Regular savings record
  • No history of default

18.2 Loan Conditions

  • a. Loans shall be granted subject to availability of funds
  • b. Two sureties shall be required

18.3 Interest Rates

Members (8%): Applicable to members whose savings when multiplied three times will equal or exceed their loan request.

Non-eligible Members (10%): Applicable to members whose savings multiplied three times is not up to their loan request.

Non-members (15%): Loans may be granted to non-members at an interest rate of 15%, provided that such applicants are staff of the National Population Commission (NPC) whose salaries are processed through the Integrated Personnel and Payroll Information System (IPPIS) and who meet all other eligibility requirements prescribed by the Cooperative.

18.4 Loan Duration

  • a. The repayment period for loans shall range from 12 to 18 months, depending on the amount approved.
  • b. The loan repayment period may be extended to a maximum of 24 months, upon the member's request and approval by the Management Committee, provided the member agrees to the applicable upward review of the interest rate and complies with all other conditions prescribed by the Cooperative.

18.5 Maximum Loan

Thrice total savings (normal loan facility limit).

19. BANKING AND INVESTMENT

  • a. Funds shall be kept in approved financial institutions
  • b. Withdrawals shall be properly authorized
  • c. Investments shall comply with the law

20. DISPOSAL OF SURPLUS

The annual surplus shall be distributed as follows:

  • a. Minimum of 25% to reserve fund
  • b. Dividends to members
  • c. Other approved purposes

21. AUDIT AND ACCOUNTS

  • a. Proper books of accounts shall be maintained
  • b. Annual audit shall be conducted

22. DISPUTES

All disputes shall be referred to the President in writing, while three responsible members within the management cadre will be appointed to look into such matters as presented to them.

23. MISCELLANEOUS PROVISIONS

  • a. The Society may affiliate with recognized co-operative unions
  • b. The official seal shall be kept by the Secretary
  • c. Amendments to these Bye-Laws shall require approval at a General Meeting.

24. INTERNAL CONTROL AND RISK MANAGEMENT

24.1 Internal Control System

The Society shall establish and maintain an effective internal control system to ensure proper management and safeguarding of its funds and assets. The system shall include:

  • a. Proper authorization and approval procedures for all financial transactions
  • b. Segregation of duties among officers to prevent fraud and errors
  • c. Regular reconciliation of cash, bank balances, and members’ accounts
  • d. Maintenance of accurate and up-to-date financial records
  • e. Periodic review of financial operations by the Management Committee
  • f. Strict adherence to approved financial policies and procedures

24.2 Risk Management Framework

The Society shall adopt a structured approach to identifying, assessing, and managing risks associated with its operations and investments. This shall include:

  • a. Evaluation of all loan applications to ensure creditworthiness and repayment capacity
  • b. Diversification of investments to minimize exposure to financial losses
  • c. Monitoring of loan performance and prompt action on defaults
  • d. Maintenance of adequate liquidity to meet members’ withdrawal and loan demands
  • e. Periodic risk assessment of the Society’s financial position

24.3 Fraud Prevention and Control

The Society shall implement measures to prevent and detect fraud, including:

  • a. Mandatory approval limits for financial transactions
  • b. Proper documentation and verification of all payments and receipts
  • c. Independent review of financial records by the Audit Committee
  • d. Immediate investigation of any suspected irregularities

24.4 Audit and Compliance

  • a. The Audit Committee shall conduct periodic internal audits of the Society’s accounts and operations
  • b. External audit shall be carried out in accordance with applicable laws and regulations
  • c. All officers shall comply with audit recommendations and corrective measures

24.5 Accountability and Reporting

  • a. Officers responsible for financial management shall be accountable to the General Meeting
  • b. Regular financial and risk reports shall be presented to members
  • c. Any material financial risk or loss shall be promptly reported to the Management Committee and the Registrar where necessary