Rules and Regulations

1. MEMBERSHIP :

Only the employees, who worked in Erstwhile Global Trust Bank Limited, are eligible to become Members subject to satisfying the conditions stipulated as under.

Any person who wishes to become a member shall apply in writing in the prescribed proforma to the Secretary who shall after initial scrutiny, put up the application to the Executive Committee for acceptance or otherwise and the member would be informed accordingly.

The spouses of deceased Members may become Members and shall have all rights of a Member.

One-time admission fee shall be INR 1,000 (Rupees One thousand only).

Annual membership fee shall be INR 1,200 (Rupees One thousand two hundred only).

In case, any member intends to pay the annual membership fee for subsequent years, say for next 2 or 3 years upfront, the amount be accepted and adjusted accordingly, as annual membership towards specified number of succeeding years.

Life membership fee of INR 25,000 (Rupees Twenty-five thousand only), which can be paid in not more than five installments. Members, who paid life-member fee, are not required to pay annual membership fee subsequently.

Any amount received towards Admission fee (or) Annual membership fee (or) Life Membership fee is non-refundable, under any circumstances.

A member cease to be so if:
a) he/she does not pay the annual subscription by 31st Jan, in any year.
b) he/she resigns in writing or
c) he/she acts against the interests and welfare of the Association, as decided by Executive Committee

The Executive Committee (“EC”) can re-admit him/her as a Member with or without payment of admission fee afresh at its discretion, on payment of arrears of subscription amounts.

Every member shall abide by the rules & regulations of the Association and also endeavour to implement the decisions of the Association.

2. GENERAL BODY:

The General Body shall have powers to elect, dissolve, or reconstitute the Executive Committee by majority Vote.

It can amend, or repeal any of the Objectives or By-laws with 2/3 majority of the members present (which should not be less than 30 members) at the General Body meeting.

It shall lay down policies including eligibility criteria for the assistance from the Association to its members and shall give directives to the Executive Committee on any of the activities of the Association, which should align with the aims and objectives of the Association.

It shall appoint Auditors to audit the financial statements of the Association.

3. MEETINGS OF THE GENERAL BODY:

The General Body shall ordinarily meet once in a year. The notice for the meeting shall be issued to all members, in electronic form, at least 15 days in advance of the date of meeting.

The Executive Committee for special reasons can call for a general body meeting over and above the scheduled meeting as under (a) above.

The General Body shall also meet at any time on requisition to the Secretary given by at least thirty members or 1/10th of total members, as on that date, whichever is less, for convening the meeting of the General Body within 15 days indicating the purpose for which the requisition is made. In case the Secretary fails to convene the meeting of the General Body, within the stipulated period, the EC may convene the General Body by giving due notice to all members (electronically).

The General Body shall pass the budget for the ensuing year and approve the financial statements of the previous year.

Meetings of General Body can be organised in physical or virtual (real-time meetings held over the Internet using integrated audio and video, chat tools, and application sharing).

Quorum for General Body meeting : The quorum necessary for transacting any business at any meeting of the General Body is thirty members or 1/10th of total members (as on the date of notice of the meeting) whichever is less, present physically or virtually. No business shall be transacted unless the quorum is present at the commencement of the business. If the quorum is not present at the appointed date and time, the meeting shall stand postponed to same day of the next week. If the quorum is not present in the next meeting also, then the adjourned meeting without required quorum can conduct the proceedings. Every proposal submitted to the meeting shall be decided by majority of votes of the Members present including the casting vote of the Chairman.

Decisions of the General Body : The decisions of the General Body shall be by simple majority vote only.

Members only are eligible to participate in the proceedings of the General Body (Proxies not allowed).

Please note that if any restrictions are laid down by any Government authority in conducting physical meetings, an online meeting, with the requisite quorum, of the General Body be conducted.

4. CONSTITUTION:

The Association shall have an Executive Committee nominated by the General Body.

5. EXECUTIVE COMMITTEE:

The Association shall have an Executive Committee consisting of the following (15 members), duly elected by the General Body.

President -1;

Vice-Presidents – 1;

Secretary -1;

Joint Secretaries -2;

Treasurer -1;

Joint Treasurer – 1;

EC Members – 8

Tenure of EC members is two years or upto the nomination of new EC members at the 2nd subsequent General Body meeting, whichever is later. Accordingly, at every alternate Annual General Body meeting, EC members retire automatically, and new EC members be nominated by the Members.

6. NOMINATION OF EC MEMBERS:

The nominations for the members of Executive Committee may be by show of hands at the discretion of the General Body. Vacancies of President & Secretary during the term shall automatically be filled from among the Vice Presidents, Joint Secretaries by consensus of the EC till the next nominations at General Body meeting. The vacancy of Treasurer by Joint Treasurer by consensus of the EC till the next nominations. The resultant vacancies of Vice Presidents, Joint Secretaries and Joint Treasurer shall be filled in by the Executive Committee by co-opting from the remaining EC members. The vacancies of the members in the EC shall be filled by the Executive Committee till the next general body meeting, from amongst the members of the Association.

