Credit Union Document Nkwaccul

REPUBLIC OF CAMEROON REPUBLIQUE DU CAMEROUN
PEACR -WORK –FATHERLAND PAIX-TRAVAIL-PATRIE

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ARTICLE OF ASSOCIATION
FOR
NKWA COOPERATIVE CREDIT UNION

WITH BOARD OF DIRECTORS
NKWACCUL-COOP-BoD
C/o P.O.Box 60, Buea.

Tel: 678059719 / 677061832.
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PREAMBLE
We the members of Nkwa Cooperative Credit Union with Board of Directors (NkwaCCUL-
COOP) BoD,
 Aware of the fact that Nkwa Cooperative Credit Union with Board of Directors was
created on the 11th October, 2022 by a group of Cooperators who recognized the need for a
locally created and managed financial institution capable of mobilizing and channeling
indigenous financial resources in the form of a microfinance Institution for Business
Development and Financial Environment Protection through Savings and Micro loans, for
its members and aggressing other specific needs through the appropriation and effective
implementation of Cooperative principles and values with the overall aim of contributing to
poverty alleviation and socio-economic development,
 Aware of the fact that Nkwa Cooperative Credit Union with Board of Directors
established and managed by individuals, corporate bodies, and other group who share in
common the ambition to improve on people’s living conditions, individually or collectively,
through the engineering and sharing of financial and related services,
 Recognizing the need to comply with the provision of all legislations regulating cooperative
societies, notably the OHADA Uniform Act of 15 th December 2010 governing Cooperative
Societies, As well as the Articles of Association of the league , to exercise microfinance
activities in conformity with all laws and regulations governing microfinance activities in
Cameroon, and in particular CEMAC Regulations of 13 April 2002 laying down conditions
for the exercise and control of microfinance activities in the CEMAC Region.
 Recognizing the need to promote and preserve cooperative and governance principles, while
mobilizing and channeling indigenous financial resources in the form of productive micro-
credits within the rural and urban sectors, with the overall goal of improving livelihoods,
alleviating poverty and enhancing economic development,
 Mindful of Article 2 of the OHADA Uniform Act of 15 th December 2010, to the effect that
Cooperative Societies whose object is to carry out financial activities shall be bound by
community or national laws in that area,
 Conscious of the prerogatives and obligations of the CamCCUL; as provided in Article 14
and 25 of CEMAC/UMAC/COBAC regulations of 2002 on microfinance,
 Recalling that as an affiliate to a CamCCUL we are obliged to work for the growth and
sustainability of the network as well as the microfinance industry in Cameroon,
 Committed to respect the Article of Association and policies of the CamCCUL and to be
bound by the powers of the umbrella organ as provided by the laws in force,
 Considering Article 390 and 392 of the OHADA Uniform Act governing Cooperative
Societies of 15th day of December 2010 which enjoins existing Cooperative Societies to
conform with the provisions of the said law,
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Chapter 1: General Provision
ARTICLE 1: CONSTITUTION-FORM-NAME
 A Cooperative Credit Union with Board of Directors is hereby created on the 11th
October, 2022 amongst the undersigned persons and those who will subsequently become
members thereof.
 It shall operate as a Cooperative Credit Union with a Board of Directors and shall be
governed by the disposition of the Uniform Act on the right of cooperative societies adopted
on the 15th of December 2010 by the Organization for Business Law in Africa (OHADA).
 The Cooperative Credit Union shall be abbreviated as (NkwaCCUL-COOP) BoD.
 It is formed as a Microfinance Institution for Business Development and Financial
Environment Protection through Savings and Micro loans, for its members.
ARTICLE 2: LIFE
The life of the cooperative shall be 99 years with effect from the date of the meeting of the
Constituent Assembly. This period shall be extended accordingly, by tacit agreement.
Article 3: HEAD OFFICE

The registered head office of this Cooperative Credit Union with Board of Directors; shall be
situated in Great Soppo in Buea Sub Division, Fako Division South West Region, Republic of
Cameroon, with postal address being C/o P.O.Box …, Buea.
Tel: 678059719 / 677061832 and branch offices to be progressively opened in other towns within
the Republic of Cameroon. It may be transferred to any other place within the area of operation
following the decision of the General Meeting.
Article 4: AREA OF JURISDICTION

The area of Jurisdiction of Nkwa Cooperative Credit Union with Board of Directors shall be
Fako Division and may extend its activities to other parts of the south west region, Cameroon and
beyond.
Article 5: OBJECTIVES SHALL BE:

In addition to the statutory provisions, the objectives of the Credit Union which is not
profit oriented shall be:
a) To encourage its members to take regular savings by providing them with
possibilities of investing their money.
b) To provide members with loans for purposes of providence or production, or both.
c) To foster the economic and social interest of its members.
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d) To ensure the progress of its members by educating them continuously on the proper
use of money.
e) To offer to the members, complimentary savings, credit and financial services as
stipulated by these bye-laws.
f) To provide other Credit Unions services, such as Risk Management, checking
System, Education and Training, Money Transfer, Salary Payments, and any other
services that do not conflict with the objectives of this Credit Union, state and
international laws.
Article 6: ALTERATION OF OBJECTIVE CLAUSES
The objective clauses may be altered to:

1.) Enable Nkwa Cooperative Credit Union with Board of Directors carry on its activities
more economically and/or efficiently and sustainably.
2.) Enable Nkwa Cooperative Credit Union with Board of Directors attain its purpose by
new and/or improved means and strategies.
3.) To provide peasant farmers easy access to money, create favorable market situations and
reduce the gap between farm gate and market prices.
4.) To sensitize and organize the communities in activities towards development and wealth
creation.
5.) To strive towards the alleviation of poverty as a mechanism to foster development and the
well-being of the community.
6.) To sensitize the communities on the essence of keeping a good banking culture.
7.) To carry on banking and financial operations; geared towards the financing of small and
medium sized enterprises.
8.) To carry on activities as financiers, investor, concessionaires, merchant’s brokers in all
forms of property whether real or personal, tangible or intangible and to carry on any
businesses Usually carried on by trust, finance, loan, mortgage, and agency companies and
all kinds of educational, financial, commercial and trading operations; as a means to
alleviating poverty and creation wealth.
9.) To help small and medium sized businesses raise capital for their activities.
10.) To amalgamate with or enter into partnership with any organization or company,
person or association for the purpose of carrying on any activities approved by the
cooperative BOD.
11.) To provide business people an alternative way of acquiring cheap credit facilities.
12.) To help bring and establish underprivileged individuals who do not have
capital, in to business.
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13.) To borrow or raise money for the purpose of the credit Union.
14.) To accept, draw, make, execute, discount and endorse bills of exchange,
promissory notes or otherwise negotiable instructions.
15.) To purchase or otherwise acquire houses, offices, workshops, show rooms,
stores, warehouses, buildings, and premises and fixed and movable machinery, tools,
engines, boilers, plants, implement, patterns stock in trade, patents rights convenient
to be used on or about of the activities of the Credit Union.
16.) To invest the money of the Credit Union not immediately required in
securities and like manner, as the Board of Directors may from time to time
determine.
17.) To remunerate any person, firm/company, organizations or establishments
rendering service(s) to this Credit Union either by each payment or by allotment to
him/her or them of shares or securities of the Credit Union credited as paid up in full
or in cash or otherwise as may be through expedient.
18.) To pay all or any expenses incurred in connection with the promotion,
formation and registration of the Credit Union.
19.) To assist start-ups to secure the necessary resources never to easily enter the
market.
20.) To encourage the young under privilege and unemployed towards
participation in economic generating activities and opportunities which enhance or
promote economic independence and financial autonomy.
21.) To do all such other thing that are incidental to or connected with any of the
above objects, or conductive to the attainment thereof or otherwise likely in any
respect to be advantageous to the Credit Union and the society.
ARTICLE 7: COOPERATIVE AND GOVERNANCE PRINCIPLES

Nkwa Cooperative Credit Union with Board of Directors; is established and shall be managed
according to the universally recognized cooperative principles and governance principles which
amongst other include:
1- Cooperative Principles
a. Voluntary and open membership,
b. Democratic power exercised by the members,
c. The economic participation of members,
d. Autonomy and independence,
e. Education, training and information,
f. Cooperation between cooperative organization,
g. Voluntary commitment to the community.
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Any form of discrimination based on sex, on ethnic, religious or political believes is prohibited.
2- Governance principles
a. Accountability,
b. Transparency,
c. Equity,
d. The rule of law.
3- Interpretation
These bye-laws shall be interpreted to be consistent and coherent with the law and regulations in
force, the Articles of Association, the internal regulations and other policies of the CamCCUL.
4- liability of official
In conformity with Article 374 and 375 of the OHADA Uniform Act on Cooperative Societies,
members of the BoD, SB, other Committees, Manager/General Manager and any other person
acting on behalf of Nkwa Cooperative Credit Union with Board of Directors; shall be jointly
and severally liable in accordance with the law on any violation of the provisions of the law and
these by-law and any other act of negligence in their management of the Cooperative Society.
This liability shall apply even after they have left office.
5- LEGAL RESPONSIBILITIES
 The Cooperative Credit Union maintains its autonomy by continuous efforts to increase
capital, reinvestment and recapitalization notwithstanding the use of external support. It
must meet its commitments vis-à-vis third parties in order to safeguard its independence and
image jealously.
 Members must be regularly informed of their activities in the Cooperative Credit Union.
The cooperative Credit Union must show concern for the corporative education and
information of its regular members, as well as training of elected officials and staff,
 The Cooperative Credit Union is expected to promote corporation and all types of economic
and social affairs amongst its members and itself on one hand and other neighboring
cooperative on the other;
 Although initially created to serve the interest of its members, the Cooperative Credit Union
is also concerned about social, economic and environmental welfare and sustainability of the
community to which it belongs.
6- AFFILIATION TO A NETWORK
As stipulated in the OHADA Uniform Act relating to cooperative societies, the CEMAC
Regulations of 13 April 2002 lays down conditions for the exercise and control of micro
financial activities in the CEMAC Region and all other tests regulation its activities, this financial
Cooperative:
1- Shall be affiliated to a network of it choice for the purpose of formation,
supervision/control and technical services in the interest of its members.
2- Shall abide by the Articles of Association of network and other policies of the network.
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3- NKWA COOPERATIVE CREDIT UNION WITH BOARD OF DIRECTORS (NkwaCCUL-
COOP) BoD; is affiliated to CamCCUL as per its agreement and shall be at liberty to
disaffiliate from a network to another provided that the later does not meet up to her
expectations.
ARTICLE 8: ACTIVITIES OF THE COOPERATIVE SOCIETY

