THE RULES OF

BANK OF TANZANIA RETIREES ASSOCIATION (BOTRA)

PART 1 - PRELIMINARY

1.1  Name

The name of the Association is “BANK OF TANZANIA RETIREES ASSOCIATION (BOTRA)”

1.2  Purposes

a)    To bring together all BOT retirees irrespective of their years of retirement and continue to communicate and interact among themselves;

b)    To provide a forum for its members for discussion, formulation of strategies and medium for dissemination of information pertaining to the development of members.

c)    To develop a BOT retirees’ Web Page which shall be used to serve as a resource center,

data base for BOT retirees, discussion forum and link members to retirees’ programs.

d)    To collaborate and establish relationships nationally and internationally with other Retirees association/or Associations involved indirectly with retirees in  order  to promote cooperation and networking;

e)    To raise fund and receive donations of both movable and immovable property and to make appeals to the public for the same in pursuit of the objects of the association.

f)     To purchase and own land, buy property and dispose them, borrow money for the purpose of furthering the objects for which the Association is established.

g)    To do all transactions as may be deemed necessary for the furtherance of the above objectives.

1.3  Financial year

The financial year of the Association shall commence on 1st January and end on 31st December of the Calendar Year.

PART 2—POWERS OF ASSOCIATION

2.1  Powers of Association

2.1.1   Subject to the Constitution, the Association has power to do all things incidental or conducive to achieving its purposes.

2.1.2  The Association may—

(a)   Acquire, hold and dispose of real or personal property;

(b)   Open and operate accounts with financial institutions;

(c)   Invest its money in any security in which trust monies may lawfully be invested;

(d)    Raise and borrow money on any terms and in any manner as it thinks fit;

(e)   Secure the repayment of money raised or borrowed, or the payment of a debt or liability;

(f)   Enter into any other contract it considers necessary or desirable.

2.1.3   The Association may only exercise its powers and use its income and assets (including any surplus) for its purposes.

PART 3—MEMBERS, DISCIPLINARY PROCEDURES AND CONFLICT RESOLUTIONS

3.1  Membership

The Association must have at least 10 members.

3.2  Who is Eligible to be a Member.

Membership of the ASSOCIATION shall be open to any applicant as stipulated in Article 4 (1) of the Constitution.

3.3  Application for Membership

3.3.1  to apply for a Membership of the Association, a person must submit a written application to the Executive Committee stating that the person:

(a)  Wishes to become a member of the Association

(b)  Supports the purposes of the Association

(c)  Agrees to comply with these Rules.

(d)  The application must be signed by the applicant.

(e)  The application shall be accompanied by Membership Fee of TZS 200,000.

3.3.2  Consideration of Application

(a)   As soon as practicable after an application for membership is received, the Executive Committee must decide by resolution whether to accept or reject the application.

(b)   The Executive Committee must notify the applicant in writing of its decision as soon as practicable after the decision is made.

(c)   If the Executive Committee rejects the application, it must return any money accompanying the application to the applicant.

3.4  New membership

3.4.1  When Application for Membership is approved by the Executive Committee—

(a)    The resolution for membership must be recorded in the Minutes of the relevant Executive Committee Meeting; and

(b)    The Secretary must, as soon as practical, enter personal information as required by the Association in the Register of Members.

(c)  The New Member of the Association is entitled to exercise his or her rights of membership from the date of approval of Membership

.                     (d) The subscription fees for new members who join the Association after the start of the financial year shall be determined by the Executive Committee on pro rata basis.

3.5  Annual Subscription and Membership Fee

At each Annual General Meeting (AGM), the Association must determine: (a)Amount of the annual subscription fee (if any) for the following financial year,

(b)Payment of the annual subscription fee shall be made on monthly, quarterly or annul one- time payment,

3.6  General rights of members

3.6.1  A member of the Association is entitled to the following rights:

(a)    to receive notice of AGM and of proposed special resolutions in the manner and time prescribed by these Rules;

(b)    to submit items of business for consideration at the AGM;

(c)   to attend and be heard at AGM; and

(d)    to vote at the AGM

(e)   to have access to the Minutes of AGMs and other documents of the Association as provided by these Rules; and

(f)   to inspect the Register of Members.

(g)    Membership rights are not suspended for any reason.

(h)    Membership rights are not transferable and they end when membership ceases.