7. FUNCTIONS OF THE EXECUTIVE COMMITTEE:

The Executive Committee (“EC”) shall meet atleast once in every quarter or as frequently as necessary at the discretion of the President / Secretary for special reasons either in person or through any virtual / online platforms, convenient to EC members.

It shall be responsible to approve the expenditure of the Association from time to time.

It shall take decisions from time to time within the scope of the directives given by the General Body.

The EC shall have the power to sanction any items of expenditure within the scope of the budget approved by the General Body.

EC may appoint any consultants, with minimum service charges, towards creation, development and maintenance of web portal for the Association for collecting information from members and to share the information with members on various aspects.

Considering the requirements, the EC can constitute any Committee / Sub-Committees from amongst the Members of the Association and delegate to them such functions, duties and powers as may be deemed proper. EC can fill up any vacancy which may occur in any Committee or Sub-Committee.

The EC shall get the accounts audited immediately after the completion of the financial year for presentation to the General Body.

The Executive Committee members will be given 3 days prior notice for the meetings.

8. QUORUM FOR THE EXECUTIVE COMMITTEE :

The quorum for the Executive Committee meetings shall be Five.

9. DISQUALIFICATION FOR CONTINUANCE OF A COMMITTEE MEMBER :

After duly receiving a notice, should any member of the Executive Committee absent himself consecutively for three meetings, he shall automatically cease to be a member, unless condoned by a resolution in the Executive Committee meeting.

10. FUNCTIONS OF THE PRESIDENT:

The president is the head of the Association and shall preside over the meetings of the Executive Committee and General Body. He will have a casting vote in case of a tie. The minutes of the meeting shall be signed by the President.

11. FUNCTIONS OF VICE PRESIDENT:

The Vice-President shall take over the functions of the President in the absence of the President and shall also assist the President in his / her operations of the Association.

12. FUNCTIONS OF SECRETARY:

All the correspondence of the Association shall be made by the Secretary and as per the decisions taken by the Executive Committee. He shall call for all the Executive Committee and General Body Meetings as directed by the President. He shall record the proceedings of each meeting and shall endeavour to implement. Regarding financial and significant decisions of EC, he shall ensure to implement in the same manner. He shall be the Chief Executive.

13. FUNCTIONS OF JOINT SECRETARY:

The Joint Secretary shall discharge the duties of the Secretary in the absence of the Secretary and shall also assist the Secretary in his / her operations of the Association.

14. FUNCTIONS OF TREASURER:

The treasurer shall collect the subscription amounts from the members and shall maintain the accounts for the same. Treasurer should submit to the Executive Committee a statement of accounts and shall keep the accounts open to scrutiny at each Executive Committee meeting. He shall also submit the annual financial statements, duly audited, to General Body.

15. FUNCTIONS OF JOINT TREASURER:

The Joint Treasurer shall discharge the duties of the Treasurer in the absence of the Treasurer and shall also assist the Treasurer in his / her operations of the Association.

16. EXECUTIVE COMMITTEE MEMBERS OTHER THAN OFFICE BEARERS:

All other Executive Committee Members shall assist the office bearers in their respective areas whenever they require their help.

17. FUNDS OF THE ASSOCIATION:

The funds of the Association shall be deposited in any branch of a Scheduled Bank approved by the Executive Committee. Accounts of the Funds of the Association in the Bank shall jointly be maintained / operated by the Treasurer / President / Vice-President / Secretary / EC Member (authorised by EC), any two jointly. Online operations of the Bank account(s) be permitted for account operations, by evolving a procedure with mail approvals by approved authorised signatories and accordingly online account operations by the Treasurer.

Any surplus funds can be placed under Fixed Deposits. Better to spread the Fixed Deposits in 2 or 3 Scheduled Banks instead of keeping with only one Bank. Surplus funds shall not be allowed to invest in Mutual funds/stocks/ICD’s in NBFC’s etc.

The funds of the Association shall consist of Admission fee, annual subscriptions, Life-membership from the Members. Further, the Association may raise funds, through lawful means, to achieve Objects of the Association by any of the means consistent with the Memorandum of the Association (“MoA”) including:-

Donations received for General or Specific purposes by any individuals, Corporates or any like-minded associations / societies / NGOs

Amounts collected from any cultural / awareness programs, sale proceeds of publications and any other such means.

Such other funds as may be decided by the Executive Committee or General Body.

However, no entertainment / family get-together programs be organised, using the funds of the Association.

UTILISATION OF FUNDS

The EC shall approve the activities in line with the objectives of the Association for utilization of Association’s funds with judicious and valid/legal approach.

EC may consider and explore for having Group Insurance policies for all the Members of the Association and their immediate family members (if any member opts to that extent) and accordingly pay premium for Group Mediclaim / Group Personal Accident / Group Term Life Insurance policies etc, as applicable and available for the benefit of Members. Premium amounts to be collected separately from the interested members and paid through the Association.