The main activities of Nkwa Cooperative Credit Union with Board of Directors shall be: the
mobilization of savings and the granting of loans to its members.
The secondary activities of the cooperative society include:

a) Securities origination, brokerage deals and related activities, inequities, fixed income, mutual
funds, swaps options, futures forward commodities.
b) Insurance and annuity products and annuity underwriting and including private equity and other
principal investment activities.
Chapter 2: Membership
ARTICLE 9: OPEN MEMBERSHIP:
Membership is open to all without discrimination. Any physical or moral person who applies and
fulfills membership conditions shall be admitted as a member in line with Article 7 of the OHADA
Uniform Act.
The Founding Members of Nkwa Cooperative Credit Union with Board of Directors contribute
the funds to determine the amount to state up the Microfinance. One of the members shall not
contribute more than twenty percent of the amount both agreed as state up funds. This contribution
considered as capital for the Microfinance shall be stated in the Founding Membership Agreement
(Solidarity Fund) to hold by the founding member.
ARTICLE 10: COMMON BOND AND CONDITIONS TO QUALIFY AS A

MEMBER/LEGIBILITY CONDITIONS
7.1 Under Article 7 of the OHADA Uniform Act on the right of the cooperative societies, any
natural or legal person may be a co-operator of a cooperative society if it is not subject to any legal
incapacity in accordance with the national law of each party state.
7.2 In line with Article 8 of OHADA Uniform Act; the common bond bringing the members
together shall be Savings and Micro Loan Services, through the engineering and sharing of
financial and related services.
To become a member of Nkwa Cooperative Credit Union with Board of Directors (Nkwa
CCUL-COOP-BoD), the applicant must fulfill all the following conditions:
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 Reside in or have its head office in the area of cooperation or have a common bond with,
members of the cooperative. ‘’Common bond’’ shall mean any unifying factor that brings
the members together.
 Be of sound mind,
 Be of good conduct,
 Accept in advance to deliver all or part of its production to the cooperation.
 Not be directly or indirectly engaged in activities that conflicts or are in competition with
those of the Credit Union as defined in the internal regulations and other texts regulating its
activities. Accepts to scrupulously respect cooperative legislature, Articles of Association
and Internal Regulations of the society.
 If a physical person, must have attend 21 years , provided always that an adult person can
operate an account for a minor,
 Be solvent,
 Summits a written application for the admission to the Board of Directors stating the
minimal amount to be contribution annually including the willingness to scrupulously
respect the Articles of Association, Internal Regulation as well as the decisions of the
General Assembly Meeting and those of the Board of Directors
 To pay the registration fee and at least a share immediately upon admission.
 Not have been blacklisted by any credit union or any financial institution.
7.3 Groups and other juristic persons that may from time to time carry out business with this
cooperative society after fulfilling the conditions of Article 7.2 above, participate in the
management of the Cooperative Society. Each group and any other juristic persons shall be
represented at General Meetings by a physical person mandated by the group or other juristic
person
7.4 Minors shall mean persons who have not attend the current age of 21 years but who benefit
from some of the services of the Savings and Micro loan Cooperative Society. Minors shall
subscribe and pay for shares, make savings and/or deposits but will not borrow or surety other
members. They shall not participate in the management of the Cooperative Society.
ARTICLE 11: PROCEDURE FOR ADMISSION

An application for admission shall be submitted in writing to the BoD. The decision to accept or
reject an applicant shall be taken at a meeting of the Board of Directors holding before the general
assembly meeting of the cooperative on a simple majority basis. For any decision to refute
membership to be a valid, half (1/2) of the general assembly of the Board of Directors must be
present and approval must be by two thirds (2/3) majority of the votes cast.
a) A person who has fulfilled the eligibility conditions laid down in Article 7 above shall further
go through the following process to become a member:
i) Pay the registration fee as decided upon by the General Meeting.
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ii) Subscribe to and pay for share(s) as approved by the General Meeting and the
applicant admitted pays at least one (1) share and has a maximum period of 24
months to complete the releasing of the remaining subscribed shares. After this
period, the person loses membership fee.
iii) Fulfill all other admission conditions as required by the Cooperative Credit Union.
b) Every member must nominate one or more beneficiary (ies), sign the membership register or
affix the fingerprint of his or her right thumb on it and furnish to the Cooperative Credit Union
upon request all relevant membership information.
ARTICLE 12: MEMBERSHIP REGISTER.

In accordance with Article 9 of the OHADA Uniform Act; a membership register shall be created
and kept at the head office of the Cooperative Credit Union in which members are listed in a
chronological order. The register shall include amongst others, the following entries for every
member:
1- Membership number,
2- Name and identification references,
3- Address/telephone number,
4- Number of shares subscribed, with modalities and timeframe for progressive payment,
5- Number of shares released or paid up upon admission.
ARTICLE 13: RIGHTS AND OBLIGATIONS OF MEMBERS

Members of Greenfield Cooperative Credit Union with Board of Directors
(GREENFICCUL-COOP-BoD), shall enjoy the rights and be subjected to the obligations here
under:
A) THE RIGHTS/BENEFITS OF MEMBERS

As earlier indicated in the basic principles, members of this Cooperative Credit Union shall enjoy
the rights and be subjected to the obligations hereunder;
1) Participate or to be represented at meetings of the General Assembly, to take part in decision
making.
2) Each member is entitled to one vote, regardless of the number of his shares.
3) To vote and be voted during the meetings;
4) To present candidate to be elected to various organs of the Cooperative, subject to the
provisions of the law, election modalities stated in these Articles of Association and Internal
Regulations;
5) Contribute towards the results of activities of the cooperative and participate in the allocation of
surpluses;
6) Use the services and facilities of the cooperative under the conditions provided for in the Articles
of Association;
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7) To be informed concerning all activities of the cooperative;
8) To benefit from the risk management and other products developed for use in the CamCCUL
network;
9) To have in possession authentic copies of the Articles of Association and Internal Regulations
and to consult when necessary the registers, minutes of General Meetings and Supervisory
Committee’s reports, annual accounts and inventories, investigations and control reports at the
Head Office;
10) Withdraw from the Cooperative Society with Board of Directors in accordance with the
regulations in force.
11) Defend him/her self in the process of being sanctioned.
B) OBLIGATION (DUTIES) OF MEMBERS

Under Article 47 of the Uniform Act on the right of cooperative societies, members of this Credit
Union shall entail the following obligation:
1- Comply with the provisions of the Uniform Act on the right of Cooperative Credit Union, as
well as the decisions taken by the general assembly and the management committee in
accordance with the Act, national and /or regional law to which the Articles of Association
refer;
2- The duty to comply with the laws, regulations and statutory provisions governing the
cooperative and the decisions taken by the General Meeting and the Board of Directors in
accordance with such provisions.
3-Member undertakes to use the services of the Cooperative credit Union and comply with the
Articles of Association and Internal Regulation of the society
4-Member cooperate bodies undertake their commercial, accounting, administrative and
financial management in accordance with the general policies laid down by these Articles of
Association.
5-Membership in other organizations with identical aims within the same area of operation shall
be prohibited.
6-All members pledge to scrupulously comply with the provisions of the Articles of Association
and Internal Regulation of the cooperative and the decisions of the General Meetings.
7-The obligation to buy and pay up shares under the conditions laid down in these Articles of
Association.
8-The obligation to pay any statutory fines resulting from non-compliance with these Articles of
Association or from non-fulfillment of business commitments.
9- To attend educational meetings and seminars organized by the Cooperative Credit Union.
10. To participate in Credit Union projects both physically and financially.
11. To show good cooperative spirit, inform non-members and encourage them to join the
Credit Union.
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12-The member is jointly and severally Liable in respect of debts or losses incurred by the
Cooperative Credit Union before his/her withdrawal in accordance with the law, which shall not
exceed five (5) years.
ARTICLE 14: TERMINATION OF MEMBERSHIP

Membership is terminated
 By death
 By resignation or
 By expulsion
A) CONDITIONS AND PROCEDURES FOR WITHDRAWAL
1. A member wishing to withdraw from membership of Nkwa Cooperative Credit Union
with Board of Directors (NkwaCCUL-COOP-BoD) shall give three months notice
addressed to the Board of Directors.
2. All financial right due the member shall be calculated and paid to him/her less all financial
debts owed Nkwa Cooperative Credit Union with Board of Directors.
3. A two months notice shall be given to a member being expelled. Any member dully
expelled as above shall be referred to the disciplinary body of Nkwa Cooperative Credit
Union with Board of Directors.
4. In the case of death of a member, all financial rights due to the decease shall be calculated
and paid to his/her legal representative less all financial obligations due to Nkwa
Cooperative Credit Union with Board of Directors.
5. The board shall execute such payment in the way that will not seriously affect the cash
flow of Nkwa Cooperative Credit Union with Board of Directors.
B) CONDITIONS AND PROCEDURES FOR EXPULSION

I) Conditions: In accordance with provisions of Article 14, 15 and 16 of the Uniform Act
relating to cooperative societies, members can be expelled from the cooperative for the
following reasons:
 The member concerned does not voluntarily carry out transactions with the Cooperative
Credit Union within 2 consecutive years;
He/she fails to recognize, both in behavior or actions, within or outside the cooperative,
his/her obligations, including obligation of loyalty and fidelity to the society;
 He/she joined another cooperation performing the same activity in the same jurisdiction.
II) Procedure for expulsion:
a) Before expulsion is pronounced for cases provided above, the member concerned may be
subject to a written warning and suspension.
b) The expulsion is decided by the General Assembly by a special resolution duly
substantiated. It can be also be ordered by the Board of Directors, in which case it shall
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become effective only when confirmed by a special motivated resolution of the General
Assembly.
c) Within ten days following the date of the special resolution of the General Meeting
expelling a member, the Savings and loan Cooperative Society shall notify the member in
writing of his/her expulsion and state the reasons. The expulsion is effective on the date
specified in the written notice, but not later than thirty days after reception of such notice.
III) Renewal of Membership:

Any member who had lost his/her membership right and who has the intention of renewing it shall:-
a) Write an application for membership renewal,
b) Promise to act in compliance with the law in force, these bye- and Internal Regulation,
c) The renewed membership shall be granted upon the approval of the Board of Directors and
confirmation of the General Assembly.
IV) Withdrawal and expulsion; shall not put any commitments by such members and their rightful
representative(s) vis-à-vis the Cooperative Credit Union, especially the refund of loans and all other
funds owned to the Cooperative Credit Union or for which they act as surety.
V) The Cooperative Credit Union shall reimburse the shares and savings of the withdrawing
member in her custody in accordance with Article 11 of the OHADA Uniform Act.
VI) The Cooperative Credit Union considers that the refund of shares and a savings to the member
who is withdrawing or terminated will affect the financial health of the Cooperative Union; the
BoD may set the repayment term to a maximum period of two years. The decision is subject to
appeal before the competent court.
Chapter 3: Sources of Fund

