The Emerald Guideline

+2348060699054
+2348050706635
askemeraldcooperative@gmail.com

 BEING THE CONSTITUTION OF THE EMERALD STUDENTS MULTIPURPOSE COOPERATIVE SOCIETY ESTABLISHED 30TH MARCH, 2021 UNDER THE AUSPICES OF A & U NG., FOR THE PURPOSE OF PROTECTING STUDENTS’ FEES AMONGST OTHER MATTERS

APRIL, 2021

Download the Emerald Constitution here


Table of Contents

  1. Cover page: 1
  2. Title page: 2
  3. Table of contents: 3
  4. Article 1: Name of the cooperative: 4
  5. Section 1: Meaning of the Name Emerald: 4
  6. Article 2: Meeting/administrative venue: 5
  7. Article 3: Meetings: 6
  8. Article 4: Purpose of establishment: 8
  9. Article 5: Vision statement: 9
  10. Article 6: Mission statement: 10
  11. Article 7: Core values: 11
  12. Article 8: Membership: 13
  13. Session 1: Qualification for Membership: 13
  14. Section 2: Requirements for Membership: 13
  15. Section 3: Termination of Membership: 13
  16. Article 9: Next of kin: 15
  17. Article 10: Loan qualification: 16
  18. Article 11: Loan default consequences: 17
  19. Article 12: Loan terms and conditions: 18
  20. Article 13: Guarantor terms and conditions: 19
  21. Article 14: The Emerald students’ protection guideline: 20
  22. Article 15: Management: 22
  23. Article 16: Finance: 24
  24. Article 17: Scholarships and promotions procedures: 25
  25. Article 18: Students’ projects sponsorships: 26
  26. Article 19: Emerald for secondary school students account: 27

Article 1

NAME OF THE COOPERATIVE

The name of the cooperative is Emerald Students Multi-Purpose Cooperative Society.

However, the short form of the name is Emerald MPCS.

Section 1: Meaning of the Name Emerald

The name Emerald refers to a bright green precious stone consisting of a chromium-rich variety of beryl. Nonetheless, the name Emerald as used in Emerald e-Corp does not hold any meaning unless for sheer naming.


Article 2

MEETING/ADMINISTRATIVE VENUE

Emerald cooperative activities are managed from the office of Admissions and UTME under which Emerald is a subsidiary.

The administrative place is No. 1, NDU Road, Beside NDU Main Campus Gate, Wilberforce Island, Bayelsa State.

Administrative days are Mondays 8:00am-6:00pm through Fridays 8:00am-6:00pm


Article 3

MEETINGS

  • Emerald Students’ Multipurpose Cooperative Society shall meet once each year. And this will be during the end of year party to be held in any week of December.
  • The quorum (minimum number of people required) for a meeting shall be twenty (20).
  • The cooperative shall be accountable (give account) to the members at this end of year meeting.
  • All meetings must be minuted and available to any interested member.
  • All Emerald Students’ Multipurpose Cooperative Society members shall be given at least seven (7) days notice of a meeting unless it is deemed an emergency meeting.

Article 4

PURPOSE OF ESTABLISHMENT

Emerald was borne out of the need to help students save their fees. While the cooperative covers those outside academic environment, its primary aim is to help students save their fees and protect same from unnecessary expenses.

Specifically, Emerald was established to:

  1. collect half school fees payments from the possession of students and gather same for safe keeping to avoid unnecessary students expenditure.
  2. grant school fees and petty loans to students.
  3. plan students’ academic life throughout their studies
  4. encourage students to develop the attitude of saving fractions of their handouts despite unavailability of funds.
  5. give scholarships to students
  6. carry on school fees promotions for members
  7. improve on the academic well-being of the students community
  8. sponsor viable students’ projects and programmes
  9. help students develop the mindset of learning and earning
  10. boost students/members’ morale to excel through teaching and funding
  11. Open up small and medium scale businesses for students/members where they can earn while learning.

Article 5

VISION STATEMENT

Emerald holds the following Vision:

  1. to help students save up their school fees
  2. to keep school fees safe and avoid unnecessary spending that comes keeping the fees under the care of students.
  3. provide a loan platform for students where they can get soft loans to pay their fees and repay in longer time to battle school fees deadline
  4. to inculcate savings habit in students and all other members.
  5. to ensure students get funds whenever they need it without suffering the consequences of lack of funds.
  6. serve as a bank for the students’ community.