Considering the rationale of the request, EC can approve financial assistance of an amount not exceeding INR One lakh to any Member of the Association

In case of non-availability of sufficient funds to provide financial support to any Member, EC may raise funds by sharing the rationale and request Members for additional contributions. The additional contributions are voluntary and completely at the discretion of Members.

After receipt of additional contributions, the funds so available be distributed, considering the requests of Members so applied for financial assistance.

18. IMPREST MONEY WITH THE TREASURER :

An imprest cash of not exceeding INR 10,000 shall be kept with the Treasurer for any emergency / incidental expenses on behalf of the Association. This shall be recouped periodically. The Secretary shall be competent to authorise an expenditure on any item not exceeding INR 5,000. However, the EC shall be competent to incur expenditure on any item not included in the budgets, upto an amount not exceeding Rs. 100,000.

19. AUDIT AND APPOINTMENT OF AUDITORS :

EC will ensure Audit of financial statements of the Association. A duly qualified Chartered Accountant (not being a Member of the Association) shall be appointed by the General Body in an Honorary or paid capacity, as appropriate, as the Auditor of the Association. The Auditor shall have the right of access to all Books of Accounts, vouchers and financial documents of the Association and shall be entitled to require from any member of the EC such information and explanation as may be necessary for the proper performance of his functions.

20. ACCOUNTS:

For all the moneys spent from the funds of the Association, there shall be vouchers duly authorised by the Secretary / Treasury.

Online / Physical receipts shall be issued by the Treasurer for all the moneys received for the Association.

The financial year of the Association shall be from 1st April to 31st March.

For purpose of administration of Association, the calendar year will be followed.

21. AMENDMENTS TO MEMORANDUM OF ASSOCIATITON AND BY-LAWS:

Amendment to MoA or By-laws may be proposed either by the Executive Committee or by any member of the General Body. Any amendment to MoA / By-laws proposed by individual members shall be confirmed by atleast 10 members in support of it. Such confirmations from individual members should be sent to the Secretary, atleast 21 days before the date of General Body meeting.

Any proposal for amendment of MoA / By-laws shall contain a note giving the reasons in support of it. Proposals for amendment of MoA / By-laws shall be notified to the members of the General Body along with the notice of the General Body Meeting.

No amendment or alteration of MoA / By-laws shall be made, unless it is consented by 2/3 majority of the members (which should not be less than 30 members) present at a General Body Meeting.

22. OTHER MATTERS :

The Executive Committee shall be competent to frame regulations in respect of any other matter, though not covered by these By-laws, but which are aligned with the Objectives of the Association.

23. WINDING UP:

Association shall not be dissolved unless three-fifth of the total number of Members shall have expressed a wish for such dissolution at the Special Meeting of the General Body convened for the purposes.

In case the Association has to be wound up, the property and the funds of the Association that remain after full satisfaction of the liabilities of the Association, will be transferred or paid to any charitable organisation, as decided by the General Body. If the Executive Committee of the Association does not take any initiative to do so, any member of the Association shall be entitled to inform the matter to the Government of Telangana who shall then do the needful for the proper management of the assets remaining.

Regulations

Membership fees : With regard to the amounts collected from the Members towards admission fee, annual membership fee, life-membership fee, authorised EC office bearers shall decide and invest the surplus funds in Fixed Deposit with any of the schedule banks in India offering higher rate of interest. The treasurer and secretary may take decision to keep the surplus funds in fixed deposits either for short term or long term.

Donation / Contributions: All amounts received, as donation/contributions from other than specific purpose shall be deposited as Fixed Deposit. In respect of donations / contributions received for the specific purpose and sale proceeds of publications of any books / print materials etc., and income from any other means, the excess amount over expenditure shall be deposited as Fixed deposit, as decided by EC.

Executive Committee: Though EC is mandated to meet atleast once in a quarter, considering the requirements and urgency, EC may meet once in a month, preferably on second Sunday of the month, or any other day, as per the convenience of EC members.

No amendment or alteration of MoA / By-laws shall be made, unless it is consented by 2/3 majority of the members (which should not be less than 30 members) present at a General Body Meeting.

The EC shall discuss on the same day all the items of the agenda prepared by the secretary, as well as any other issues raised by the EC members. If needed, the discussion may take place on the next day on the issues left over or any other available date.

Correspondence: Secretary is responsible for any letter/communication issued to any authority or person. Generally, the correspondence shall be only on matters discussed and decided by the EC. In case of emergency, the secretary in consultation with the working groups/functional sub committees (nominated by the EC) may correspond on any matter not discussed in the EC meeting or act in the interest of the association, but shall see that such actions are ratified by the EC at its next meeting.

Treasurer’s Role: In every EC meeting, the treasurer shall read out the balance in the SB A/c and Fixed Deposits, the names of Donors/Contributions, and new members enrolled during the previous month.