Section- 3 Audit

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    a) The Fund shall be audited annually by an audit firm and the audit report presented to the Board.

    b) The cost of auditing shall not exceed ten (10) percent of the contributed administrative fee.

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ARTICLE V – Contributions and fees

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Section -1

    a) In the event of the passing of a member, the amount required to be contributed per member shall be determined by dividing $12,000            (the face value) by the number of members enrolled at the time of the event. This payment shall be made no later than two (2) weeks after the announcement of the event.  There will be a 10% penalty for payments not received on or before the stated period.

 

    b) Benefits are effective one hundred twenty (120) days after complete enrollment. However, during this window period, every member is required to participate in every event contribution.

 

    c) An annual $20 shall be paid for administrative services. This payment shall be due by January 31 of each calendar year.

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ARTICLE VI- Beneficiary responsibilities, benefits and disbursements

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             Section -1: Beneficiary responsibilities.

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     a) A member in good standing may still carry his/her membership status and draw the benefits even if they relocate from the United                   States as long as they remain in good financial standing.

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Section – 2: Benefits and Disbursement

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     a) Upon the passing of a member, the beneficiary should inform the administrator as soon as possible by phone call.

 

    b) A sum of $12,000 shall be issued to the member’s beneficiary upon the death of that member. The beneficiary MUST present the                      deceased death certificate AND documented proof that the deceased member is eligible for benefit. 

 

    c) A three-week period is required for the collection of the contribution and the disbursements of the funds to the beneficiary.

    d)  Any Member who has not participated in ComBass events or contribute for period of one year from the date of maturity to the time           of his or her demise, the beneficiary shall receive 50% of ComBass benefit. 

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    d) Disbursement shall be made by the Fund’s check signed by the Fund administrator and the BOD chairman and drawn from the Fund’s             bank account.

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ARTICLE VII: Termination

 

Section 1: Voluntary termination

 

    a) Participation in this Fraternity is absolutely voluntary; therefore, a member can withdraw their membership at any time of their                          desiring. 

    b)  No refund of financial contributions to any member who decides to end their membership.

    C)  The board of Directors can drop any member who attempts to defraud or carry out any activity determined to be prejudice to                            ComBass without refund of financial contributions. 

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Section -2: Punitive Loss of Membership

 

            The following violations shall result punitive loss of membership:

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    a) Failure to make event contributions twenty-one (21) days after the event announcement

    b) Failure to pay the annual administrative fee after the seventh (7) of February of each year.

    c) Any member who losses membership also losses their enrollment fee as well as any contributions already made.

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Section-3: Regaining Membership:

 

    a) Once membership is terminated for whatever reason, membership can only be re-established by approval of the Board. 

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Article VIII: Assumptions and Special Provisions

 

            The solvency and sustenance of this Fraternity is based on the following assumptions:

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    a) The fund shall at any time, maintain an active enrollment minimum membership of 400 members

    b) Sustainability shall depend on the voluntary contribution of its members.

    c) This is not a bank or an insurance fund; therefore, disbursement depends on Members contributions.

     d) ComBass will not issue a check to any member or beneficiary who contravene any provision of this bylaws. 

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Article IX: Indemnification

 

To the full extent authorized under the laws of the State of Maryland, this fraternity shall indemnify any director, or any person who may have served at the corporation’s request as a director or officer, against expenses actually and necessarily incurred in connection with the defense of any action, suit, or proceeding in which they are made a party by reason of being or having been such officer.

 

SECTION VII: AMENDMENT

 

These bylaws are subject to amendment by the Board of directions. Suggestions for amendment can be made by 2/3 of the general membership or the administrative bench. 

 

                           Signed  

              Atem C. Egemene                                                                                                     Rev Esther Gadpaille                               

        Chairman Board of Director,                                                                                       Fund Administrator

                                                                                                                                                

                                                   On sixth Day of June two thousand and twenty.

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