Article 6

MISSION STATEMENT

Emerald e-Corp holds the following hope for the future:

  1. to sponsor all students’ programmes
  2. to serve as a funding platform for the students’ community just as universities have Tetfund.
  3. to provide students with scholarships and promotions
  4. to initiate programmes that will create employment for the students community
  5. to initiate and incite students to actual research that brings discoveries that result in employment for our society.
  6. to create a network and society where funds are easily accessible to students to conduct research that brings tangible findings to the table unlike mere paperworks that pervades today’s universities.

Article 7

CORE VALUES

Emerald is especially guided by the following values:

  1. highly trusted and dependable. The organizers of Emerald are same as the operators of A & U Ng. A & U Ng. have been established since 2017 and till date, no single fraud nor embezzlement case has been reported with the management nor its staff. This is because we thrive on trust as business would not grow where trust is scarce.
  2. openness and honesty as a way of working. All our dealings are made public and no shady dealings are part of the Emerald team as it is being supervised by the A & U Ng team.
  3. Fairness and discipline among members/staff. All our staff are regularly taught on the need to be sincere with students’ fees. This has become our way of life.
  4. Rewarding efforts and hardwork. Emerald have its way of rewarding efforts and hardwork. Members and staff who contribute beyond expectations are often rewarded by management.
  5. celebrating achievements. Emerald is built towards supporting achievements. Should students comes up with a discovery, Emerald is poised to support such hardwork.
  6. Being constantly bound by the rules and regulations as contained in the cooperative constitution. Emerald would not operate unless by the laws and tenets as enshrined in this constitution.


Article 8

MEMBERSHIP

Section 1: Qualification for Membership:

  1. Intending member must be a student, worker, self employed or trader.
  2. He/she must be 3 years of age and above.
  3. Must not have any criminal case within and outside the community.
  4. Prospective members must have a good credit and debit record.

Note: If any member is however, found to be guilty any of the above, he/she shall automatically forfeit his/her membership and all accrued funds remitted.

Section 2: Requirements for Membership

  1. Prospective members are expected to pay a non-refundable fee of five hundred naira (N500) and get a copy of the membership card and form.
  2. Prospective members who wish to get a copy of the constitution will pay additional N
  3. Fill the membership form and card and return to the secretary for recording.
  4. Once done, such a prospective has become a member of Emerald. The secretary takes records from there.

Section 3: Termination of Membership

  1. Any member of the cooperative may withdraw his/her membership by tendering a written notice to that effect to the secretary of the association.
  2. The management committee may, by resolution passed at a meeting, terminate or suspend a membership, if in its opinion, his/her conduct is prejudicial to the interests and objectives of the cooperative, provided that the individual member or representative of the member (as the case may be) shall have the right to be heard by the General Committee before the final decision is made. There shall be a right of appeal to an independent arbitrator appointed by mutual agreement.

Article 9

NEXT OF KIN

  1. Members shall deposit a name of next of kin upon registration
  2. Such next of kin may be anyone so named by the member upon registration
  3. Full name, phone number, address and email of such next of kin must be provided upon registration.
  4. In the event of any mishap such as death, unconsciousness, incapacitation, etc., such next of kin is contacted for further action.
  5. Next of kin must not be a minor. Where such is the case, members must provide an additional number of a mature person/adult.
  6. The next of kin in Emerald is automatically the person to take over the member’s worth in the event of death unless specified otherwise in the Will of the member (if any).

Article 10

LOAN QUALIFICATION 

For a member to qualify for a loan, he/she MUST meet up with the following requirements:

  1. must have been a member for at least two (2) months.
  2. must have saved 1/3 of whatever amount of money he/she wishes to request as loans.
  3. For those requesting for school fees loans, Emerald Students’ Multipurpose Cooperative Society does not grant cash, rather it pays the fees to the University directly and present receipts to the member.
  4. present a guarantor who is related or known to the member for at least 2 years
  5. students’ guarantors must be a parent, sponsor, guardian, etc.

Article 11

LOAN DEFAULT CONSEQUENCES

As a students’ oriented cooperative, Emerald does not arrests, pursue nor report students who fail to repay their loans on agreed dates. However, the challenges that emanates from this non-repayment is that the loan continue to accrue more interests monthly.

Emerald Students’ Multipurpose Cooperative Society will continue to appeal through calls for repayment. However, when such student fails to repay before graduation, his certificate will be withheld by school as Emerald Students’ Multipurpose Cooperative Society will write a petition to the school management and he will be expected to clear his loans and accrued monthly interest before he/she is able to access his/her certificate.

Any member who fails to pay up his loans on time cannot request for a loan for the school fees of the next level.

Any member who is defaulting (not necessarily on loans but whose loans have exceeded repayment period) WILL NOT PARTICIPATE in the Cooperative’s scholarship raffle draw.