3.6.2  Ceasing membership

(a)   The membership ceases on member’s resignation, expulsion or death.

(b)   If a person ceases to be a member of the Association, the Secretary must, as soon as practicable, enter the date the person ceased to be a member in the Register of Members.

3.6.3  Resigning as a Member

(a)   A member may resign by Notice in writing given to the Association in the modality stipulated by these Rules.

(b)   A member is taken to have resigned if—the member's monthly subscription is more than 3 months in arrears; or

(c)  Secretary shall send a reminder note to the member and requesting a response in writing within one month; explaining the reasons for the delayed payments and commitment to clear the arrears, in order to remain a member.

3.6.4  Register of Members

The Secretary must keep and maintain a Register of Members that includes:

(a)   Member's name;

(b)   Address;

(c)   Date of becoming a member and type of Membership;

(d)   Any other information required by the Executive Committee;

(e)  Date of ceasing of Membership when applicable.

(f)   Access to personal information recorded in the Register of Members shall be restricted.

(g)  It shall be an offence to make improper use of information obtained from the Register of Members.

3.7  Disciplinary action

3.7.1  Grounds for taking disciplinary action

The Association may take disciplinary action against a member who:

(a)  Fails to comply with these Rules;

(b)    Sabotages the Objectives of the Association;

(c)   Engages in activities prejudicial to the Association.

3.7.2  Disciplinary Subcommittee

(a)   If the Executive Committee is satisfied that there are sufficient grounds for taking disciplinary action against a member, the Executive Committee must appoint a Disciplinary Subcommittee to hear the matter and determine what  action, if any, to take against the member.

(b)   Members of the Disciplinary Subcommittee—

(i)  Shall be members of the Association or any competent person recommended by the Executive Committee to AGM for approval.

(ii)  Must not have conflict of interest with the member concerned.

3.7.3  Notice to Members

Before disciplinary action is taken against a member, the Secretary must give written notice to the member in dispute stating the following:

(a)    The Association proposes to take disciplinary action against the member;

(b)    Stating the grounds for the proposed disciplinary action;

(c)   Specifying the date, place and time of the meeting at which the disciplinary subcommittee intends to consider the disciplinary action (the disciplinary meeting);

(d) Setting out the member's appeal rights.

(e)   Advising the member that he or she may do one or both of the following:

(i)   Attend    the    disciplinary   meeting    and    address    the    disciplinary subcommittee at that meeting;

(ii)   Give a written statement to the disciplinary subcommittee at any time before the disciplinary meeting;

(f)The notice must be given not earlier than 28 days, and not later than 14 days, before the disciplinary meeting is held.

3.8  Decision of the Disciplinary Subcommittee

3.8.1  At the meeting, the Subcommittee must:

(a)Give the member an opportunity to be heard;

(b) Consider any written statement submitted by the member.

(c)   After complying with sub rule (a) and (b) above, the disciplinary subcommittee may:

(i)   Take no further action against the member;

(ii)   Reprimand the member;

(iii)  Suspend the membership rights of the member for a specified period; or

(iv)  Expel the member from the Association.

(v)  The disciplinary subcommittee may not fine the member.

(d)    The suspension of membership rights or the expulsion of a member by the disciplinary subcommittee under this rule takes effect immediately after the vote is passed.

3.9  Appeal Rights

3.9.1    A person whose membership rights have been suspended or who  has  been expelled from the Association may give notice to the effect that he or she wishes to appeal against the suspension or expulsion, immediately after the vote.

(a)   The notice must be in writing and submitted to the Secretary within 48 hours after the vote to suspend or expel the person is taken.

(b)   The disciplinary appeal meeting must be convened by the Executive Committee as soon as practical, but in any event not later than 21 days, after the notice is received.

(c)  Notice of the disciplinary appeal meeting must be given to members of the Executive Committee specifying:

(i)  Date, time and venue of the meeting

(ii)  Name of the person against whom the disciplinary action is due

(iii)  The grounds for taking that action

3.9.2  Conduct of Disciplinary Appeal Meeting

(a)At a disciplinary appeal meeting, the only Agenda shall be the appeal case at hand.

(b)   The person whose membership has been suspended or who has been expelled must be given an opportunity to be heard.

(c)   After (b) above, the members present must vote by secret ballot whether the revoke or uphold the decision to suspend or expel the person.