ARTICLE 15 (A) Funds
The funds of Nkwa Cooperative Credit Union with Board of Directors shall essentially be
composed of:
1. Share capital;
2. Solidarity fund (40% of share capital)
3. Reserve founds.
4. Members Savings.
5. Surplus Found
6. Building fund.
7. Legal reserves, statutory and voluntary gotten from surplus of the financial year;
8. Gift legacies and subsidies from the state, national or foreign organizations;
9. Loans, investments of the state or any other economic or financial institution;
10. Collaterals and bank advances;
11. Deposits and saving of the members or users;
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12. Products fund deposits on current or on savings account belonging to the Cooperative Credit
Union;
13. Funds from the transaction, or remuneration of any service of any kind provided by
Cooperative Credit Union to its members or on their behalf in accordance with condition set by
the Board.
ARTICLE 16: USE OF FINANCIAL RESOURCES

The funds of Nkwa Cooperative Credit Union with Board of Directors must be exclusively be
devoted to operations whose purpose meets one of the objectives defined in this Article of
Association.
Article 17: MAKING OF THE INITIAL CAPITAL
 The initial capital is set at Three Million (3.000.000) fre C.F.A. It is composed of social shares
subscribed by members at the rate of Ten Thousand (10.000) frs C.F.A a share. Thus, the
minimum number of shares a member may obtain is 1 share. The maximum shall not exceed
20% of the initial share capital own by any member.
 Contributions for the Initial Capital.
a) Contribution in cash. This is money paid to obtain share(s) by members to constitute the Social
Capital (initial capital) of the cooperative society.
b) Contribution is in Kind. This consist of one or more asserts or rights for the offer(s) of movable
or immovable, tangible or intangibly assts and are made by transfer of personal or real property
rights of the property contributed and the effect conveyance to the Cooperative Society of the
corresponding property to which those rights are attached. The contributor of any such property
stands as the guarantor for the transaction.
c) Contribution in industry. This could arise in a contract or business relationship with the
Cooperative Society and a member whereby the member contract and supplies services as labor
to the Cooperative Society and where the member prefers exchange of share(s) rather than
payment of money. When such issue occurs; 2(two) Board members, supervisory committee
member, the manager shall establish a document to affect the contribution and notify the Board
of Directors without delay to update the share register.
ARTICLE 18: CHANGE IN CAPITAL

The initial share capital may be increased either by the accession of new members, either by
subscribing of new shares or by increasing the amount. It is likely to decrease as a result of
resignation or expulsion of members.
ARTICLE 19: SOCIAL SHARE

The social share is nominative, indivisible and non-negotiable. Its subscription and property are
recorded in a receipt, the issuance of a share and registration on the register of members of the co-
payment amount matching successive dates.
They can carry an annual interest which will be distributed in case of surplus achieved during the
year; if the General Assembly so decides. However, the interest rate will be set by the Annual
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General Meeting after approval of the account, provided that this rate may be higher than 3% of the
nominal amount.
ARTICLE 20: SHARE CANCILATION AND REFUND

The shares of Resigning or excluded member are canceled. They shall be refunded to them at their
request and in accordance with Article 11 of the Uniform Act, by deduction from the reserve
properly constituted or lacking social capital.
ARTICLE 21: FINANCIAL RESPONSIBILITY OF COOPERATORS:

The financial responsibility of cooperators shall be two times the amount of shares he/she holds.
ARTICLE 22: SAVINGS

i) Savings may bear remuneration as cost of funds depending on the financial results of the
year. The Board of Directors shall propose the rate of interest subject to the approval of the
general meeting. The said remuneration shall be considered as an operational cost.
ii) Every member is bound to make regular savings in the course of the year. A regular saver in
one who saves a minimum of 1000(one thousand) francs at least 12(twelve) times within the
four (4) quarters of the year.
iii) A member may withdraw part of his/her savings respecting conditions set by the Board of
Directors from time to time.
ARTICLE 23: DEPOSIT

A member may deposit any amount into his/her deposit account as long as such practices do not
reduce his/her ability to make regular savings. Deposit may be withdrawn freely. The conditions for
operating the deposit account shall be laid in the internal rules and regulations.
ARTICLE 24: LOANS TAKEN BY THE COOPERATIVE

The Cooperative Credit Union may borrow from the league or from other financial institutions,
provided the league is involved in the process. Such borrowing shall be within the limits set by the
internal rules and regulations and subject to the legislation regulating the activities of micro finance
institutions.
ARTICLE 25: USE OF FUNDS

a) Funds shall only be used to achieve the objective of Nkwa Cooperative Credit Union with
Board of Directors.
b) An amount equal to 20% of the shares and savings must be deposited as guarantee in a fixed
deposit account with the league in conformity with the regulation in force.
c) Funds that have not been used in granting loans to members or deposited in the league, fixed
deposit may be invested in other league deposit and/or bank and other financial institution
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located within the National Territory. A decision is to which financial institutions should be
used shall be decided upon by the BoD.
d) Net surplus available for distribution at the end of each year may be distributed, in order of
priority as follows (See Articles 113, 114 and 115 of the OAHDA Uniform Act).
a) 20% for compulsory reserves;
b) 20% for reserve for education, training and sensitization on cooperative principles;
c) 20 % for operational reserves;
d) Provide for previous years accumulated deficit, if any,
e) General reserve,
f) Other reserves and provisions,
g) Allocation to solidarity fund,
h) Payment of dividend on shares,
i) Payments of bonuses.
ARTICLE 26: RESERVES AND EDUCATIONAL FUNDS

1. The reserve funds shall be invested for the purpose for which it was intended,
2. The educational fund shall be used in the education of members and the training of the staff of
Nkwa Cooperative Credit Union with Board of Directors.
3. Nkwa Cooperative Credit Union with Board of Directors shall work in keeping with a
program as approved by the General Meeting.
ARTICLE 27: LOANS TO MEMBERS

a) Nkwa Cooperative Credit Union with Board of Directors shall grant loans to members in
accordance with its loan policy. The loan granting authorities shall be those provided for in the
loan policy.
b) All loans must be fully covered throughout its duration by either uncommitted funds of the
members in the Cooperative Credit Union and/or other forms of securities as per the
Cooperative Credit Union’s loan policy.
c) Assets held by the borrower within the Cooperative Credit Union and those of the sureties shall
serve as guarantee, they may be frozen, based on the amount of the loan and the interest due.
d) The maximum amount of the loan to be granted to a member must conform to the loan policy
adopted by the General Meeting.
e) A loan may not be granted if:
- The conditions of membership or savings are not fulfilled,
- The member’s previous loan repayment and interest has been overdue for a consecutive
period exceeding six (6) months,
- The person concerned has not been a member of the Cooperative Credit Union for a period
stated in the internal regulation,
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- The financial situation of the Cooperative Credit Union does not allow for granting of
loans,
- The amount of delinquent loans (portfolio at Risk-PAR-60) exceeds 25% of the total
amount of loans outstanding in the Cooperative Credit Union,
- The total loans outstanding in the Cooperative Credit Union, excluding reserve and external
loans are up to 80% of its savings,
f) The Cooperative Credit Union reserves the right for all loans, to demand or call up for its
reimbursement, if the financial standing of the borrower is degrading or there is evidence of
unauthorized or poor use of the loan. The decision, in this respect, shall be taken by the Board
of Directors,
g) The Cooperative Credit Union reserves the right to publish names of delinquent members
provided that such member’s have ignored reminders from the Cooperative Credit Union to
make good the sums due the latter,
h) The repayment of loans shall be scheduled in such a manner as to ensure that the installments
do not exceed the duration of the repayment contracted,
i) The rate of interest on loans shall be determined by the loan policy approved by the BoD and
ratified by the General meeting. This rate shall be in line with the interest rate range set by the
league for the network.
j) The loan repayment period may be extended. This must, however, be in line with the loan
policy of the Cooperative Credit Union.
k) The league shall play its supervisory role in the appraisal of loans above certain limit as
specified by the loan policy, circulars and other guidelines of the league.
Chapter 4: ORGANS AND THEIR FUNCTIONING
ARTICLE 28: ORGANS OF THE COOPERATIVE

For the purpose of this Articles of Association, the organs of Nkwa Cooperative Credit Union
with Board of Directors; shall include:
 The General Assembly
 The Board of Directors
 The Supervisory Committee
 The Technical Committee
 The Manager
A. The Annual General meeting. It shall take place within the first six months following the
end of the financial year and in accordance with the leagues calendar for its network. Its
duties shall be:
1) To confirm the minutes of the last Annual General Meeting;
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2) To deliberate on the management report(s),
3) To listen to and discuss the reports of the Supervisory Board, and the audit reports,
4) To adjust approve or reject the accounts,
5) To approve or adjust before approval, the apparitions of the net surplus,
6) To approve the budget (operational and capital) for the next financial year,
7) To elect the president, vice-president and other members of the Board when elections are
due,
8) To elect members of the Supervisory Board(committee),
9) To validate the Board’s recommendations to admit and expel members,
10) To elect members of the other committee and define their functions,
11) To determine the number of shares to be subscribed by every member,
12) To approve the issuance of other shares,
13) To determine the registration or entry fees,
14) To approve the internal regulations.
ARTICLE 29: QUORUM:

i) The quorum for the Annual General Meeting shall be 50% of the Cooperative Credit
Union members for the first call and 25% on second call so long as the membership is
less than or equal to 40 ( forty members). Where the quorum is not attained on 1 st call,
the Annual General Meeting shall be convened on second call within 15 (fifteen) days
following the date scheduled for the first meeting. Where the quorum is not met on
second call, the Cooperative Credit Union shall seek an order from the competent court
to hold the meeting without the statutory requirement for quorum.
ii) When the membership is more than 500 (five hundred), the quorum may be based on
representation/delegation as agreed upon by the general meeting. However such quorum
shall be at least 10% of the registered active members, present or represented through
delegates provided always that such quorum shall not at any time be less than 40
members.
iii) Decisions at Annual General Meetings shall be taken by a simple majority of members
present and represented.
ARTICLE 30: EDUCATIONAL GENERAL MEETING (EGM):

