FGMPCS
Cooperative Constitution
The governing document of Favoured Growers Multi Purpose Cooperative Society.
Preamble
We, the members of Favoured Growers Multi Purpose Cooperative Society, united by a common desire to promote economic empowerment, collective savings, and mutual prosperity, do hereby adopt and establish this Constitution as the supreme governing instrument of our Society. We commit to operate in accordance with the cooperative principles of voluntary membership, democratic governance, economic participation, autonomy, education, cooperation, and concern for community.
Article I – Name and Office
The organisation shall be known as Favoured Growers Multi Purpose Cooperative Society (hereinafter referred to as "FGMPCS" or "the Society"). The registered office of the Society shall be situated at an address to be determined by the Board of Directors and duly registered with the appropriate cooperative authority.
Article II – Objectives
The Society is established for the following objectives: (a) To promote the economic and social welfare of its members through collective savings and investment. (b) To receive and manage members' savings and contributions in a transparent and accountable manner. (c) To provide financial assistance to members in the form of loans, grants, or cooperative benefits as determined by the Governing Body. (d) To foster a spirit of unity, mutual trust, and cooperation among members. (e) To engage in any lawful economic activity that promotes the interests of its members and the cooperative movement.
Article III – Membership
3.1 Eligibility. Membership of the Society shall be open to any individual who meets the criteria established by the Governing Body, subscribes to the objectives of the Society, and agrees to abide by this Constitution and all rules and regulations made thereunder. 3.2 Application. Any person wishing to become a member shall complete and submit a membership application form. Admission of new members is subject to approval by the Governing Body. 3.3 Rights of Members. Every member in good standing shall have the right to attend and vote at general meetings, access cooperative services, and receive a statement of their account. 3.4 Obligations of Members. Every member shall pay their contributions promptly, abide by this Constitution and all resolutions of the Society, and act in the best interests of the cooperative. 3.5 Cessation of Membership. Membership shall cease upon written resignation, death, or expulsion for conduct detrimental to the Society. A member who resigns or is expelled shall be entitled to a refund of their balance after deduction of any outstanding obligations.
Article IV – Contributions and Savings
4.1 Members shall make regular contributions as determined by the Governing Body from time to time. 4.2 All contributions shall be evidenced by official receipts or electronic acknowledgement and shall be credited to the member's individual account. 4.3 The minimum and maximum contribution amounts, frequency, and methods of payment shall be prescribed in the bylaws or internal regulations and communicated to all members. 4.4 No contribution shall be deemed received until verified and approved by an authorised officer of the Society.
Article V – Governing Body
5.1 The affairs of the Society shall be managed by a Governing Body consisting of elected officers including, but not limited to: President, Vice President, Secretary, Treasurer, and such other officers as may be determined by the members at a general meeting. 5.2 Members of the Governing Body shall be elected at the Annual General Meeting for a term as prescribed in the internal regulations. 5.3 The Governing Body shall meet as often as necessary to conduct the business of the Society and shall be quorate when a majority of its members are present. 5.4 The Governing Body shall have the authority to make rules and regulations for the management of the Society's affairs, consistent with this Constitution.
Article VI – General Meetings
6.1 The Annual General Meeting (AGM) shall be held once each year at a time and place fixed by the Governing Body, with adequate notice given to all members. 6.2 An Extraordinary General Meeting (EGM) may be convened by the President or upon written request of not fewer than one-third of the total membership. 6.3 The quorum for any general meeting shall be one-half of the total membership or such other number as may be determined by the Governing Body.
Article VII – Finances and Accounts
7.1 The financial year of the Society shall run from January 1 to December 31 of each year. 7.2 The Society shall maintain proper books of account and financial records in accordance with generally accepted accounting principles. 7.3 The accounts of the Society shall be audited annually by a qualified auditor appointed by the Governing Body. 7.4 No expenditure above a limit prescribed by the Governing Body shall be incurred without the approval of the Governing Body or the general meeting, as appropriate.
Article VIII – Dissolution
The Society may be dissolved by a resolution passed by not fewer than two-thirds of the members present and voting at a special general meeting convened for that purpose. In the event of dissolution, the assets of the Society shall be applied first to the discharge of all liabilities, and any remaining assets shall be distributed among members in proportion to their contributions, or donated to a cooperative or charitable organisation as determined by the members at the dissolution meeting.
Article IX – Amendments
This Constitution may be amended by a resolution passed by not fewer than two-thirds of the members present and voting at a general meeting, provided that the proposed amendment has been circulated to all members not less than 21 days before the meeting.
Favoured Growers Multi Purpose Cooperative Society · FGMPCS
This document is the foundational constitution of the Society. Last reviewed and adopted by the membership.