(4) The decision is upheld if not less than three quarters of the members voting at the meeting vote in favour of the decision.

3.10  Conflict Resolution Procedure

3.10.1  The Conflict Resolution Procedure applies to disputes between:

(a)    a member and another member;

(b)    a member and the Executive Committee;

(c)   a member and the Association.

(d)   A member must not initiate resolution procedure in relation to a matter that is the subject of a disciplinary procedure until the disciplinary procedure has been completed.

(e)    The parties to a dispute must attempt to resolve the dispute between themselves within 14 days of the dispute.

3.10.2  Referring the Dispute to the Disciplinary Subcommittee

If the parties to a dispute are unable to resolve the dispute between them within the time specified above, the parties must:

(i)   Notify the disciplinary subcommittee of the dispute; and

(ii)   Attempt in good faith to settle the dispute by mediation.

3.10.3  Resolution Process

(a)    In conducting the mediation, the subcommittee must give each party an opportunity to be heard and;

(b)  Allow due consideration of any written statements submitted by any party.

(c)   The subcommittee shall ensure that natural justice is accorded to the parties throughout the mediation process.

(d)  If the disciplinary subcommittee fails to resolve the dispute, the Executive Committee shall resolve the dispute.

(e)  If the Executive Committee fails, and the matter is potentially destructive of the well being of the Association, it should be forwarded to the AGM or Special General Meeting.

PART 4—ANNUAL GENERAL AND SPECIAL MEETINGS OF THE ASSOCIATION

4.1  Annual General Meetings (AGM)

(a)   The Executive Committee must convene an AGM of the Association in the month of March;

(b)   The Executive Committee shall determine the date, time and Venue of the AGM.

(c)   The ordinary business of the AGM include:

(i)   Confirm the Minutes of the previous AGM and of any special general meeting held since then;

(ii)   Receive and consider the annual report of the Executive Committee on the activities of the Association during the preceding financial year;

(iii)  Receive and consider the Association’s Budget and approve Auditors.

(iv)    Consider the financial statements of the Association for the preceding financial year submitted by the Executive Committee.

(v)    Elect   the    members    of   the    Executive   Committee    as    guided    by   the Constitution.

(vi)  Confirm or vary the amounts (if any) of the annual subscription and membership fee.

(vii) Conduct any other business of which notice has been given in accordance with these Rules.

4.2  Notice of Annual General Meetings

The Secretary must give Notice to each member of the Association through an appropriate media and observe the following:

(a)    The Notice must be given at least 28 days before the date of the meeting, if a special resolution is to be proposed at the meeting; and

(b)     at least 14 days' notice of a general meeting in any other case.

(c)  The Notice must specify the date, time and Venue of the meeting and,

(d)    Indicate the AGENDA to be considered at the meeting

(e)    If a special resolution is to be proposed, the Notice should state in full the proposed resolution and the objective of the proposed resolution.

4.3  Proxies

(1)   A member may appoint another member as his or her proxy to vote and speak on his or her behalf at a general meeting other than at a disciplinary appeal meeting.

(2)   The appointment of a proxy must be in writing and signed by the member making the appointment.

(3)   The member appointing the proxy  may give specific directions as to how the proxy is to vote on his or her behalf, otherwise the proxy may vote on behalf of the member in any matter as he or she sees fit.

(4)   The Executive Committee shall prepare  a form for the appointment  of a proxy that members may use.

(5)   A form appointing a proxy must be submitted to the Chairperson of the Meeting at least 24 hours before the commencement of the meeting.

(6)   A proxy sent by post or electronically is of no effect unless the Chairperson receives it not later than 24 hours before the commencement of the meeting.

4.4  Special General Meetings

(a)   Any general meeting of the Association, other than an AGM or a Disciplinary Appeal Meeting, is a Special General Meeting.

(b)   The Executive Committee may convene a special general meeting whenever it is necessary.

(c)   No business other than that set out in the Notice may be conducted at the meeting;

(d)   The Executive Committee must convene a special general meeting requested by members and if a request to do so is made in accordance with sub rule (b) above.

(e)  A request for a special general meeting by members must:

(i)   Be in writing and to include the names and signatures of the members requesting the meeting

(ii)  Submit the request to the Executive Committee

(iii) State the issues/matters to be considered at the special meeting and any resolutions to be proposed

(iv)  The Executive Committee must convene the special meeting within 3 months after the date of receiving the request.