The educational general meetings shall take place within the year as determined by the Board of
Directors and validated by the General Assembly. Its duties shall be:
a) To educate members on various aspects of the Cooperative Credit Union.
b) To update members with current information and legislations concerning the Cooperative
Credit Union,
c) To plan and prepare for certain events that come up during the later part of the year such as
the international Cooperative day (credit union day).
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ARTICLE 30:
The Extra-ordinary General Assembly Meeting (EOGM) is convened for special reasons such as:
o Authorize the transfer of head office to any other town;
o Authorize the merger, splitting, dissolution, transformation and partial contribution of assets;
o Early dissolution of the cooperative;
o Amend the Article of Association in all the provisions.
ARTICLE 30: QUORUM

- The Extraordinary General Meeting shall act by a two thirds majority of members are
present or represented so long as the membership is less than or equal to 25.
- When the quorum is not net, the meeting may be convened a second time within a period
not exceeding two months from the date fixed by the first meeting, in which case it shall
deliberate with half its members present and represented. If on second call the quorum is
not met the Cooperative Credit Union may request the holding of the meeting without
quorum requirement.
B. The Board of Directors:

C. Article 31: composition
- The Board of Directors shall be the Administrative and Management Organ of the
Cooperative Credit Union. It shall be elected by the Annual General Meeting and shall
represent the Cooperative Credit Union legally in its relations with its members and third
parties.
- According to Cooperative legislation and within the limits set by the General Assembly, it
shall be responsible for the smooth running of the cooperative Credit Union.
- It shall comprise of not less than three (3) and not more than twelve 12 members. As such it
is made up of four (4) members elected by the general Assembly. The increase or decrease
in the number of members shall be determined by the capacity of the Cooperative Credit
Union at the time, including but not limited always that any such decision must be
sanctioned by CamCCUL and ratified by the General Meeting of the Cooperative Credit
Union.
ARTICLE 32: ELIGIBILITY TO THE BOARD

A member may not be elected or continue as a member of the Board or any other committee
member if he/she does not fulfill then following conditions:
a) Enjoys his/her civic rights and not have been found guilty of any common law offence
involving dishonesty,
b) Hold a minimum educational qualification or professional experience that will be
recommended from time to time by CamCCUL taken into consideration the size,
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location, prevailing context and ratified by the general meeting of the Cooperative Credit
Union,
c) Is not a member of a group with an irregular situation vis-à-vis the Cooperative Credit
Union,
d) Has not been late by more than two months in the refund of any loan or interest on it, for
existing elected official,
e) Is not delinquent in the repayment of any outstanding loan or interest on it for more than
30 days as of the day of application, for persons standing fresh elections,
f) Has not been absent from three meetings or assembly of the Board or committee for the
pass year without a reasonable excuse.
g) Is physically present during his/her election,
h) Has performed his/her duties as Board member satisfactorily and has not been absent
from meetings more than three meetings of the Board or committee for the past years
without reasonable excuse(s).
i) Is not a guarantor of a loan that is delinquent,
j) Is not a money lender or cash daily collector,
k) Has been a member for at least 24 months at date of signature,
l) Be a regular saver as shall be defined from time to time by the General Meeting.
ARTICLE 33: RESPONSIBILITIES

The BOD is vested with the broader powers to act in all circumstances on behalf of the Cooperative
Credit Union and in accordance with article 308 of the Uniform Act, the Board shall primarily be
responsible for:-
 Clarifying the objectives of the Cooperative Credit Union and orientating its administration
and management;
 Determine the accounts of each member;
 Ensure the implementation of corporative principles in the management of the Cooperative
Credit Union and in the distribution of company results;
 Determine the training and education of members and organs;
 Establish the moral and financial report of the Cooperative Credit Union;
 Recruit, appoint and dismiss the Manager and other officials of the Union upon
confirmation of the Assembly.
 Represent the cooperative before Government, members and third Parties. It shall engage as
of interest and for the benefit of the masses in any transaction connected with the said
representation;
 Prepare the budget of the cooperative including investment planes;
 Decide on any agreement or contracts falling within the line of activities of the Cooperative
Credit Union and beneficial to the members;
 Implement decisions of the General Meeting through the General Manager;
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 Generally, the Chairman of the Board of Directors shall represent the Union before the
courts both as plaintiff and defendant. Consequently, any legal action shall be initiated at his
request;
 In the performance of their duties, the Board of Directors shall comply with the provisions
of the Uniform Act, the General Assembly decisions and the Articles of Association.
ARTICLE 34: CONVENING AND DELIBERATION OF THE BOD

The BOD is convened by its Chairperson and shall meet as often as necessary, and at least once per
quarter.
However, at least one third of the Board of Directors may, by indicating the agenda of the session,
convene the Board, if it has met for more than two quarters.
The Board of Directors shall be effective only if all its members have been duly convened.
In the event of serious malfunction of the Board and as remedy to the situation, the Supervisory
Board may refer this to the ordinary General Assembly to convene for this purpose.
The Board of Directors can only validly deliberate if at least half its members are present, and
decisions are taken by simple majority of members present.
In the event of a tie vote, the Chairperson has the casting vote.
Administrative and any person invited to attend meeting of the Board are bound to confidentially
regarding information of a confidential nature as such by the presiding officer.
No one may be represented at the meeting of the Board of Directors.
ARTICLE 35: MINUTES OF THE BOARD MEETING

The deliberations of the Board are recorded in minutes drawn up, adopted and transcribed on a
special register.
This register must be numbered and initiated by a judge of competent jurisdiction.
Any addition, deletion, substitution or inversion of leaves in the register is prohibited.
The minutes include the date and place of the meeting of the Board and indicate the names of the
directors present, absent or excused.
The minutes also report the presence or absence of persons invited to the meeting of the Board
under any provision of law and the presence of any other person who attended all or part of the
meeting.
The minutes of the Board are certified true by the presiding officer and at least one member of the
Board.
In the absence of the chairman, they are signed by at least two members of the Board.
Copies or extracts of minutes of the deliberations of the board shall be certified by the chairman of
the Board.
The secretariat of the Board meeting is provided by the Manager.
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ARTICLE 36: ELECTION AND THE OFFICE OF THE CHAIRMAN AND THE BOARD OF
DIRECTORS.
The president and vice president are elected by the General Assembly from among the members of
the Board of Directors.
The term of office of chairman of the board is the same as that of the Board of Directors; five years
renewable twice.
He cannot simultaneously perform the duty of president in another Cooperative Credit Union
having its registered office in Cameroon.
The office of president of the Board cannot be combined with the position of management of a
Cooperative Credit Union.
ARTICLE 37: RESPONSIBILITIES OF THE CHAIRMAN OF THE BOARD OF

DIRECTORS
The chairman of the Board of Directors has the following responsibilities:
 Presides over meetings of the board and general meetings.
 Ensures that the Board fully accepts its obligation and responsibilities.
 Follows with the manager under his supervision the day-to-day management of the
cooperative and ensures that the decision of the board of Directors are regularly
implemented;
At any time of the year, the chairman of the Board performs the checks he deems appropriate and
may request for any documents he consider relevant to the exercise of his mission.
The chairman cannot be related to the Cooperative Credit Union by an employment contract.
ARTICLE 38: GRATUITY OF FUNCTION

The duties of board members are free. However, they may claim a refund in the form of seating
allowances during meetings, special expenses incurred in the performance of their duties, including
those related to official travel and stay.
In addition, Board members are especially responsible for the carrying out regular monitoring of the
progress of the cooperative (president and vice) may claim compensation for time spent in carrying
out this activity if the General Assembly so decides.
The General Assembly shall determine compensation rates for services rendered by members of the
board and others as need arise.
C) Supervisory committee:
ARTICLE 39: DEFINITION

The Micro-Credit shall have a supervisory committee (board) made up of three (3) members elected
by the general assembly. It is the internal control organ of the cooperative .It shall comprise not less
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than three (3) and not more than five (5) members elected by the general meeting and shall be
called supervisors. They act only in the interest of the Cooperative Credit Union.
All members of the Supervisory committee (board) shall be elected for a term of five (5) years
renewable twice.
Other Eligibility conditions into the supervisory committee (board) shall be same as those of the
Board of Directors.
The supervisory committee shall compose of a chairperson, a secretary and members.
ARTICLE 40: INCOMPATIBILITIES

The following persons cannot be members of the supervisory Board:
 Members of the Board of Directors and their relations;
 People receiving, in any form, a salary or remuneration from the cooperative or its umbrella
organizations.
 Personnel of the Union or CamCCUL.
Relations to board members, pursuant to this section are;
 The spouse, parents or closest relatives of the spouse;
 The individual to whom he is associated or partnership in which he is associated;
 Organization that is controlled individually or collectively, by him, by his spouse or closest
relatives;
 The organization which he owns at least ten percent of the voting rights attached to shares
issued or at least ten percent of the shares.
ARTICLE 41: RESPONSIBILITIES

 Regularly monitors the management of the union by the Board and the manager;
 Control the regularity of inventories and balance sheets and the accuracy of information on
accounts and data management of the Cooperative Credit Union in the reports of the Board;
 Evaluates regularly the functioning of the activities of the cooperative ;
As such, he may at any time verify the documents, books, cash and other assets of the Cooperative
Credit Union and controls everything he deems fit. It can also initiate an investigation when it is
requested by:
 At least a quarter of the members;
 The General Assembly;
 The supervisory Board itself;
After an investigation, the supervisory Board makes known its comments to the Board of Directors.
It establishes at least once a year, a general report in which it reports to the General Assembly of the
execution of its mandate and reports the findings and possible improvements recorded.
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ARTICLE 42: PROCEDURE FOR PREVENTION CONTROL
The supervisory board requests in writing or orally that the Board of Directors must be respond
within the time limits and conditions fixed in the next paragraph of this article, any fact likely to
endanger the continuity or the cooperative is connection with the exercise of its mission.
The Board of Directors responds in writing or orally during a special meeting in the month
following receipt of the situation and specifies, where applicable, the proposed measures.
Failure to comply with the provisions in the preceding paragraph or if, despite the decision taken,
the supervisory board finds that the continuity of the Cooperative Credit Union remains in jeopardy,
it prepares special reports and submits to the General Assembly on the occasion of the next meeting
thereof or, in emergencies, a meeting convened specially for that purpose.
ARTICLE 43: OPERATION

The supervisory board elects a chairman and a secretary. It meets as necessary or at the request of at
least two of its members
ARTICLE 44: GRATUITY OF FUNCTION

The functions of internal auditors are free. However, they can claim reimbursement of expenses in
the form of seating allowance during the transaction of their business. The General Assembly shall
determine the allowance for the internal auditors.
D) Technical Committees
ARTICLE 45: VARIOUS COMMITTEES