All expenses through calls used to remind you to repay your loans will be calculated and added to your repayment. If at all it result to lawsuits, arrests, transportation, etc., all these expenses are borne by the member.


Article 12

LOAN TERMS AND CONDITIONS

 The following TERMS AND CONDITIONS are attached to Emerald Loans:

  1. You must pay back your loans on or before stipulated/agreed time.
  2. Your ndufees.com login details must be submitted to Emerald.
  3. Your ndufees.com login details must NOT be changed until you have cleared your loan. Failure to abide by this will raise suspicion from Emerald as accounts will be tracked to ensure Emerald safety.
  4. You CANNOT pay your next level school fees unless you pay up your Emerald school fees loans.
  5. You remain a life customer of A & U Ng of which Emerald is a subsidiary.
  6. In the event of loan default, all cost to retrieve the loan/loan balance is borne by the borrower.
  7. In extreme cases, the police will be involved in retrieving unpaid loans and such cost of involving police is borne by the borrower.
  8. Guarantor MUST be parents, sponsors or relatives.
  9. Two guarantors MUST BE
  10. All loans are 30% monthly for outsiders/new members and 5% monthly for qualified members.
  11. All loans MUST Elapse before one year/stipulated time.
  12. Loan repayment MUST be made as at when due. That is monthly repayment must be received if the borrower signed to repay on a monthly basis, otherwise, a fine of N1,000 is accrued.
  13. All Emerald school fees loans are paid by A & U Ng and not handed to the borrower to handle by his/herself.

Article 13

GUARANTOR TERMS AND CONDITIONS

The following TERMS AND CONDITIONS are attached to Emerald Guarantorship:

  1. All loans expire within one year. Therefore, if your loans exceed the agreed date of payment, Emerald still gives you more time to pay up. However, monthly interests continue to accrue.
  2. No loan MUST exceed one year. Any loan that exceed one year attract the attention of the NDU security for proper actions.
  3. You must pay back your loans on or before stipulated/agreed time.
  4. The students’ ndufees.com login details must be submitted to Emerald.
  5. The students’ ndufees.com login details must NOT be changed until you have cleared your loan. Failure to abide by this will raise suspicion from Emerald as accounts will be tracked to ensure Emerald safety.
  6. The student CANNOT pay the next level school fees unless he/she pays up pending Emerald school fees loans.
  7. The student remain a life customer of A & U Ng of which Emerald is a subsidiary.
  8. In the event of loan default, all cost to retrieve the loan/loan balance is borne by the Guarantor.
  9. In extreme cases, the police and NDU security is involved in retrieving unpaid loans and such cost of involving police is borne by the borrower.
  10. Guarantor MUST be parents, sponsors or relatives.
  11. Two guarantors MUST BE
  12. All loans are 20% monthly for outsiders/new members and 5% monthly for qualified members.
  13. All loans MUST Elapse before one year/stipulated time.
  14. Loan repayment MUST be made as at when due. That is monthly repayment must be received if the borrower signed to repay on a monthly basis, otherwise, a fine of N1,000 is accrued.
  15. All Emerald school fees loans are paid by A & U Ng and not handed to the borrower to handle by his/herself.

Article 14
The Emerald Students’ Protection Guideline

This material shall be referred to as The Emerald Students’ Protection Guideline. This material contains all policies by the Emerald management put in place to protect students who registered as Emerald members from harsh loan terms and conditions and unfavourable sanctions for repayment defaulters.

This students’ protection guideline shall remain intact, never to be adjusted in the opposite direction and shall remain the basis for loan repayment decision for sanctions on repayment defaulters. This guideline is especially targeted at future management of Emerald, to protect students on loans who are unable to pay as agreed from being arrested, confronted, harassed or sanctioned.

Although the Emerald Team passionately advise, hope and pray that all future members check their ability to repay before they take school fees loans, for the purpose of not defaulting repayment; the Emerald Students’ Protection Guideline however, states as follows;

