- All the agents of the life insurance corporation of India shall be eligible for membership on applying for membership in a prescribed form and on payment of an entrance fee R's. 100/- and an Life member at the rate of R's. 75/- shall be payable on annual basis in advance.
- Subscription for Life Membership shall be Rs. 2500/-. This amount plus entrance fees Rs. 100/- should be paid together with an application for membership in prescribed form. Life Member shall not be required to pay annual subscription.
- The Chairman, the Managing Director, the Zonal manager(Western Zone). Head of the Bombay and Thane Divisional office (known by any designation say Additional Zonal Manager or Senior Divisional Manager) of the Life Insurance Corporation of India, shall be the partons of the Association.
The Accounting year of the Association shall be the Financial year ending on 31st March every year.
The management of the Association shall be carried on by a Managing Committees which will consist of not less than twelve and not more than fifteen members as under:-
- The president to be elected at the Annual General Meeting
- Eleven/Fourteen other members to be elected at the Annual General Meeting
- Within fifteen days the elections as stated above are conducted, the president shall convene a meeting of the Managing Committee comprising of himself and eleven/fourteen elected Members. This meeting of the Managing Committee shall elect from amongst themselves the following office bearers. One Vice-president, One Hon. Secretary, One Hon. Joint Secretary, One Hon. Treasurer, & One Hon. Joint Treasurer. This meeting of the Managing Committee may Co-opt not more than three other members
- The Co-opted members shall have the same rights and status as elected members and in the event of any vacancy they shall be eligible to hold any office, the Managing Committee can fill in
- The quorum for the Managing Committee shall be One-half of the total number of member on roll at any particular time or six persons, which ever is lower shall form quorum for any meeting of the Managing Committee
- The newly elected president shall exercise all power of the outgoing Managing Committee which is automatically dissolved on election of the new president by the members of the Association, till other office-bearers are elected as above
- The out going president shall ensure that full charge of the Association including accounts, funds etc. are handed over to the incoming president within 15 days of the election
- The Managing Committee shall assign different work and duties to Hon. Secretary / Hon. Joint Secretary / Hon. Treasurer / hon. Joint Treasurer according to their abilities
The duties and powers of the managing Committee shall be:-
- To fill in any casual vacancy of office-bearer or members of the Committee & appointment of the Auditor
- To appoint a Committee or Sub Committee for any purpose as and when required and delegate such power to such Committee/Sub-Committee it may be deemed fit
- To enroll members, to deal with their resignations, removals etc.
- To recommend changes in the bye-laws consistent with the aims of their Association
- To approve the Annual Report and the Audited Statement of Accounts to be placed before the Annual General Meeting
- To take such steps as deemed proper to fulfill the aims set forth above
- Until such times as the new President is elected and takes over, the outgoing Managing Committee shall continue to exercise it's power
- The decision of the Managing Committee over all matters whatever regarding the Association shall be final & binding on all members of the Association and all parties concerned, except otherwise decided by the General Body
The Hon. Secretary / Hon. Joint Secretary shall:-
- Keep all records of the Association
- Convene the Managing Committee meetings in consultation with the President after giving at least Seven days, notice in writing
- Convene monthly meetings of the Association as directed by the Managing Committee giving at least ten days notice
- Perform all official routine in the interest of the Association
- Convene emergency meetings of the Managing Committee by giving atleast 2 days clear notice
- Shall have authority to spend upto Rs. 1000/- for the Association routine business. However he should place before the Managing Committee, the accounts of amounts spent for their approval every month. It will be obligatory on the part of the Secretary/Joint Secretary to obtain prior sanction, if the expenses at one time are likely to exceed 1000/-. However the Managing Committee has the right to give the necessary sanction for the expenses of Rs. 1000/- without prior sanction, in unavoidable circumstances
The Hon. Treasurer / Hon. Joint Treasurer shall:-
- Collect all fees and dues
- Keep the necessary books of accounts up to date
- Pay all the expenses incurred by the secretaries under 8(d) above and also those duly passed by the managing Committee
- Prepare annual accounts and get the accounts audited by the duly appointed auditor within 3 months of the expiry of the accounting year
The Managing Committee, at its description may deposit funds of the Association with any of the scheduled bank in the City of Thane and such bank account shall be operated under the joint signatures of any two of the office-bearers of the Association Treasurer, the President/ Jt. Sec. / Jt. Treasurer / Secretary.