The BoD may, in order to facilitate the administration of the Cooperative Credit Union, assign its
members to various committees with specific duties such as:
a) The credit committee,
b) The education committee,
c) Any other committee.
 The members of the credit committee are appointed by the Board of Director from amongst its
members for a period of one year; the mandate of the members of the credit committee is
renewable.
 The credit committee shall deliberate on loan applications in accordance with the loan policy
of the Cooperative Credit Union.
 Committee members of the BoD are proposed together by the president and vice president and
are approved by a simple majority of the BoD. Where there is a disagreement between the
president and vice president in their proposal, the BoD shall resolve the issue by a vote.
 The term of office of committee members of the BoD shall be one year and renewable for as
many times as the Board deems necessary.
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 The quorum for a committee meeting shall be two-third the number of members of the
committee.
 Each committee shall prepare and present its action plan to the Board. It shall report to the
Board on its meetings, activities and results obtained.
E) PROMOTION COMMITTEE FOR BRANCH:

What it deems necessary, the BoD may propose for approval by the general meeting;
1- To institute promotion committees for special branches ,
2- The proposal submitted to the General Meeting shall include:
 The number of the promotion committee members which in any cases shall take into
consideration financial implications, the size of the branch and other s as shall be discussed
and agreed with the league and validated by the General Meeting.
3- The committee shall be answerable to the BoD and advice the latter on matters concerning
the said branch.
4- Other modalities and conditions of the promotion committee shall be defined by the BoD.
F) MANAGER:
ARTICLE 46: APPOINTMENT AND TERM OF OFFICE

The Board may in accordance with Article 239 of the OHADA Uniform Act; after consultation
with the supervisory board, recruit and appoint, apart from its members; a manager or a general
manager of the Cooperative Credit Union who must be a natural person. (The manager may be or
may not be a member of the Cooperative Credit Union).
The Board of Directors determine the term of office and working conditions of the manager in
accordance with the labor in force.
ARTICLE 47: DUTIES AND REMUNERATION OF THE MANAGER

The Board of Directors determine, through the manager’s employment contract the scope of
managerial powers delegated to him.
The manager attends meetings of the board, in advisory capacity. He acts as secretary.
In his dealings of good faith with third parties and with the confirmation of the Board of Directors
the Cooperative Credit Union is committed, even by the acts that falls outside of the corporate
objectives.
The Board may authorize the manager, under its responsibilities; to commit the cooperative with
persons other than members. This authorization is subject to publication in the registry of
cooperative societies.
The term and amount of remuneration of the manager are set by the Board. In case of fringe
benefits, they are determined in the same manner as the remuneration.
The manager shall neither be a board member nor a supervisor.
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Chapter 5: ELECTORAL PROVITIONS:
ARTICLE 48: ELECTIVE POSTS

The offices to which members can occupy by democratic elections are:
-Delegates to the General Assembly;
-Board members, President and Vice-chairman of the BOD;
-Members of the Supervisory Board.
Conditions to this post are necessarily members in good standing in terms of their obligations Vis –
a Vis the cooperative.
ARTICLE 49: ELECTION CRITERIA

The decision to allocate the elective posts to different members is based on two criteria
 Social Criteria; the position to be allowed in relation to social criterion is assigned in
proportion to elective payment of shares and membership of the primary societies as at the
election date.
 Economic Criteria; the distribution of post in relation to economic criterion will be in
proportion to the volume of business between the cooperative and the member during the
previous mandate as determined by the board meeting at the election date.
Chapter 6: Delegates at the meeting
ARTICLE 50: LENGTH OF THE MANDATORY

All members of the Cooperative Credit Union must attend meetings of the General Assembly.
However if the members reaches five hundred the cooperative must provide for the representation
of members by delegates. The meeting of the cooperative becomes an assembly of delegates.
The Board then distributes the number of delegates to the different sections according to the criteria
published in article 43 above.
Delegates to the General Assembly of the Cooperative Credit Union are elected by their respective
sections for a period of 5 years, after which they may reelect.
ARTICLE 51: ALLOCATION OF DELEGATES

The number of delegates to be distributed among different sections of the Cooperative Credit Union
is set as follows:
-A third of delegates based on social criterion;
-Two –third of delegates based on economic criterion.
For the first time, the allocation is made only from the social criterion, that is to say, in proportion
to the number of shares paid at the date of the constituent assembly.
Delegates are elected by their respective sections during the section assembly preceding the elective
general assembly. The president of the divisions, and possibly the vice-president are ex officio
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delegates to the cooperative. In this limit of addition places allocated, the remaining delegates are
elected from the members in good standing.
ARTICLE 52: REPLACEMENT OF DELEGATE

In case of delegate vacancy (resignation, disqualification, expulsion, death…), the relevant sections
provides a replacement for the unexpired term to run and notifies the cooperative.
However, such replacement do not automatically qualify for the other elected positions (board
members, president, vice president supervisors) enjoyed by their predecessors.
ARTICLE 53: FINANCIAL LIABILITY

The financial liability of a member shall be two times the amount of shares he holds.
ARTICLE 54: FINANCIAL YEAR

The fiscal year of the cooperative begins from January 1st and ends on December 31st of the year.
ARTICLE 55: ACCOUNTING AND FINANCIAL STATEMENT

The Cooperative Credit holds a business accounting in accordance with plans and accounting
procedures applied in Cameroon, namely the OHADA Accounting Plan.
The accounts are closed each year on 31 st December. They are made and submitted to the General
Assembly in the month of February by the Board and include:
-Social report;
-Activity report;
-Inventory; Management accounts (general operations);
-Wealth accounts (balance sheet);
-The program of activities.
ARTICLE 56: ANNUAL NET SURPLUS

The annual net surplus is obtained by deducting the amount of revenue for the year, expenses
(overheads, interest on borrowings depreciation, provision, legal and voluntary reserves if any,
interest on shares if any).
ARTICLE 57: RESERVES

A 20% deduction is made annually before any distribution of dividend on annual surpluses for the
constitution of an obligatory reserve fund.
In no event shall the reserve be incorporated with a capital, or shared between members, or even be
used to release the shares.
It can only be used with the approval of the General Assembly to make investments or operations
deemed necessary.
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ARTICLE 58: NET PROFIT USAGE
The annual net surplus remaining after removal of reserve requirement may after approval of the
General Assembly be allocated to the following operations:
-Payment of bonuses to cooperative members in proportion to their business with the cooperative;
-Premium payments and other special charges to administrators and supervisors;
-Gratuitous payments to employees;
-Financing of projects of general interest;
-Allocation of discretionary reserves and special funds.
ARTICLE 59: DEFICIT FOR THE YEAR

In case of fiscal deficit, the amount of loss will be charged, after exhaustion of provision for
potential losses, optional reserves if it was formed, and then the legal reserves.
ARTICLE 60: REALIZATION OF INVESTMENTS

Investments that the cooperative can achieve are basically the following:
-The acquisition of land, plant and equipment;
-The various constructions;
-Rolling stock (vehicles);
-Time deposits;
-The acquisition of bonds and other securities.
ARTICLE 61: SIGNING OF CHEQUES AND EFFECTS

To be valid; cheques, bills, promissory notes must be signed between the joint line and the manager
(first signature) and the president or in absence of the latter the vice-president (2nd signature).
In case of prolonged absence of the manager, the Board of Directors shall appoint a senior official
of the Cooperative Credit Union or another Board member to countersign checks and the items with
the president.
Every income or expense is subject to the establishment of a voucher dully signed by the parties
concerned.
Voucher for any case can be considered as cash value. The cashier is solely responsible for the cash
balance.
ARTICLE 62: LIMITATION OF INTEREST

Any interest assigned by decision of the General Assembly not a claimed within five years from its
due date is forfeited.
ARTICLE 63: CUSTODY OF FUNDS

The Internal Regulation shall determine the maximum cash to be kept in safe.
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ARTICLE 64: RELATIONS WITH USERS
The Cooperative Credit Union has the ability to have economic activities with non-members.
The volume of business with them must be approved by the General Assembly.
The proportion of this transaction should not exceed 30% of the annual volume of business of the
cooperative, except in cases of major business appreciated by the Board of Directors.
Chapter 7: External Auditing
ARTICLE 65: APPOINTMENT OF EXTERNAL AUDITOR

The General Assembly of the cooperation shall appoint an external auditor to monitor, no later than
six months after the close of the yearly accounts made by the Board. In accordance with Article 121
of the OHADA Uniform Act; this auditor shall be selected from the auditors licensed in the state.
This appointment shall take effect when:
- The total Cooperative Credit Union members is above one thousand;
- The turnover of more than one hundred million;
- The total balance sheet exceeding five million.
ARTICLE 66: TERM OF OFFICE OF EXTERNAL AUDITOR

The external auditor is appointed for a term of five years renewable twice.
However, in case of default or failure to meet deadline in the performance of his task, he or she may
see his/her mandate withdrawn by the General Assembly Advent the normal expiry
ARTICLE 67: INSPECTION REPORT

The auditor’s report is presented to the board and made public before the General Assembly.
This report should include:
-The number of members at the close of the year,
-The cause of changes in this number,
-And the impact of these changes on social capital,
-The result of the audit,
-Record of any particular transactions between the cooperative and its members, not provided by
the statutes, and any special agreement between the cooperative and the third, and would harm the
cooperative.
-An appreciation of the financial situation of the cooperative and the functioning of its organs.
The audit report of the auditor is an internal document to the Cooperative Credit Union is owned by
the General Assembly and shall not be disclosed without their permission.
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PART 6: FINAL PROVISIONS AND MISCELLANEOUS
ARTICLE 68: FINES

Any member who is engaged in commercial activities competing with partners in the Cooperative
Credit Union as described in Article 5 hereof, shall pay a fine. The amount of the fine will be
determined by the rules.
ARTICLE 69: MERGER-SPLIT

In the interest of members, the cooperative may have to merge with another Cooperative Credit
Union or to split in to two or more other Cooperative Credit Unions. This decision is taken during
an extraordinary General Assembly.
In case of a splitting the General Assembly:
-Considers and approve the accounts after hearing report of control;
-Approves a plan to divide the assets and liabilities between the entities;
-Approves the distribution list of members between the entities.
In case of split or merge, a member may withdraw his/her membership in the new entity before the
end of this contract, provided he/she gives written notice of his/her resignation on or before the date
of the meeting of the General Assembly vote. The merger or split or takes effect:
 When the resulting structure shall be incorporated in the registrar of cooperative societies
according to the type of cooperative Credit Union adopted.
ARTICLE 70: DISSOLUTION