4.5  Use of Technology

(a)   A member not physically present at a general meeting shall be permitted to participate in the meeting by the use of technology that allows all members to clearly and simultaneously communicate with each other.

(b)   For the purposes of this Part, a member participating through technology is taken to be present at the meeting and thus if members vote at the meeting, the member is taken to have voted in person.

4.6  Quorum at General Meetings

(a)   No business may be conducted at a general meeting unless a quorum of members is present.

(b)   The quorum for a general meeting is the presence (physically, by proxy or through technology) of 2/3 of members entitled to vote.

(c)   The meeting shall be adjourned, if a quorum is not present within 30 minutes after the notified commencement of the meeting.

(d)   The Executive Committee shall set a new date for the meeting in agreement with members who are present at the dissolved meeting.

(e)  In any case, the date for the next meeting must not be more than 21 days after the adjournment

(f)   Notice of the date, time and place for the next meeting must be given at the meeting and confirmed  by written notice given to all members as soon as practicable after the meeting.

4.7  Adjournment of General Meetings

(a)   The Chairperson of a general meeting at which a quorum is present may, with the consent of majority of members present at the meeting, adjourn the meeting to another time at the same place or at another place due to the following:

(i)   if there is insufficient time to deal with the remaining business at hand

(ii)   to give the members more time to consider an item of business especially if the members wish to have more time to examine the item such as financial statements submitted by the Executive Committee at an AGM.

(b)   No business may be conducted on the resumption of an adjourned meeting other than the business that remained unfinished when the meeting was adjourned.

(c)   Notice of the adjournment of a meeting under this rule is not required unless the meeting is adjourned for 14 days or more, in which case notice of the meeting must be given in accordance with the relevant rule.

4.8  Voting at General Meetings

(a)  Each member who is entitled to vote has one vote

(b)  Members may vote personally or by proxy

(c)   Except in the case of a special resolution, the matter must be decided on a majority of votes.

(d)    If votes are divided equally, the Chairperson of the meeting has a second or casting vote.

(e)In case of confirming the Minutes of a previous meeting, only members who were present at that meeting shall vote.

4.9  Special Resolutions

(a)  A special resolution is passed if at least three quarters of the voting members are in favour of the resolution.

(b)  In addition to certain matters specified in the Constitution, a special resolution is required:

(i)To remove an Executive Committee member from office (

(ii)To alter these Rules, including changing the name or any of the purposes of the Association.

(c ) An entry of the Resolution in the Minutes of the meeting is a conclusive proof of adoption of the same.

4.10  Minutes of General Meetings

(a)The Executive Committee must ensure that Minutes are properly recorded for each general meeting.

(b)    Minutes shall also include Financial Statements submitted to members for discussions in the AGM, and

(c)   Any audited accounts and Auditor's Report or report of a review accompanying the Financial Statements that are required under the Constitution.

PART 5—EXECUTIVE COMMITTEE AND ASSOCIATION LEADERSHIP

5.0  Powers of Executive Committee

5.1  Role and Powers

(a)      The business of the Association shall be managed by or under the direction of an Executive Committee.

(b)      The Executive Committee may exercise all the powers and functions of the Association except those powers specified to be exercised by the AGM.

(c)     The Executive Committee may:

(i)   Appoint and remove staff;

(ii)   Establish subcommittees consisting of members with terms of reference it considers appropriate.

5.2  Delegation

(a)      The Executive Committee may delegate to a member of the Committee, a subcommittee or staff, any of its powers and functions other than:

(i)   the power of delegation; or

(ii)   a duty imposed on the Executive Committee by the Constitution

(b)      The delegation must be in writing and may be subject to the conditions and limitations as appropriate.

(c)     The Committee may, in writing, revoke a delegation wholly or in part.

5.3  Composition of Leadership/Management

5.3.1  Composition of Leaders

The association consists of—

a)    Chairman

b)    Vice Chairman

c)    Secretary General

d)    Assistant Secretary General

e)    Treasurer

5.3.2  General Duties

(a)   The Leaders are collectively responsible for ensuring that the  Association complies with the Constitution and that individual members of the Executive Committee comply with these Rules.

(b)   Leaders must exercise their powers and discharge their duties with  reasonable care and diligence.

