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1. Rules and regulations of the General Assembly of WABA
2. Rules and regulations governing the activities of the Executive Council of WABA
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 RULES AND REGULATIONS OF THE GENERAL ASSEMBLY OF THE WABA.
1) These rules and regulations have been adopted by the General Assembly in accordance with Article IV (I) of the Agreement of the West African Bankers' Association.
2) Unless the context otherwise requires, the following terms employed in these rules and regulations shall be deemed to convey the meanings specified hereunder:
(a) Agreement means the Agreement establishing the West African Bankers Association, which was ratified by all member institutions.
(b) Banks means all primary banks and Credit Institutions in the West African sub-region as defined by the Treaty of ECOWAS and which are parties to this Agreement.
c) "Secretariat" means the West African Bankers' Association Secretariat.
d) "Fund" means the Association's Autonomous Common Fund set up in accordance with the provisions of Article VI of the Agreement.
e) "President" means the President of the Association appointed within the framework of paragraph I.4h of Article IV of the Association's Agreement.
f) Bank in good standing describes the status of a member bank that has paid its contribution to the budget of WABA in a particular year.
g) Country in good standing: A Country is deemed to be in good standing when at least a member bank in that Country has paid its contribution to the budget of WABA for a particular year.
3. COMMENCEMENT
Following the ratification of the Agreement by more than 60 members banks representing over two-thirds of the countries in the sub-region, and in conformity with Article IX (paragraph 1) of the Agreement, the West African Bankers' Association was formally inaugurated on 10th August 1981.
4. STRUCTURE
The General Assembly shall comprise a President, two Vice-Presidents and representatives from all member banks.
5. FUNCTIONS OF THE GENERAL ASSEMBLY
i. The General Assembly shall:a) receive and adopt the reports of the Executive Council;
b) receive and adopt the Annual accounts duly audited;
c) lay down the general policy guidelines of the Association, consider, discuss and recommend all such action as may be conducive to the attainment of the objectives of the Association.
ii. The General Assembly shall from time to time appoint Committees to undertake such services or studies, as it deems necessary towards the promotion of the aims and objectives of the Association.
iii. The General Assembly shall receive the names of members appointed to the Executive Council annually in accordance with Article IV of the Agreement.
6. MEETING
i. The General Assembly shall convene its ordinary meetings once a year preferably on the occasion of the annual meetings of the West African Sub-regional Committee of the Association of African Central Banks.
ii. Extraordinary meetings of the General Assembly shall be convened by the President, either on his own initiative or at the request of at least two-thirds of its members, which are in good standing. These meetings shall be chaired by the President or, in his absence, the first Vice-President or the Second Vice-President.
iii. The President of the General Assembly or, in his absence the first Vice-President or Second Vice-President shall preside over the meetings of the General Assembly.
iv. The decisions of the General Assembly shall, as a general rule, be taken unanimously or by a general consensus of members. Whenever a consensus cannot be reached, the matter shall be referred to the Executive Council for its consideration and recommendation.
v. Notice of the Annual General Meeting shall be communicated to each member bank at least one month in advance of such meeting or motion of which written notice shall have been received by the President or the Secretariat.
vi. The quorum for any meeting of the General Assembly shall be one-third of the member banks in good standing. However, member banks of the National Professional Associations may elect to be collectively represented by their delegate(s) present.
7. SUBSCRIPTION
i. Each member of the Association shall pay an annual contribution of 2,000.00 (Two thousand) U.S. Dollars the Executive Council decision taken in May 1997 -Conakry, Republic of Guinea.
ii. Subscription to the budget of the West African Bankers' Association shall be sent to the indicated accounts of the Association.
iii.
a) Members shall pay their subscription not later than three months after the adoption of the Association's budget.
b) Any member who fails to pay its subscription after two consecutive years shall cease to be a regular member of the Association.
iv) Subscriptions, membership fees, gifts and any other income shall be paid into the Association's Autonomous Common Fund.
8. AMENDMENT
Any amendment of these rules and regulations shall only be made in accordance with the provision of Article X of the Association's Agreement. |
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