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MARSHALLAN SECURITY TRUST RULES AND REGULATIONS |
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| 1.0 | DEFINITIONS; | |
| In these Rules, unless the context otherwise requires, the following expressions shall have the following meanings:- | ||
| 1.1 | “The Trust Deed” shall mean the Trust Deed dated the 20th September, 2011 and made between the Standing Committee of the Noble Order of the Knights and Ladies of Marshall of the one part and the Trustees of the other part. | |
| 1.2 | “The Rules and Regulations” shall mean these Rules and Regulations or other Rules for the time being regulating the Scheme. | |
| 1.3 | “The Scheme” shall mean the Scheme constituted under the Trust Deed and the money and investments for the time being representing the same and called the “Marshallan Security Trust” and the office of the Scheme shall be the Supreme Secretariat Post Office Box 175 Sekondi. | |
| 1.4 | “The Trustees” shall mean the persons for the time being by whom or in whose name the money of the Scheme shall be invested or held as Trustees of the Scheme and also the Trustees for the time being of the Scheme. | |
| 1.5 | “The Members” shall mean the persons described in Clause 4.2 below. | |
| 1.6 | “Founding Members” shall mean persons who were members of the Noble Order of the Knights and Ladies of Marshall before the coming into force of the Scheme. | |
| 1.7 | “The Board” shall mean the Standing Committee of the Noble Order of the Knights and Ladies of Marshall. | |
| 1.8 | “Council(s) and “Court(s)” shall mean Branches of the Noble Order of the Knights and Ladies of Marshall; Councils for Knights and Courts for Ladies | |
| 1.9 | “Supreme Council” shall mean the Governing Body of the Noble Order of the Knights and Ladies of Marshall. | |
| 1.10 | “Merban Investment Holdings Limited” or “MIHL” shall mean the Fund Managers. | |
| 2.0 | OBJECTIVE: | |
| 2.1 | The objective of the Scheme shall be to facilitate the achievement of the acts or deeds enshrined in the Charters by which the various Councils and Courts of the Noble Order of the Knights and Ladies of Marshall were consecrated, in so far as they affect the members of the Order in their personal capacity and to inculcate the culture of saving amongst the members with a view to providing additional income for their needs and to supplement their future pension benefits. | |
| 2.2 | The Scheme shall be for the sole benefit of the members and for that matter neither the Standing Committee of the Supreme Council or the Advisory Boards or the Joint Advisory Boards nor the Supreme Knight or the Grand Lady or the Grand Knights or the Noble Ladies of the component Councils and Courts constituting the Noble Order of the Knights of Marshall shall have the right to decide on how the funds of the Scheme shall be applied or used without the express consent in writing of each and every individual member of the Scheme. | |
| 3.0 | ADMINISTRATION OF THE SCHEME: | |
| 3.1 | Merban Investment Holding Limited (MIHL) shall perform the administrative function of the Scheme until such time that the Board of Trustees are able to put in place a full functioning secretariat. | |
| 3.2 | Councils and their counterpart Courts participating in the Scheme shall appoint Scheme Officers who shall perform the secretariat functions as well as liaise between the Board of Trustees, the Fund Managers and members of the Scheme. | |
| 4.0 | MEMBERSHIP: | |
| 4.1 | The Scheme shall be decentralized and Councils and Courts may sign on to the Scheme by: | |
| 4.1.1 | Adopting the name of the scheme with their designated numbers thus Council X and Court Y Weija shall be “MARSHALLAN SECURITY TRUST X/Y WEIJA” | |
| 4.1.2 | Submitting a list of their members with their initial contributions to the Fund Managers who shall assign Permanent Identification Numbers to the individual contributors and that shall be the contributor’s “account number” under the Scheme. | |
| 4.2 | Membership of the Scheme shall be open exclusively to members of the Noble Order of the Knights and Ladies of Marshall. | |
| 4.3 | No member shall resign his or her membership so long as he or she remains a Marshallan. | |
| 4.4 | Every member shall be required to complete the “The Personal Record” form of the Council or the Court as the case may be and the nominations made therein as to the beneficiaries of the member’s entitlement in the event of death shall be deemed to constitute nominations made under the Scheme. | |
| 5.0 | INITIAL JOINING FEE AND MONTHLY SUBSCRIPTION: | |
| 5.1 | All members, other than the “Founding Members” shall pay an initial fee ofGH?5.00 which shall be used to cater for the administrative expenses of managing the scheme. | |
| 5.2 | The minimum monthly subscription or investment which shall be paid by cheque or in cash to the Treasurer before the commencement and at the close of each Council or Court meeting shall be GH?5.00 the upper limit being at the discretion of each member. The minimum investment may be varied as the members shall from time to time so determine. | |
| 6.0 | INVESTMENTS: | |