(c)   Leaders must exercise their powers and discharge their duties in the best interests of the Association; and

(d)    In addition to any duties imposed by these  Rules,  Leaders  must perform any other duties imposed from time to time by resolution at a general meeting.

5.4  Chairperson and Vice-Chairperson

(a)      In the absence of the Chairman, President's absence, the Vice-Chair becomes the Chairperson for general meetings and for any executive committee meetings.

(b)      If the Chairperson and the Vice-Chair are both absent, the Chairperson of the meeting shall be a member elected by other members present for the meeting

5.5  Secretary General

(a)      The Secretary must perform duties or functions as stipulated under the Constitution.

(b)      The Secretary is responsible for lodging documents of the Association with the Registrar.

(c)     The Secretary must also:

(i)   Maintain and update the Register of Members

(ii)   Keep custody of the common seal (if any) of the Association, all Association books, documents and securities

(iii)  Facilitate access to the Register of Members, and the Minutes of Association meetings

(iv) Perform any other duty or function imposed on the Secretary by the Association.

(v)   The Secretary must inform the Registrar about his or her appointment within 14 days after the appointment.

5.6  Treasurer

The Treasurer must:

(a)       Receive all moneys paid to or received by the Association and issue receipts for those moneys in the name of the Association

(b)       Ensure that all moneys received are paid into the Bank Account of the Association within 5 working days after receipt

(c)      Make any payments authorised by the Executive Committee or by an AGM from the Association's funds

(d)       Ensure cheques are signed by at least 2 Executive Committee members/signatories.

(e)      Ensure that the financial records of the Association are kept in accordance with the Constitution; and

(f)      Coordinate the preparation of the financial statements of the Association and their certification by the Executive Committee prior to their submission to the AGM.

(g)     The Treasurer must also ensure that at least one other member of Executive Committee has access to the accounts and financial records of the Association at all times.

5.7  Election of Leaders and Tenure of Office

(a)      Any member is eligible to be elected or appointed to fill vacancies as per competence declared by the Executive Committee.

(b)    A member who is nominated for a position and fails to be elected to that position may be nominated for any other position for which an election is yet to be held.

(c) At the AGM, separate elections must be held for each of the following positions— (i)Chairperson

(ii)Vice Chairperson (iii)Secretary General (iv)Assistant Secretary General (v)Treasurer

(d)     If only one member is nominated for the position, the election Committee must declare the member elected to the position.

(e) If more than one member is nominated, a ballot must be held to elect one for the position

5.8  Ballot and Proxy

(a)      If a ballot is required for the election for a position, the Chairperson of the meeting must appoint a member to act as returning officer to conduct the ballot.

(b)      The returning officer must not be a member nominated for the position.

(c)Before the ballot is taken, each candidate shall make a short speech in support of his or her election.

(d)       The election must be by secret ballot or proxy.

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(e)      The returning officer must declare elected the candidate or, in the case of an election for more than one position, the candidates who received the most votes.

(f)      If the returning officer is unable to declare the result of an election under to 2 or more candidates receiving the same number of votes, the returning officer must:

(i)   Conduct a further election for the position to decide which of those candidates is to be elected or

(ii)   In agreement of those candidates, decide a method such as tossing of a coin, drawing a name from a box - to be used instead of further election.

5.9  Term of Office

(a)      a committee member holds office until the positions of the Executive Committee are declared vacant at the next AGM.

(b)      A committee member may be re-elected.

(c)     A general meeting of the Association may—

(i)   By special resolution remove a committee member from office; and

(ii)   Elect an eligible member of the Association to fill the vacant position

(d)       A member who is the subject of a proposed special resolution may make Presentations in writing to the Secretary or Chairperson of the Association (not exceeding a reasonable length) and may request that the  Presentations  be provided to the members of the Association.

(e)      The Secretary or the Chairperson may give a copy of the Presentations to each member of the Association or, if they are not so given, the member may require that they be read out at the meeting at which the special resolution is to be proposed.

5.10  Vacation of Office

(a)      A Leader may resign from the Committee by written notice addressed to the Executive Committee.

(b)      A person ceases to be a committee member if he or she—

(i)   Ceases to be a member of the Association; or

(ii)   Fails to attend 3 consecutive committee meetings (other than special  or urgent committee meetings) without leave of absence.

