BYE-LAWS GOVERNING THE ESTABLISHMENT OF ENDOWMENT FUND FOR THE PROMOTION OF FEMALE EDUCATION AT THE SPIRITAN UNIVERSITY COLLEGE, EJISU, GHANA
In recognition of the distinguished service of the late Rev. Fr. Francis Ato Jackson Donkoh, C.S.Sp., former Rector of the Spiritan University College, Ejisu and in furtherance of his ardent desire to promote the education of female students at the College, and also in recognition of the selfless service rendered to the College by the late Rev. Fr. Ernest Ayittey Akorsou, the Spiritan Provincial Council, in Collaboration with the Chancellor, the Bishop of Konongo-Mampong Diocese and the Governing Council of the College at its meeting of 10th January 2013 decided to set up an endowment fund to honour the memory of Rev. Frs. Francis Ato Jackson-Donkoh and Ayittey Akorsou as set out below:
SECTION ONE NAME OF THE FUND
The Fund shall be known and called JACKSON DONKOH and AYITTEY AKORSOU ENDOWMENT FUND, herein after referred to as “THE FUND”.
SECTION TWO PURPOSE OF THE FUND
The purpose of the Fund is to promote the education of female students of the College who need financial assistance.
A Fund is hereby established at the Spiritan University College, Ejisu in memory of Rev. Fr. Francis Ato Jackson-Donkoh and Rev. Fr. Ernest Ayittey Akorsou. The Fund shall be registered in accordance with the laws of Ghana.
SECTION THREE BOARD OF TRUSTEES
- There shall be a seven-member Board of Trustees appointed by the Governing Council of the Spiritan University College that shall manage the Fund.
- The Board of Trustees shall comprise, at least two (2) females and one member nominated by the Provincial Council of the Spiritans.
- The Board shall manage the Fund and draw up an investment policy.
SECTION FOUR AWARDS FROM THE FUND
- Candidates who are eligible shall be offered awards that will be done not later than the beginning of each academic year.
- The awards shall be published by the Board of Trustees.
- The number of awardees and the amount to be awarded shall be determined by the Board of Trustees.
SECTION FIVE FUNDRAISING
The Board of Trustees shall have the mandate to raise funds for the Fund.
SECTION SIX CRITERIA FOR THE SELECTION OF CANDIDATES
- The criteria for the selection of candidates of any award shall be determined and published by the Board of Trustees with prior approval of the Governing Council of the College.
- The Governing Council shall be responsible for the selection of candidates.
- The Board of Trustees shall have the mandate to withdraw any award with reasons subject to the approval of the Governing Council.
SECTION SEVEN MODE OF APPLICATION
Eligible candidates shall apply in writing to the Rector of the Spiritan University College, stating the circumstance of their needs not later than the end of the first semester of each academic year. The candidate must have spent at least one academic year in the College.
SECTION EIGHT ESTABLISHMENT AND REGISTRATION
- The JACKSON DONKOH AND AYITTEY AKORSOU ENDOWMENT FUND is hereby established at the Spiritan University College, Ejisu, Ghana.
- The Fund shall be registered in accordance with the laws of Ghana.
Given Under the Hand of——————————————————-DATE———————–
PRESIDENT OF THE GOVERNING COUNCIL
SPIRITAN UNIVERSITY COLLEGE
LODGEMENT OF FUNDS
- A primary account must be opened with a reputable financial institution. This account shall be a mother account from and into which all payments and receipts shall be made.
- All investible monies must be placed in one portfolio or another. In case final decision is delayed, the available funds shall be placed in call accounts.
- As much as possible, funds shall not be made to lie idle for more than four weeks.
- All investments shall be in the Money Market until further notice.
- Rate of interest shall at all times be negotiated. The benchmark rate shall be the prevailing Treasury Bill (T/B) Rate. At each time, the best minimum level of rate shall be adopted in keeping with the market situation. E.g. T/B Rate plus 1, 2, or 3.
- Studies shall be made at all times to afford strategies that take advantage of more rewarding tenures and portfolio.
SELECTION OF FINANCIAL INSTITUTION
- Only reputable financial institutions shall be selected.
- A careful appraisal shall be conducted at all times before placing investment with any financial institution.
- A credible financial institution can be verified from its Balance Sheet.
- Determine early warning systems to guide investment discontinuation. In this respect, strategies of tying in placement shall be short-term with roll-over advantages.
- Extreme care shall be taken in responding to financial institutions that offer rates outside reasonable ranges.
The gestation period is two years beginning from August 2015 to August 2017
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