Code of Conduct

Draft: 30th May 2018

DEFINITIONS

  1. Unit: is nothing but a share.
  2. Unit installment: is the amount of money one has to deposit per month. For example, if we decide TK 100 to be a “unit installment” for the year 2018, someone who is the owner of 3 units will have to deposit TK 300 per month.
  3. Per Unit Value: The total amount of deposit or asset value for a unit is called per unit value. For example, if we decide the unit installment TK 100 for the year 2018. After one year per unit value will be TK 1200. If the Unit installment remains same as TK 100 then after 2 years unit value will be TK 2400.
  4. Majority: is more than 50% members. For example, if there are 14 members, 8 members is majority and 7 members is NOT.

 

PART ‘A’ FUNDAMENTAL RULES

 

Rule 1: Qualification-

  1. No one except 45th batch of BMA are allowed to be the member of this group.
  2. To be a member of this group any person must own at least one unit.

 

Rule 2: Protection from illegal money

  1. a) The money will not be invested in any illegal or interest based businesses

Rule 3: Unit & installment Value and voting power

  1. A member can own any number of units.
  2. Owning more number of units does not create any extra value to the member, here every member will have equal voting power.
  3. Every year per unit value and unit installment will be decided by the committee through a meeting.
  4. Every year in the month of June unit booking can be changed but should be agreed by the majority number.

 

Rule 4: Executive Committee

  1. There will be an executive committee which will be elected by all the member of the group. They may or may not be paid.
  2. Every year election for the executive committee will be held in June.
  3. There will be a paid accountant who will maintain the account and give statement every month.

Rule 5: Rule changing system

  1. Majority vote is enough for the amendment of any rule except part ‘A’.
  2. Part A fundamental rule can be changed only when 90% of the members agreed.

Rule 6: Decision making system

  1. All the decision will be taken by voting system.
  2. Majority decision will be the final decision.
  3. Small decision can be taken by executive committee.
  4. Everyone will be bound to accept and appreciate the decision taken by majority.
  5. No one can Claim against any member for any loss or wrong decision taken by majority.

Rule 7: Unit increasing & new membership system

  1. Any member can increase the number of unit in the month of June.
  2. Any person from 45th batch of Bangladesh Marine Academy can join the group.
  3. For both the case in above, sub-paragraph ‘a’ & ‘b’ of rule 6 will be applicable and he has to pay the full per unit value, in this regard executive committee decision will be the final decision.

Rule 8: Unit decreasing and membership cancelling system

  1. Any member can decrease the number of unit at the month of June.
  2. Any person can cancel the membership anytime. In this regard, he will get per unit value after the deduction of some percentage from his unit value. Every year deduction percentage will be decided by the executive committee.
  3. Any person who is willing to decrease the unit or cancel the membership has to give 3 months’ notice.
  4. Service charges & any money which has been spent already will not be refunded. Only the existing per unit value will be refunded in terms of money or asset, which will be decided by the executive committee.

Rule 9: Payment and late payment

  1. Every member is responsible for his own payment.
  2. If any member fails to pay the unit installment within the allotted time, he has to pay the extra money as a fine. And every year fine will be decided by the executive committee and it will be written as the temporary rule.
  3. Rule 9(b) is not mandatory for the case when a member is onboard or abroad.

 

Rule 10: Exemption from fine

  1. If any member is having a valid cause, he can stop paying the installment until a certain period of time without any fine and every year this exemption period limit will be decided by the committee and written as temporary rule.
  2. If any member is willing to get this exemption he has to get the approval from the committee by showing the appropriate reason and it should be informed to all member of the group.
  3. The unpaid installment should be paid as soon as the exemption period is finish either all together or monthly by double of the installment.

 

PART B TEMPORARY RULES

 

  1. Unit & installment Value-
  2. A) June 2018 Per Unit value is zero.
  3. B) Every Unit Installment is TK 500.
  4. C) Service Charge for per unit TK 40.
  5. Accountant payment
  6. A) Accountant will be paid TK 100 per month.
  7. Unit decreasing and membership cancelling Payment
  8. A) From June 2018 to June 2019 it’s free to cancel the membership or decrease the unit
  9. B) 15% of per unit value will be deducted for cancelling membership from July 2019.
  10. 4. Payment & late payment
  11. A) Everybody has to pay the installment of every month within 15th of each month.
  12. B) Person who is depositing through Bank he has to post the scan copy/picture of the receipt to the FB group and inform to the accountant verbally/mail/message/FB.
  13. C) Accountant has to publish the Bank statement and group statement within 20th to 25th of each month.
  14. D) If anyone wants to send money by bkash/Rocket/via any e-banking system he has to pay the extra charges. As for example for each unit it is required to pay TK 540, now who is sending money by any of these modes, he has to pay total taka plus the charge of that money sending system.
  15. E) After 20th day of the month for each unit, TK 10 extra will be charged for each day late.
  16. 5. Exemption Period
  17. A) Anybody will get exemption from fine up to 3 month when there is reasonable cause.
  18. B) Within next three month he has to pay the unpaid money.
  19. Special Notes
  20. A) Initially there will be a joint account of two persons where at least 2 signatory is required to withdraw any amount of money.
  21. B) Later on when the group will be register the account will be in the name of the group.
  22. C) There will be a bkash/ Rocket mobile banking account.