  1. That no Emerald member who has defaulted on his/her loan repayment shall be arrested through the instrumentality of the Nigerian Police Force to pressure him/her to repay the Emerald loans.
  2. That the Emerald management, through this written understanding, is restricted from reporting any of its members to the school management of the respective member, for the purpose of putting the student under pressure to repay their loans.
  3. Than an Emerald member who is still a student and defaulting in his/her loan repayment cannot be sued.
  4. That the Emerald Team is denied the power of confronting, harassing, assaulting, fighting or insulting members who default in their loan repayment.
  5. That the Emerald Team will only call to check upon loan defaulters, advise, counsel, educate and help seek for a better way to repay even as interest accumulates.
  6. That Emerald members are advised to always reach out to Emerald management when they are unable to repay as agreed to help Emerald seek for a better convenient way to repay.
  7. That this Emerald Students’ Protection Guideline only covers students and not graduates/dropouts. This implies that an Emerald loan defaulter can be arrested, sued, reported or confronted if he drops out of school or graduates. This is a clear indication that this guideline is only meant for students and not graduates/dropouts.
  8. Emerald members who default in their loan repayment and extend outside agreed time or over a year will be allowed to continue their studies without being disturbed till final year. Upon graduation, Emerald shall petition the school management and have their certificates ceased until they repay their loans completely. Meanwhile, all accumulated interests and the cost incurred in getting the loan back shall be borne by the debtor.
  9. That Emerald, through the support of its members, shall operate with oneness, understanding and commitment to the growth and well-being of its members.
  10. The Emerald members should not use this policy aimed at their well-being inordinately but rather try to be guided by agreed their loan terms.
  11. That a student/member can be denied of the provisions of the Emerald Students’ Protection Guideline if his/her behaviour or approach towards loan repayment is unwonted and nonchalant.
  12. That a student/member can be denied of the provisions of the Emerald Students’ Protection Guideline if he/she directly flout loan terms like paying next session school fees when his/her loan repayment period have expired.
  13. This Emerald Students’ Protection Guideline shall continue to be reviewed favourably in Emerald’s continued dedication to the course of protecting students.

Article 15

MANAGEMENT

Emerald Students’ Multipurpose Cooperative Society shall be administered  by the management of A & U Ng and is a subsidiary of same enterprise.

The following executives are permanent members of the management:

  • The Chairman – Julius Michael Oghenenyoreme

Non-permanent members of the executives:

  • The Vice Chairman
  • The Secretary
  • The Treasurer, and any other portfolio so determined by the permanent chairman.
  • Setting up of offices and portfolios and are the exclusive reserve of the chairman.


Article 16

FINANCE

  • Any money obtained by the group shall be used only for the group.
  • Any bank accounts opened for the group shall be in the name of the group.
  • Any cheque issued shall be signed by at least two of any three nominated signatures.
  • The Management Committee will ensure that the group stays within budget.
  • All loan proceeds and any other profits of the Cooperative will be solely used for scholarships and management of the cooperative.
  • Emerald Students’ Multipurpose Cooperative Society DOES NOT GIVE DIVIDENDS TO MEMBERS. All profits are used for scholarships
  • Scholarships will be granted based on raffle draw. This means Emerald Students’ Multipurpose Cooperative Society scholarships may not go round to all members but a lucky few. Hence, members cannot feel aggrieved where they are not lucky on a particular raffle as draws are ongoing.
  • Other emerging information about Emerald Students’ Multipurpose Cooperative Society finances and uses will be contained in future bylaws.

Article 17

SCHOLARSHIPS AND PROMOTIONS PROCEDURES

All Emerald Students’ Multipurpose Cooperative Society profits are dedicated to scholarships and promotions. This means Emerald Students’ Multipurpose Cooperative Society does not grant dividends to its members.

The modalities for selecting members for scholarships is purely based on raffle draws. Hence, raffle draws will be done at the end of year party which is slated for every December of as determined by the chairman.

The raffle draw MUST be fair and unbiased. Members can ONLY sue Emerald Students’ Multipurpose Cooperative Society when the procedure is unfair but cannot do so when it is fair but they do not emerge as winners.

The person to draw the raffle will be the chairman or any other person so invited by the chairman. It can be an executive, a member or anyone outside the Cooperative.


Article 18

STUDENTS’ PROJECTS SPONSORSHIPS

Emerald Students’ Multipurpose Cooperative Society was also established to help students (both non-members) through tangible projects that is expected to bring discoveries. Hence, from time to time, the management of Emerald Students’ Multipurpose Cooperative Society shall scout for students’ projects which needs sponsorship.


Article 19

EMERALD FOR SECONDARY SCHOOL STUDENTS ACCOUNT

Emerald for Secondary School Students’ Account is one of the few savings in Emerald that attract interest.

Emerald for Secondary School Students’ Account shall accrue interest rate of 2% monthly

Calculation of interest shall commence from the tenth (10th) month. This means savings withdrawn before the 10th month shall not attract interests.

Funds from Emerald for Secondary School Students’ Account can only be withdrawn under the following conditions:

  1. withdrawal from academic pursuits
  2. death of recipient
  3. parents’, sponsor’s decision to close account

 

+2348060699054
+2348050706635
askemeraldcooperative@gmail.com

 

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