The dissolution of the Cooperative Credit Union may be:
 By the expiration of the period for which it was incorporated;
 By the realization or extinction of its subjects;
 By the cancellation of the partnership agreement;
 Decision by cooperators to the conditions provided for amending constitutions;
 By the dissolution pronounced by the competent court at the request of one or more member
for a good cause, especially in cases of disagreement between the partners hampering the
normal functioning of the Cooperative Credit Union;
 By the effect of a judgment or ordering the liquidation of the assets of the Cooperative
Credit Union ;
 For any reason provided by the statutes;
The competent court may also, upon notification by the administrative authority responsible for the
Cooperative Credit Union or any interested person, dissolve a Cooperative Credit Union if, as
applicable;
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 The Cooperative Credit Union have not commenced business within two years from its
registration;
 It has not seen for at least two consecutive years the provisions of this Uniform Act relating
to holding of annual meetings;
 It has failed for a period of one year in sending to the authorities or competent institutions
any notice or document required or competent institutions any notice or document required
by this Uniform Act;
 It is without a managerial body or administrative control for at least three months;
 When the Cooperative Credit Union is not organized or dose not trade on a Cooperative
Credit Union basis.
The authority responsible for the dissolution of the Cooperative Credit Union shall appoint a
liquidator and fix remuneration. The appointment shall terminate the duties of governing bodies
(Board of Directors, General Management, and Technical Committees), Supervision (Supervisory
Board) and external audit (auditor).
ARTICLE 71: LIQUIDATION

The appointed liquidator works with the assistance of an audit committee composed as follows:
-Two Board members appointed by the General Assembly;
-Two representative of creditors.
ARTICLE 72: ADVERTISING

The following documents shall be kept at the Head Office of the Cooperative Credit Union;
-A copy of the Uniform Act on the law of cooperative societies;
-A copy of the current law of Cooperative Credit Union;
-A copy of the Enforcement Decree of the said Act, if any;
-Five copies of these statutes and approved amendment thereto;
-A copy of the Internal Regulations; the current member register;
-The certificate of registration;
-The registers of the minutes of the Board of Directors, Supervisory Board and general meetings;
-Budgets, balance sheets and annual progress reports.
Any member may examine these documents at the headquarters of the cooperative.
Moreover, the Cooperative Credit Union must send to the registry service within one month from
the date of holding the Annual General Meeting the following documents:
- The annual activity report;
- The financial report (balance sheet and notes);
- The report of the auditors;
- The resolution which advertises mandatory appointments, revocations, amendment to
articles, or change of registered address…)
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ARTICLE 73: DISPUTES
In case of any dispute between members or between one or more members, the members of the
Cooperative Credit Union shall be submitted in the first instance to mediation, conciliation or
arbitration by the internal committee on disputes. If the dispute continues, then the parties may refer
to the competent court.
ARTICLE 74: INTERNAL REGULATIONS-STATUS OF STAFF

For what is not provided for herein, it will be issued through the Board of Directors Internal
Regulation. To be binding on members, it will be adopted by the General Assembly.
Similarly, it is established a general status of personnel.
ARTICLE 75: AMENDMENT AND APPROVAL OF STATUTES

The statutes of the cooperative were read and approved by the Constituent General Assembly on the
11th October, 2022 at Great Soppo in Buea Sub Division; Fako Division.
They can be changed later by the General Meeting a majority of two third of voters.
This Article of Association was signed by the following founding members of the Board of
Directors and Supervisory Committee as well as other members of: Nkwa Cooperative Credit
Union with Board of Directors (NkwaCCUL-COOP B.O.D) as seen below:
No Name Address /Phone Numbers sign

1 Akwo AshangndowahNgwashie 678059719
2 Ngala Ndukong Allen
3 William Takor 691700474
4 Amba Frederick Tanka 676464358
5 Ndeh Alice 675979594
6 Tambe Salome 676492408
7 Dipita Abraham 678960221
8 Amehmbom Sonia 620771041
9 Edwin Ajong 673928764
10 Fodjo Frank 651030269
11 Jinni John 676255663
12 Fomonyuytar Joseph 651273636
13 EnongeneGilianNyunge 671426470
14 Nfonge Queen Laure 675097386
15 WenoNdum Billy Hans 652384938
16 NchiaEmmanuela 676445393
31
17 Aziah Gillian 677774895
18 Yaya Mamoudo 694996019
19 Oben Tabiayuk 680173331
20 OnyomKillema Z.F, 651935713
21 Yitnya Frank Esnel 674942045
22 Kilanga Kevin 652290094
23 YefouTsoala Laetitia 651035306
24 NimpaTanye Raphael 680995483
25 Dione Ndip A 671289764
26 Essay Eyango 673459321
27 Lemunga Brenda 676879445
28 Brad Ndoke 652475955
29 Steve Ngai 697804958
30 Patrick Mfoussa 690685711
31 Jam Patrice Afuma 672826237
32 Akombo Neville Akwo 672345338
33 AnyiNjuzy Mary. A 654401760
34 Akale Lopez 690563603
35 Ebwelle Juliette Mvedo 652867769
36 Amambua Juliette N 673854106
37 Dan – Tabe Lilian 670945994
38 Ndelli Peter Ndomba 683737298
39 Azah Emmanuel Che 672260098
40 Bande Joel A. 673052013
41 Mercy Massang. 653033620
42 LayeMbunkar 680513060
43 Arrey Fabrice Tchea 678332217
44 Ngonsah Rhoda Muma Nsoh 673421517
45 TesitaSirriNdam 654704559
46 Claude LoicJikeYamben 653800737
47 Claris WiyfenglaLadze 653800737
48 Glory Dikote Diale 673564470
49 VichasAseh Lester 673421517
50 Kingsley Kan Kfuh 674403924
51 Romeo DinnyuyTakeh 670747135
52 LorethaAsakwaUbangoh 675059338
32
53 Ekole Mina Soppo 675059338
54 Shei Priestly Nfinyui 650915741
55 EnyahGwan Reena 671265076
56 SheryleneBih Fah 673489102
57 Antonio Njuh Mua 675059338
58 Larissa MotombyBembambe 671835905
59 Lawrence Kang Ojeh 673995272
60 SporaAgborNkonghoNyor 672929433
61 Desmond Jong Chunow 679935426
63 Desmond Limnyuy 652427838
64 Mohammed Sadat Nyuyfoni 652427838
65 NuvagaNguasong Anu 652427838
66 Chantal Ebele EpseDikoume 677436384
67 TewangMahAmei 677661303
68 Clarice ChimiEpseNdouoh 674403924
69 Theodosia Koko Ngong 677657853
70 RanibelChumtwaChiekam 678617158
72 Courage AkwenNyohNjifonuh 678332217
73 Courtney Bessem Tabot Orock 673421517
75 Kenneth AchuNsoh 653800737
76 Yuochi Junior Kiyong Desmond 653800737
77 Sylvie AchuSwri 673564470
89 Wendy AkumchoMiginsy 674403924
80 AbunawAgbor Rosemary 670747135
81 Chanceline Lum Ambe 675059338
82 Dries NdipebaBesongaku 675059338
83 KaliprideNgangKien 650915741
84 Pauline KembehKelei 671265076
85 ManyiNtemNkepKerlyn 673489102

87 Shiloh Diyoh 671835905
33
88 MesumbeMachufufeh Masango 673995272
89 Linda Lum Mbonglaah 672929433
91 Marie-Blanche Nkome Belle 676723708
92 Rey AkawnugAfeh 652427838
99
100
Done at: Great Soppo in Buea Sub Division; on the 11th October, 2022.
34
MINUTES OF THE CONSTITUENT GENERAL MEETING OF NKWA COOPERATIVE
CREDIT UNION WITH BOARD OF DIRECTORS
(NkwaCCUL-COOP) BOD
Meeting at Great Soppo in Buea Sub Division on the 11 th October, 2022 with the intention to seek
legal recognition as a Credit Union Cooperative with Board of Directors, we the members present,
signatories of this minutes and the founding members of this Cooperative Credit Union with Board
of Directors, have adopted the following resolutions:
RESOLUTION 1:
On the 11th October, 2022 at Great Soppo in Buea Sub Division, was held the general constituent
meeting of the Cooperative Credit Union named: Nkwa Cooperative Credit Union with Board of
Directors abbreviated as NkwaCCUL-COOP-BoD.
The Cooperative shall operate as a Cooperative Credit Union with Board of Directors (taken in to
account Article 3 of the OHADA Uniform Act) and shall be governed by the disposition of the
OHADA Uniform Act on the right of Cooperative Societies adopted on the 15 th of December 2010
at Lome-Togo; by the Organization for the Harmonization of Business Law in Africa (OHADA).
RESOLUTION 2: OBJECTIVES:
a) To encourage its members to take regular savings by providing them with
possibilities of investing their money.
b) To provide members with loans for purposes of providence or production, or both.
c) To foster the economic and social interest of its members.
d) To ensure the progress of its members by educating them continuously on the proper
use of money.
e) To offer to the members, complimentary savings, credit and financial services as
stipulated by these bye-laws.
To provide other Credit Unions services, such as Risk Management, checking System,
Education and Training, Money Transfer, Salary Payments, and any other services that do
not conflict with the objectives of this Credit Union, state
RESOLUTION 3 Area for jurisdiction: Its area of jurisdiction covers: Buea Sub Division and
extend its activities to the entire nation.
RESOLUTION 4 Head office: Its head office is at: Great Soppo in Buea Sub Division; Fako
Division South West Region.
35
RESOLUTION 5 Address: its postal address is: C/o P.O.Box Buea. Tel: 678059719 /677061832
RESOLUTION 6:
During the meeting the Article of Association of the Cooperative Credit Union with Board of
Directors was adopted by all founding members out present.
The members are committed to: show good cooperative spirit, participate in cooperative projects
both physically and financially.
The Cooperative Credit Union is committed to: provide members and the general public good
investment activities.
 The initial capital is set at; Three Million (3) Frs CFA
 The membership fee is fixed at: Ten thousand (10.000) Frs. CFA
 Share per member shall cost One thousand (1000) Frs. CFA
The minimum share per members shall be 1 and the maximum shall not exceed 20% of the initial
capital. All members of the Cooperative Credit Union have a maximum of two (2) year to complete
all of their remaining shares.
Shares will be paid up in the following ways:
A) Cash
B) Cheque
C) In Installments.
RESOLUTION 7:
The General Assembly noted that the share capital of Three (3) Million frs FCFA for Nkwa
Cooperative Credit Union with Board of Directors abbreviated NkwaCCUL-COOP-BOD was
fully subscribed and partially paid by the founding members which is deposited in: NTARIKON
CO-OPERATIVE CREDIT UNION LIMITED –Buea Branch having account number:….
RESOLUTION 8:
The General Assembly authorized the Board of Directors to take commitments on behalf of the
Cooperative Credit Union, before its registration in the Register of Cooperative Societies.
RESOLUTION 9:
The following person has been elected as president of Board of Directors: Nkwa Cooperative
Credit Union with Board of Directors abbreviated: KwaCCUL- COOP-BOD.
NAME: Akwo Ashangndwah Ngwashie. Profession: Entrepreneur