The Annual General Meeting of the Association shall be held within 6 months from the end of the accounting year on a date & time to be fixed by the Managing Committee. Atleast 15 days notice of such meeting together with the agenda of the work to be done & Annual Accounts duly audited for preceding year shall be sent to every member. The following business shall be transacted at the Annual General Meeting.
- To Confirm the minutes of the last Annual General Meeting & of the previous special General Meeting
- To receive and adopt Annual report & Audited statement of Accounts for the preceding year as presented by the Managing Committee
- To elect the president & 11/14 Members of the Managing Committee
- To appoint an auditor for the ensuring year
- To consider additions and alterations to the bye-laws and rules, if any
- To consider resolutions of which due notice has been given
- To consider any other business as brought forward by the Managing Committee with previous notice
- To transact any other business with the permission of the chair
No. proposal or resolution shall not be considered at the Annual General Meeting unless it has been notified in writing to the Hon. Secretary at least seven days, before the date of the meeting.
- Upon receipt of any requisition signed by atleast 10% of the total number of member on the roll or 50 member whichever is less of the Association, the President and the Secretaries shall convene a Special meeting to transact the business mentioned in the notice or requisition conveying the same
- Atleast Seven days notice in writing of such meeting together with the Agenda of the work to be done shall be given to all members
- A Special General Meeting may be called by the Managing Committee on its own initiative
The quorum for Annual and/or Special General Meeting shall be 10% or 50 member which every is less
The General Body at the General Meeting shall elect and appoint a auditor who is Chartered Accountant & not a member of the Association. The Auditor shall audit the accounts of the Association and submit his report on the Annual Statement of accounts, to the Managing Committee for placing before the Annual General Meeting.
The General Body at the General Meeting shall be elect and appoint a auditor who is charted accountant & not a member of the Association. The Auditor shall audit the accounts of the Association and submit his report on the Annual Statement of accounts, to the managing Committee for placing before the Annual General Meeting.
The Meeting of the Association shall not generally be open to the public except when the Managing Committee directs otherwise, but members may bring when the managing Committee decides to allow them.
- For misconduct by a member of the Managing Committee, the Managing Committee shall approach the General body, and the general Body by a decision of two thirds majority of the members voting at the meeting, can disqualify a member from being a member of the Managing Committee
- For misconduct by a member of the Association, the General body can disqualify a member from being a member of the Association by a decision of two this majority of the member actions at the meeting, after giving opportunity to him for being heard
- Any action, speech, reports of the member detrimental to the image of the Association amount to misconduct which shall lead to expulsion and disqualification of members from membership of the Association
- A member running in arrears shall not be eligible for any election for members of any Committee or as an Office bearer. He can also not be co-opted as a committee member. Even the current year subscription have been paid for eligibility to membership of any Committee or to any office
- A member who has not paid the annual subscription till 31st July will be treated as a members in arrears. His member will be treated as continued provided he pays the arrears of subscription by 31st December along with default charges of Rs. 10/- p.m. w.e.f 1st August. If a member does not pay the annual subscription by 31st December he will automatically cease to be a member. However such member will be allowed to join fresh member
- A member dismissed for misconduct shall not be re-enrolled for 5years. He shall have no right over the funds of the Association
- A member whose membership is cancelled for non-payment of subscription can re-enroll himself by paying fresh entrance fees along with one year subscription
Members of the Association shall be divided into units according to the Branches of the L.I.C to which they are attached. Each unit shall be known by the code no. of the branch. The Managing Committee shall be nominate one leader per members in a unit. The unit leader shall serve the purpose of a link between the managing Committee and the members of the unit.
- Every member shall be bound to abide by the rules & regulation & bye-laws of the Association and any amendments or variations thereof made from time to time
- Any Arrear variation, additions or alteration in the rules and regulation shall be made only at the Annual General Meeting or at any Special General Body Meeting called for that purpose by a majority of atleast two thirds of the members actually voting
- Atleast fifteen days, notice of any such change or change in the rules and regulation shall be given by the proposer to the Hon. Jt. Secretaries in writing. Atleast seven days, notice of any such amendments in rules and regulations shall be given to all the member by the Hon. Secretary/Hon. Jt. Secretary
If upon of the Association there shall be any surplus of assets, such surplus asset shall be distributed amongst the members equally on the roll of the Association at that time.