| 6.1 | The Treasurer shall within the week after the Council or Court meeting arrange for a cheque to be issued for the money received under the Scheme to the Scheme Officer who shall deposit the said cheque into “MIHL Clients’ Account Number 00001/01/002186/36, Accra Main Branch” at any branch of the Merchant Bank Ghana Limited and where the Merchant Bank does not have a branch, into “Marshallan Security Trust Account Number 1141130008696 GCB Osu Branch” at any Ghana Commercial Bank branch. A copy of the Pay-in-Slip and the list of the contributors shall soon thereafter be sent to:The Managing Director Merban Investment Holdings Limited 57 Examination Loop, North Ridge, Accra P O Box 401 AccraMarked for the attention of MR. MANFRED K BRESSEY or MR. PATRICK BUCKOR | |
| 6.2 | The Scheme Officer shall at every Council Meeting announce the amount invested during the preceding month and the total amount standing to the credit of the members of the Scheme. He shall arrange for similar announcement to be made at the Court Meeting. The Scheme Officer shall also answer any relevant questions of which reasonable notice has been given. | |
| 7.0 | RUNNING COSTS: | |
| No member, with the exception of the Auditors shall be compensated for providing services to the Scheme. Expenses incurred in managing the Scheme shall be recorded in the Scheme’s cash account which shall be funded from funds provided by the Scheme and other income. The Scheme Officer shall maintain a full and accurate record of all income and expenditure to be submitted to the Auditors annually. | ||
| 8.0 | WITHDRAWALS: | |
| 8.1 | Unless otherwise decided by the Board of Trustees, members shall be entitled to make withdrawals from their investments after the Scheme has been in force for at least (3) three years so as to enable the Scheme to achieve adequate growth. | |
| 8.2 | A member shall give three months notice in writing to the Scheme Officer of his or her intention to withdraw a sum not exceeding 50% of total value of his or her investment in the Scheme. Any withdrawal in excess of that amount shall be subject to the approval of the Board of Trustees. | |
| 8.3 | Unless otherwise decided by the Board of Trustees, members shall not make more than one withdrawal within six calendar months. | |
| 8.4 | In the event of death, or physical incapacity, or if a member is unable to participate actively in the Scheme for whatever reasons, the total amount standing to his or her credit less expenses incurred to liquidate assets to satisfy the said amount shall be made available for payment to the member or his estate as the case may be. Payment to a member who resigns from the Scheme shall be made not later than 90 days from the effective date of the resignation. | |
| 9.0 | ASSIGNMENT: | |
| No member shall assign, pledge, transfer, mortgage or sell any part of his or her interest in the Scheme to another member or to anyone at all except where the member decides to take advantage of the leasing facilities that Merchant Bank Ghana Limited, the parent Company of the Fund Managers may provide to enable members of the Scheme to acquire certain assets through hire purchase and leasing arrangements. | ||
| 10.0 | DISCIPLINARY ACTION: | |
| If any member should assign, pledge or otherwise encumber his or her share in the Scheme except as stated in Clause 9.0 of this Rules, or do any act detrimental to the best interest of the Scheme or shall act in any manner inconsistent with the good faith observable amongst members of the Noble Order or shall be guilty of any conduct which could tarnish the image of the Noble Order, it shall be lawful for the Trustees to refer the matter to the Board for disciplinary action to be taken against such a member in accordance with the Constitution of the Noble Order. | ||
| 11.0 | ACCOUNTS AND AUDIT: | |
| 11.1 | STATEMENT OF ACCOUNTS:As soon as possible after the 31st day of December in each year the Trustees shall in accordance with the provisions contained in the Portfolio Management Agreement between the Fund Managers and the Trustees, provide each individual member of the Scheme with reports detailing funds received, withdrawals, transactions executed, performance and earnings. | |
| 11.2 | AUDIT;The Auditor of the Scheme shall audit the Account at the end of each financial year. | |
| 12.0 | ALTERATION OF RULES: | |
| The Trustees may in their discretion and with the consent of the Board add to, alter or repeal any of the provisions of these Rules and Regulations but so that no such additions or alterations shall adversely affect the right of any member of the Scheme then accrued with respect to any moneys then in the hands of the Trustees. | ||
| 13.0 | SETTLEMENT OF DIFFERENCES; | |
| All questions not provided for under the Rules and Regulations and/or differences arising with regard to the meaning or application of the Rules, and/or rights and obligations by the parties concerned, will be decided by the Trustees in consultation (if they consider it necessary) with the Board. The Trustees decision shall be conclusively binding on all concerned. | ||
| 14.0 | PROMULGATION OF THE RULES AND REGULATIONS | |
| These Rules and Regulations shall be deemed to have come into effect on the date the Scheme was established. | ||