Address; Douala. Tell: 678059719.
36
RESOLUTION 10:
A) BOARD OF DIRECTORS
No Name Function Profession Date/Place of ID Card No Phone No. Signature
Birth
01 Akwo President Entrepreneur 20/08/1992, at KIT342 678059719

Ashangndwah Limbe-Fako
Ngwashie
02 NGALA Allen Secretary Resp 13;04/1991 at 101450483 676001111

Ndukong General Administrative Bamenda
03 Laye Yinkfu Member Business 18/07/84 at: KIT242 680513060

Mbunkur Consultant Banso
04 Nchini Livinus Member Applicant 14/01/1991 at 101299226

Wayih Bambili
B) SUPERVISORY COMMITTEE
No Name Function Profession Date/Place of ID Card No Phone No. Sign
Birth
01 Amba President Accountant 01/09/1980 117224173 676464358
Frederick at: shisong
Tanka
02 Manyi Arrey Secretary Applicant 23/03/88 at: 100349387 691700474
Hellen Orock Douala
03 Lemunga Member Applicant 23/03/1999 at 102182073
Brenda Esuka Buea
37
C) CREDIT COMMITTEE
No Name Function Profession Date/Place of ID Card No Phone No. Signature

Birth
01 Akwo President Entrepreneur20/08/1992, at KIT342 678059719
Ashangndwah Limbe-Fako
Ngwashie
02 Amba President Accountant 01/09/1980 117224173 676464358

Frederick at: shisong
Tanka
03 Lemunga Member Applicant 23/03/1999 102182073
Brenda at Buea
Esuka
Name and signature of:
Chairperson: Secretary:
___________________ __________________
Akwo Ashangndwah Ngwashie NGALA Allen Ndukong
38
MEMBERSHIP LIST FOR: NKWA COOPERATIVE CREDIT UNION WITH BOARD OF
DIRECTORS; ABBRIVIATED: NkwaCCUL -COOP-BOD HELD AT BONDUMA IN BUEA SUB
DIVISION ON THE 11th October, 2022.
No Name Address /Phone Numbers sign
1 Akwo AshangndowahNgwashie 678059719
2 Ngala Ndukong Allen
3 William Takor 691700474
4 Amba Frederick Tanka 676464358
5 Ndeh Alice 675979594
6 Tambe Salome 676492408
7 Dipita Abraham 678960221
8 Amehmbom Sonia 620771041
9 Edwin Ajong 673928764
10 Fodjo Frank 651030269
11 Jinni John 676255663
12 Fomonyuytar Joseph 651273636
13 EnongeneGilianNyunge 671426470
14 Nfonge Queen Laure 675097386
15 WenoNdum Billy Hans 652384938
16 NchiaEmmanuela 676445393
17 Aziah Gillian 677774895
18 Yaya Mamoudo 694996019
19 Oben Tabiayuk 680173331
20 OnyomKillema Z.F, 651935713
21 Yitnya Frank Esnel 674942045
22 Kilanga Kevin 652290094
23 YefouTsoala Laetitia 651035306
24 NimpaTanye Raphael 680995483
25 Dione Ndip A 671289764
26 Essay Eyango 673459321
27 Lemunga Brenda 676879445
28 Brad Ndoke 652475955
29 Steve Ngai 697804958
30 Patrick Mfoussa 690685711
31 Jam Patrice Afuma 672826237
32 Akombo Neville Akwo 672345338
39
33 AnyiNjuzy Mary. A 654401760
34 Akale Lopez 690563603
35 Ebwelle Juliette Mvedo 652867769
36 Amambua Juliette N 673854106
37 Dan – Tabe Lilian 670945994
38 Ndelli Peter Ndomba 683737298
39 Azah Emmanuel Che 672260098
40 Bande Joel A. 673052013
41 Mercy Massang. 653033620
42 LayeMbunkar 680513060
47 Claris WiyfenglaLadze 653800737
49 VichasAseh Lester 673421517
50 Kingsley Kan Kfuh 674403924
51 Romeo DinnyuyTakeh 670747135
52 LorethaAsakwaUbangoh 675059338
53 Ekole Mina Soppo 675059338
54 Shei Priestly Nfinyui 650915741
55 EnyahGwan Reena 671265076
56 SheryleneBih Fah 673489102
57 Antonio Njuh Mua 675059338
58 Larissa MotombyBembambe 671835905
60 SporaAgborNkonghoNyor 672929433
61 Desmond Jong Chunow 679935426
64 Mohammed Sadat Nyuyfoni 652427838
66 Chantal Ebele EpseDikoume 677436384
67 TewangMahAmei 677661303
68 Clarice ChimiEpseNdouoh 674403924
40
69 Theodosia Koko Ngong 677657853
70 RanibelChumtwaChiekam 678617158
72 Courage AkwenNyohNjifonuh 678332217
73 Courtney Bessem Tabot Orock 673421517
75 Kenneth AchuNsoh 653800737
76 Yuochi Junior Kiyong Desmond 653800737
77 Sylvie AchuSwri 673564470
81 Chanceline Lum Ambe 675059338
82 Dries NdipebaBesongaku 675059338
83 KaliprideNgangKien 650915741
84 Pauline KembehKelei 671265076
85 ManyiNtemNkepKerlyn 673489102

87 Shiloh Diyoh 671835905
88 MesumbeMachufufeh Masango 673995272
89 Linda Lum Mbonglaah 672929433
91 Marie-Blanche Nkome Belle 676723708
92 Rey AkawnugAfeh 652427838
99
100
Done at: Great Soppo in Buea Sub Division; on the 11th October, 2022.
41
MEMBERSHIP SHARE CONTRIBUTION FOR: GREENFIELD COOPERATIVE CREDIT
UNION WITH BOARD OF DIRECTORS; ABBRIVIATED: GREENFICCUL-COOP-BOD
HELD AT BONDUMA IN BUEA SUB DIVISION ON THE 20th October, 2022
Initial Capital = Ten (10) Million frs.
Minimum Share One (1000) Thousand frs
S/N NAMES No. of No. of Cost of shares Cost of shares SIGN:

Shares shares subscribed
subscribed liberated
1 Tani Emmanuel Lukong 72 44 72.000frs 44.000frs
2 Bongwong Bruno 72 44 72.000frs 44.000frs
3 Akomoneh Elvis Achondou 72 44 72.000frs 44.000frs
4 Nugang Clement Devalla 72 44 72.000frs 44.000frs
5 Nyukechen Henry Tambe 72 44 72.000frs 44.000frs
6 Ukum Susan Ubenoh 72 44 72.000frs 44.000frs
7 Keji Elvis Ngum 72 44 72.000frs 44.000frs
8 Mbah Emmanuel Teke 72 44 72.000frs 44.000frs
9 Mrs Makaka Catherine 72 44 72.000frs 44.000frs
Mojoko
10 Rev. Oben Agbor Shalman 72 44 72.000frs 44.000frs
11 Takang Kelly 72 44 72.000frs 44.000frs
12 Nformi Lawrence Foncha 72 44 72.000frs 44.000frs
13 Elisbeth Wintoh 72 44 72.000frs 44.000frs
14 Nformi Doris Jaja 72 44 72.000frs 44.000frs
15 Tatah Franklin N. 72 44 72.000frs 44.000frs
16 Massa Ernest Massa 72 44 72.000frs 44.000frs
17 Fonkou Narcisse 72 44 72.000frs 44.000frs
18 Kongnyuy Elvis Shohnyuy 72 44 72.000frs 44.000frs
19 Ndzi Roland Ndzi 72 44 72.000frs 44.000frs
20 Bessem Constance Ako 72 44 72.000frs 44.000frs
21 Ngoh Bernadette 72 44 72.000frs 44.000frs
22 Mayoh Nicholeen 72 44 72.000frs 44.000frs
23 Wirba Mariyamu Leinyuy 72 44 72.000frs 44.000frs
24 Dion Epotie Roseline 72 43 72.000frs 43.000frs
25 Mekumba Bobeh Diana 72 43 72.000frs 43.000frs
26 Akat Heroine Ma-Ndip 72 43 72.000frs 43.000frs
27 Nformi Brigette Mengla 72 43 72.000frs 43.000frs
42
28 Ngando Zackari Bantar 72 43 72.000frs 43.000frs
29 Arreybesong Ako Ettah 72 43 72.000frs 43.000frs
30 Metuge Queendoline Ahone 72 43 72.000frs 43.000frs
31 Lizette Agbor 72 43 72.000frs 43.000frs
32 Agwotah Mercy Anoasoh 72 43 72.000frs 43.000frs
33 Thelma Agbor Manyor 72 43 72.000frs 43.000frs
34 Mildred Bozip Tata 72 43 72.000frs 43.000frs
35 Marievon Mbenda Mondoa 72 43 72.000frs 43.000frs
36 Francis Fonyuy Tukov 72 43 72.000frs 43.000frs
37 Sone Metuge Princely 72 43 72.000frs 43.000frs
38 Ndifor Donabella Ornella 72 43 72.000frs 43.000frs
Muyang
39 Ambeno Pauline Enoh 72 43 72.000frs 43.000frs
40 Kongla Nicoline Ndzenyuy 72 43 72.000frs 43.000frs
41 Amingwa Solange Agendia 72 43 72.000frs 43.000frs
42 Mesembe Melody Wasa 72 43 72.000frs 43.000frs
43 Mesembe Praise Kongo 72 43 72.000frs 43.000frs
44 Atem Lawo Clauvis Lawo 72 43 72.000frs 43.000frs
45 Mbong Blandine Dienya 72 43 72.000frs 43.000frs
46 Abia Claudine 72 43 72.000frs 43.000frs
47 Dengha Henrietha Ndesi 72 43 72.000frs 43.000frs
48 Nkumbe Render Mambo 72 43 72.000frs 43.000frs
49 Ngeh Miranda 72 43 72.000frs 43.000frs
50 Igelle Daniel Akiande 72 43 72.000frs 43.000frs
51 Kiti Augustine Kehmoa 72 43 72.000frs 43.000frs
52 Brenda Neh Nganu 72 43 72.000frs 43.000frs
53 Pauline Nchong Ako 72 43 72.000frs 43.000frs
54 Shaline Kongla 72 43 72.000frs 43.000frs
55 Ajebe Emade Louvis 72 43 72.000frs 43.000frs
56 Bisong Marie Ashu 72 43 72.000frs 43.000frs
57 Etonde Juliette Nalionge 72 43 72.000frs 43.000frs
58 Thomson TABI TARH. 72 43 72.000frs 43.000frs
59 Ngeh Miranda 72 43 72.000frs 43.000frs
60 Dobganga Nkeih Sergius 72 43 72.000frs 43.000frs
61 Ngong Remillard Gwe 72 43 72.000frs 43.000frs
62 Veronique Shiyghan 72 43 72.000frs 43.000frs
43
63 Limunga Marrien Wose 72 43 72.000frs 43.000frs
64 Arthur Laura Tinife 72 43 72.000frs 43.000frs
65 Mbong Blandine Dienya 72 43 72.000frs 43.000frs
66 Kongnyuy Gloria Wiymanla 72 43 72.000frs 43.000frs
67 Ega Enyowe Mbonde Otto 72 43 72.000frs 43.000frs
68 Chia Nadine Nayah 72 43 72.000frs 43.000frs
69 Victorine Nyando Babeyaka 72 43 72.000frs 43.000frs
70 Mary Mojoko Mondoa 72 43 72.000frs 43.000frs
71 Mercy Diyale Sakwe 72 43 72.000frs 43.000frs
72 Larisa Nchou 72 43 72.000frs 43.000frs
73 Stephenizac Ndive Nduka 72 43 72.000frs 43.000frs
74 Mbu Catherine 72 43 72.000frs 43.000frs
75 Ruth Mohamadou Djumai 72 43 72.000frs 43.000frs
Njumbe
76 Asongtia Cynthia 72 43 72.000frs 43.000frs
77 Emilia Efeti Mokoko 72 43 72.000frs 43.000frs
78 Mbi Fostine Agbor 72 43 72.000frs 43.000frs
79 Ebsiy Bamah Etienne 72 43 72.000frs 43.000frs
80 Nseme Jasinta Mesang 72 43 72.000frs 43.000frs
81 Ega Enyowe Mbonde Otto 72 43 72.000frs 43.000frs
82 Ebot Nkwo Frida Ekpah 72 43 72.000frs 43.000frs
83 Mukete Ba-Iya Nadege 72 43 72.000frs 43.000frs
84 Besingi Canicia Tongwe 72 43 72.000frs 43.000frs
85 Wirkom Maryline Yefon 72 43 72.000frs 43.000frs
86 Metuge Mponge Victoire 72 43 72.000frs 43.000frs
87 Belucia Ambo Adam 72 43 72.000frs 43.000frs
88 Kassy Tewang Afanga 72 43 72.000frs 43.000frs
89 Ngamti Emelda Atsimbom 72 43 72.000frs 43.000frs
90 Kome Lucy Ntube 72 43 72.000frs 43.000frs
91 Njobam Fidele Nkinin Leinyuy 72 43 72.000frs 43.000frs
92 Mbotiji Mccoist 72 43 72.000frs 43.000frs
93 Forsong Sylvian Aleanu 72 43 72.000frs 43.000frs
94 Mbeng Bibiana Ebot 72 43 72.000frs 43.000frs
95 Ntong Ebainyor Beri Marion 72 43 72.000frs 43.000frs
96 Besong Brandon Mbu-Ayuk 72 43 72.000frs 43.000frs
97 Itie Corine Nasare 72 43 72.000frs 43.000frs
44
98 Apah Patience Manyia 72 43 72.000frs 43.000frs
99 118037822 72 43 72.000frs 43.000frs
100 Mbe Anbi Yoambuo 72 43 72.000frs 43.000frs
101 Ngala Nancy Berinyui 72 43 72.000frs 43.000frs
102 Njemo Agnes Olenge E. 72 43 72.000frs 43.000frs
103 Malvreen Njowe 72 43 72.000frs 43.000frs
104 Yisa Albert Nsom 72 43 72.000frs 43.000frs
105 Chu Getrad Ebai 72 43 72.000frs 43.000frs
106 Moum Laura Che 72 43 72.000frs 43.000frs
107 Enjema Sophie Mondoa 72 43 72.000frs 43.000frs
108 Lesley Namondo Njoke 72 43 72.000frs 43.000frs
109 Ebota Rachel Eyong 72 43 72.000frs 43.000frs
110 Susie Nana Ngassa Aime 72 43 72.000frs 43.000frs
111 Ntoh Ngulle 72 43 72.000frs 43.000frs
112 Enowmpey Besong Tabe Etchi 72 43 72.000frs 43.000frs
113 Etarock Thierry Agbor 72 43 72.000frs 43.000frs
114 Monjowa Cecilia Ewome 72 43 72.000frs 43.000frs
115 Akoacha Pascaline Bejialefe 72 43 72.000frs 43.000frs
116 Nwunge Comfort Ferenya 72 43 72.000frs 43.000frs
117 Njafuh Natasha Afiandem 72 43 72.000frs 43.000frs
118 Tabembock Roseline 72 43 72.000frs 43.000frs
Asu
119 Fomune Beltine Lekuna 72 43 72.000frs 43.000frs
120 Agbor Veroline Takang 72 43 72.000frs 43.000frs
121 Wirba Petrina Berinyuy 72 43 72.000frs 43.000frs
122 Talimeta Memodjeu Darelle 72 43 72.000frs 43.000frs
Corg
123 Bisong Ledwin Ashu 72 43 72.000frs 43.000frs
124 Kain Solange 72 43 72.000frs 43.000frs
125 Ayong Noelyne 72 43 72.000frs 43.000frs
126 Mtain Jezelle Zueh 72 43 72.000frs 43.000frs
127 Fonacho Telma Adojeh 72 43 72.000frs 43.000frs
128 Effoe Mary Mbinde 72 43 72.000frs 43.000frs
129 Liza Mene Nanje 72 43 72.000frs 43.000frs
130 Ene Gisele 72 43 72.000frs 43.000frs
131 Wane Ekume Marion 72 43 72.000frs 43.000frs
45
132 Ngole Mac-Collins Nyome 71 43 72.000frs 43.000frs
133 Njofie Meveille Asongkeng 71 43 72.000frs 43.000frs
134 Christina Limunga Ndeli 71 43 72.000frs 43.000frs
135 Nanyongo Emilia Elive 71 43 72.000frs 43.000frs
136 Igono Egole Constantine 71 43 72.000frs 43.000frs
Naelle Stella
137 Defang Asonganyi Celia 71 43 72.000frs 43.000frs
138 Amba Larisa Owi 71 43 72.000frs 43.000frs
139 Fuuh Courage Nketih 71 43 72.000frs 43.000frs
TOTAL 10.000 6.000 10.000.000frs 6.000.000frs
Done at: Bonduma in Buea Sub Division; on the 20th October, 2022.
46

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REPUBLIC OF CAMEROON REPUBLIQUE DU CAMEROUN

PEACR -WORK –FATHERLAND PAIX-TRAVAIL-PATRIE

NKWA COOPERATIVE CREDIT UNION

C/o P.O.Box 60, Buea.

Article 3: HEAD OFFICE

Article 4: AREA OF JURISDICTION

Article 5: OBJECTIVES SHALL BE:

Article 6: ALTERATION OF OBJECTIVE CLAUSES

The objective clauses may be altered to:

ARTICLE 7: COOPERATIVE AND GOVERNANCE PRINCIPLES

ARTICLE 8: ACTIVITIES OF THE COOPERATIVE SOCIETY

The secondary activities of the cooperative society include:

ARTICLE 10: COMMON BOND AND CONDITIONS TO QUALIFY AS A

ARTICLE 11: PROCEDURE FOR ADMISSION

ARTICLE 12: MEMBERSHIP REGISTER.

ARTICLE 13: RIGHTS AND OBLIGATIONS OF MEMBERS

A) THE RIGHTS/BENEFITS OF MEMBERS

B) OBLIGATION (DUTIES) OF MEMBERS

ARTICLE 14: TERMINATION OF MEMBERSHIP

B) CONDITIONS AND PROCEDURES FOR EXPULSION

III) Renewal of Membership:

Chapter 3: Sources of Fund

ARTICLE 16: USE OF FINANCIAL RESOURCES

ARTICLE 18: CHANGE IN CAPITAL

ARTICLE 19: SOCIAL SHARE

ARTICLE 20: SHARE CANCILATION AND REFUND

ARTICLE 21: FINANCIAL RESPONSIBILITY OF COOPERATORS:

ARTICLE 22: SAVINGS

ARTICLE 23: DEPOSIT

ARTICLE 24: LOANS TAKEN BY THE COOPERATIVE

ARTICLE 25: USE OF FUNDS

ARTICLE 26: RESERVES AND EDUCATIONAL FUNDS

ARTICLE 27: LOANS TO MEMBERS

Chapter 4: ORGANS AND THEIR FUNCTIONING

ARTICLE 28: ORGANS OF THE COOPERATIVE

ARTICLE 29: QUORUM:

ARTICLE 30: EDUCATIONAL GENERAL MEETING (EGM):

ARTICLE 30: QUORUM

B. The Board of Directors:

ARTICLE 32: ELIGIBILITY TO THE BOARD

ARTICLE 33: RESPONSIBILITIES

ARTICLE 34: CONVENING AND DELIBERATION OF THE BOD

ARTICLE 35: MINUTES OF THE BOARD MEETING

ARTICLE 37: RESPONSIBILITIES OF THE CHAIRMAN OF THE BOARD OF

ARTICLE 38: GRATUITY OF FUNCTION

ARTICLE 39: DEFINITION

ARTICLE 40: INCOMPATIBILITIES

ARTICLE 41: RESPONSIBILITIES

ARTICLE 43: OPERATION

ARTICLE 44: GRATUITY OF FUNCTION

ARTICLE 45: VARIOUS COMMITTEES

E) PROMOTION COMMITTEE FOR BRANCH:

ARTICLE 46: APPOINTMENT AND TERM OF OFFICE

ARTICLE 47: DUTIES AND REMUNERATION OF THE MANAGER

ARTICLE 48: ELECTIVE POSTS

ARTICLE 49: ELECTION CRITERIA

Chapter 6: Delegates at the meeting

ARTICLE 50: LENGTH OF THE MANDATORY

ARTICLE 51: ALLOCATION OF DELEGATES

ARTICLE 52: REPLACEMENT OF DELEGATE

ARTICLE 53: FINANCIAL LIABILITY

ARTICLE 54: FINANCIAL YEAR

ARTICLE 55: ACCOUNTING AND FINANCIAL STATEMENT