(iii)  A Committee member may not hold the office of Secretary if they do not reside in Tanzania.

5.11  Filling Casual Vacancies

(a)      The Committee may appoint an eligible member of the Association to fill a position on the Executive Committee that has become vacant.

(b)    a position that was not filled by election at the last AGM.

(c)     If the position of Secretary General becomes vacant, the Committee must appoint a member to the position within 14 days after the vacancy arises.

(d)       The Committee shall continue to act despite any vacancy in its membership.

6.0  Meetings of Executive Committee

(a)   The Committee must meet at least once per month at the dates, times and places determined by the Committee.

(b)   The date, time and place of the first committee meeting must be determined by the members of the Committee as soon as practicable after the AGM at which the members of the Committee were elected.

(c)   Special committee meetings may be convened by the Chairperson or by any 4 members of the Committee.

6.1.       Notice of Meetings

(a)   Notice of each committee meeting must be given to each committee member no later than 7 days before the date of the meeting.

(b)   Notice may be given of more than one committee meeting at the same time.

(c)   The notice must state the date, time and place of the meeting.

(d)    If a special committee meeting is convened, the notice must include the general nature of the business to be conducted.

(e)   The only business that may be conducted at the meeting is the business for which the meeting is convened.

6.2.     Urgent meetings

(a)   In cases of urgency, a meeting can be held without a notice of 7 days, provided that a notice is given to each committee member by the quickest means possible.

(b)   Any resolution made at the meeting must be passed by an absolute majority of the Committee.

(c)   The only business that may be conducted at an urgent meeting is the business for which the meeting is convened.

6.3.     Procedure and Order of Business

(a)   The procedure to be followed at a meeting of a Committee must be determined from time to time by the Committee.

(b)   The order of business may be determined by the members present at the meeting.

6.4.     Use of Technology

(a)   A committee member who is not physically present at a committee meeting may participate in the meeting by use of technology that allows that  committee member and the committee members present at the meeting to clearly and simultaneously communicate with each other.

(b)   For the purposes of this Part, a committee member participating in a committee meeting through technology is considered to be present at the meeting and, if the member votes at the meeting, is taken to have voted in person.

6.5.     Quorum

(a)   No business may be conducted at a Committee meeting unless a quorum  is present.

(b)   The quorum for a Executive Committee meeting shall be 2/3 of the of all committee members holding office.

(c)   If a quorum is not present within 30 minutes after commencement, the meeting must be adjourned to a date not later than 14 days after the adjournment  and notice of the time, date and place for the next meeting  must be given as required by these Rules.

6.6.     Voting

(a)   On any issue arising at a committee meeting, each committee member present at the meeting has one vote.

(b)   A motion is carried if majority of committee members present at the meeting vote in favour of the motion.

(c)   If votes are divided equally on a matter, the Chairperson of the meeting has a second or casting vote.

(d)    Voting by proxy is not permitted.

6.7.     Conflict of Interest

(a)   A committee member who has personal interest in a matter being considered at a committee meeting must disclose the nature and extent of that interest to the Committee.

(b)   Such a member—

(i)       Must not be present while the matter is being considered at the meeting; and

(ii)       Must not vote on the matter;

(iii)       If there are insufficient committee members to form a quorum because a member who has a material personal interest is disqualified from voting on a matter, a general meeting may be called to deal with the matter.

6.8.     Minutes of meeting

(a)   The Executive Committee must ensure that Minutes are recorded for each committee meeting.

(b)   The Minutes must record the following—

(i)       The names of the members in attendance at the meeting

(ii)       The business considered at the meeting

(iii)       Any resolution on which a vote is taken and the result of the vote

(iv)        Any material personal interest disclosed in the meeting.

6.9.     Leave of Absence

(a)   The Committee may grant a committee member leave of absence from committee meetings for a period not exceeding 3 months.

(b)   The Committee must not grant leave of absence retrospectively unless it is satisfied that it was not feasible for the committee member to seek the leave in advance.

7.0 FINANCIAL MATTERS

7.1.     Sources of Funds

(a)  The funds of the Association may be derived from:

(i)  Membership fees of TZS 200,000

(ii)  Monthly subscriptions of TZS 30,000

(iii)  Donations,

(iv)  Fund-raising activities;

(v)  Grants;

(vi)  Interest and;

(vii)  Any other sources approved by the Committee.

(b)   The amount to be paid under (i) and (ii) above shall be set by the Executive Committee and approved by the AGM from time to time.

7.2.  Management of Funds

(a)   The Association must open an account with a financial institution from which all expenditure of the Association is made and into which all of the Association's revenue is deposited.

(b)   Subject to any restrictions imposed by a general meeting of the Association, the Committee may approve expenditure on behalf of the Association.

(c)   The Committee may authorise the Treasurer to expend funds on behalf of the Association (including by electronic funds transfer) up to a specified limit without requiring approval from the Committee for each item on which the funds are expended.

(d)    All cheques, drafts, bills of exchange, promissory notes and other negotiable instruments must be signed by 2 committee members.

(e)   All funds of the Association must be deposited into the financial account of the Association no later than 5 working days after receipt.

(f)   With the approval of the Committee, the Treasurer may maintain a cash float provided that all money paid from or paid into the float is accurately recorded at the time of the transaction.

7.3.     Financial Records

(a)   The Association must keep financial records that—

(i)   Correctly record and explain its transactions, financial position and performance;

(ii)   Enable financial statements to be prepared as required by the Constitution;

(b)   The Association must retain the financial records for 7 years after the transactions covered by the records are completed.

(c)   The Treasurer must keep in his or her custody, or under his or her control—

(i)   The financial records for the current financial year; and

(ii)   Any other financial records as authorised by the Committee.

7.4     Financial Statements

(a)   For each financial year, the Executive Committee must ensure that the requirements under the Act relating to the financial statements of the Association are met.

(b)   Without limiting sub rule (a) above, those requirements include—

(i)       Preparation of the financial statements;

(ii)       If required, the review or auditing of the financial statements;

(iii)       Certification of the financial statements by the Executive Committee;

(iv)     Submission of the financial statements to the AGM

(v)    Submission of the financial statements to the Registrar with accompanying reports, certificates, statements and relevant fees.

8.0  GENERAL MATTERS

8.1  Common Seal

(a)   The Association may have a common seal.

(b)   If the Association has a common seal—

(i)       The name of the Association must appear in legible characters on the common seal

(ii)       A document may only be sealed if authorized by the Executive Committee and witnessed by signatures of two committee members;

(iii)       The common seal must be kept in the custody of the Secretary.

8.2  Registered Address

The registered address of the Association is—

(a)    The address determined from time to time by resolution of the Executive Committee

(b)    Currently, the address of the Association is: Bank of Tanzania at 10 Mirambo Street; Dar-es-Salaam

8.3  Notice Requirements

(a)   Any notice required to be given to a member or a committee member under these Rules shall be given—

(i)       By handing the notice to the member personally

(ii)       By sending it by post to the member at the address recorded for the member on the register of members

(iii)       By email or facsimile transmission.

(b)   Any notice required to be given to the Association or the Executive Committee shall be given—

(i)       By handing the notice to the Secretary or any member of the Committee; or

(ii)       By sending the notice by post to the registered address; or

(iii)       By leaving the notice at the registered address with dispatch; or

(iv)     By email of the Association or

(v)    By facsimile transmission to the facsimile number of the Association.

8.4  Custody and Inspection of Books and Records

(a)   Members may on request inspect free of charge—

(i)       The Register of Members;

(ii)       The Minutes of general meetings and Executive Committee

(iii)    The financial records, books, securities and any other relevant document of the Association

(b)   The Committee may refuse to permit a member to inspect records of the Association that relate to confidential, personal, employment, commercial or legal matters or where to do so may be prejudicial to the interests of the Association.

(c)   Subject to subrule (b) above, a member may request to make a copy of any of the other records of the Association after obtaining approval of the Secretary.

8.5  Winding up and Cancellation

(a)   The Association may be wound up voluntarily by special resolution.

(b)   In the event of the winding up or the cancellation of the Association, the surplus assets of the Association must not be distributed to any members or former members of the Association.

(c)   The surplus assets must be given to a Board of Trustee that has similar purposes to the Association and which is not carried on for the profit or gain of  its individual members.

(d)    The body to which the surplus assets are to be given must be decided by special resolution.

8.6  Alteration of Rules

(a)  These Rules may only be altered by special resolution of an AGM

(b)   An alteration of these Rules does not take effect until it is approved by the Registrar.