Constitution of the Sri Lanka Forex Association

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1. NAME
The name of the association is called "SRI LANKA FOREX ASSOCIATION" hereinafter called "Association.
The "Association" is affiliated to the Association Cambiste internationale and agrees to abide by the rules and charter of the Association Cambiste Internationale.

2. REGISTERED ADDRESS
The registered address for the time being be care of Bank of Ceylon, International Division Bank of Ceylon Building, York Street, Colombo 1, Sri Lanka.

3. OBJECTIVES
(a) To foster Personal contacts between foreign ex-change/money market dealers in Sri Lanka and abroad with a view to promoting the necessary friendship and mutual trust.
(b) To improve the techniques of the trade

4. MEMBERSHIP
a) There shall be four categories of membership
(i) Ordinary Membership
(ii) Associate Membership
(iii) Honorary Membership
(iv) International membership

b) Ordinary membership shall be open to those persons who are currently engaged in foreign exchange and money market activities

c) Associate membership shall be open to those persons who have in the past been directly involved in foreign exchange and / or money market activities. Such member shall not have the right to vote at any of the meetings of the association except as provided in Section 20 (a)

d) Every candidate for Ordinary or Associate Membership shall be nominated in writing by two Ordinary/International Members from two financial institutions and shall be elected by the Executive Committee hereinafter called the "Committee" at its own discretion and whose decision shall be final. Until the candidate is elected as a member he/she shall not be entitled to any of the privileges of the Association

e) Honorary Membership shall be conferred upon those persons proposed and seconded by Ordinary/International Members and shall be in recognition of services rendered to Sri Lanka Foreign Exchange and/or Money Markets or to those persons who have historically being active in the market but no longer engaged in day to day dealings. Such members shall not have voting rights.

f) Honorary Members shall be elected by a majority of not less than 5/7th of the full executive committee. All Seven committee members must cast their vote either at the meeting or by proxy

g) A list of new members elected by the committee shall be circulated amongst the members for information within 14 days of election

h) Ordinary Members may elect in writing to become International Members of the Association Cambiste Internationale (ACI) subject to the approval of the committee and upon payment of such annual subscription that may be required by Association Cambiste Internationale

To be an International Member of the association, candidate must have the following qualifications:

(i) They must be engaged internationally in exchange operations (foreign currencies, notes, precious metals) or foreign currency deposits or be the persons responsible for the direction of such operations.

(ii) They must carry on their activities within a Bank or a financial institution of a Banking nature, considered as such within its own community

iii) They must have been so occupied for a minimum of two years

i) A member whose qualification for Ordinary or International Membership ceases may continue an Associate Member


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SUBSCRIPTION
Every member shall pay on being admitted to the association an annual subscription of Rs. 10OO/- which shall be due on the 1 st day of January in each year or the day on which such member is elected as the case may be. Such subscription shall be deemed to be a debt due to the Honorary Treasurer for the time being and shall form part of the funds of the Association. There is an additional annual fee for international members

6 MANAGEMENT
The Management of the Association shall be entrusted to an executive committee composed of Ordinary or International Members consisting of:
(i) The President
(ii) The First Vice President
(iii) The Second Vice President
(iv) The Honorary Secretary
(v) The Honarary Treasurer
(vi) The Assistant Secretary
(vii) The Assistant Treasurer
(viii) Two Committee Members

b) Committee Meetings will be held at least four times a year at such times and places as they shall determine. The intervening period between two committee meetings shall not exceed four months. At all meetings of the committee not less than five of the member of the committee shall from a quorum. These meetings will be notifies to the committee at least seven days in advance

c) In the event of a vacancy arising in the committee, the committee shall be empowered to appoint a successor. The candidate so appointed shall hold the office only until the next following Annual General Meeting but he/she shall then be eligible for re-election.

7 OFFICE BEARERS

a. The President shall act as Chairman at all General and committee meetings The President or the Secretary shall also represent the association in its communications with outside persons

b. The First or Second Vice-President in that order shall deputise for the President in the lat-ter's absence.

c. The Honorary Secretary shall keep all records of the association except financial records, and shall be responsible for their correctness. He/ she will keep Minutes of all General and Committee meetings.

d. The Honorary Treasurer shall control all funds, collect and disburse all monies on behalf of the Association, keep an account of all money transactions and be responsible for their correctness. He/She is authorised to expend upto Rs. 3,000/- per calendar quarter for expenses on behalf of the Association. He/she shall submit an account of all expenses incurred from date of the last submission of accounts to one week prior to the next committee meeting. He/ she will not keep more than Rs. 1,000/- in the form of cash. Money in excess of this will be deposited in a bank to be named by the committee. Cheques etc. for withdrawals from the Bank will be signed by the President or one of the Vice-Presidents in addition to the Treasurer. In the absence of the Treasurer the Secretary is empowered to sign with President or one of the Vice-Presidents

e. Any member of the committee absenting himself from two consecutive meetings without satisfactory explanation shall be deemed to have withdrawn from the committee and a successor will be appointed by the committee. He / Shall serve until next Annual General Meeting but shall then be eligible for re-election


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8. ANNUAL GENERAL MEETING

a) The Annual General Meeting "of the club shall be held in August every year for the election of members to serve on the committee and all officers of the club and for such other business as may be appointed in accordance with the Constitution and By-Laws. This meeting shall be notified to all members three weeks in advance

b) The tenure of the office of the committee shall be from one Annual General Meeting to the next.

c) At all Annual General or Extra-Ordinary General Meetings of the Association every member of the Association shall be entitled to be present but only Ordinary and International members shall be entitled to give one vote and no more upon every question, provided that in case of quality of votes, the Chairman of the Meeting shall have a second or casting vote. Voting at the Extra-Ordinary General Meeting should be by person and voting by proxy will not be allowed except as so for as provided in Section 20 (a)

d) At least one half of the total Ordinary and International Membership of the Association must be present at an Annual General Meeting for its proceedings to be valid

e) In the event of there being no quorum, the meeting shall be adjourned to the same day in the following week at a place and time to be appointed and should the number of Ordinary and International Members then present to be insufficient to form a quorum, those present shall be considered a quorum, but they shall have no power to alter, amend or make additions to any of the existing sections of the Constitution

9. EXTRA-ORDINARY GENERAL MEETING

a) An Extra-Ordinary General Meeting may be called at any time by the committee by given 10 day notice to all members or if 1/5th of the total Ordinary and International membership shall request such a meeting by writing to the Honorary Secretary. No business other than that specified in the notice shall be transacted at the Extra-Ordinary General Meeting

b) At least one third of the total Ordinary and International Membership of the association must be present at an Extra-Ordinary General Meting for its proceedings to be valid.

c) In the event of there being no quorum the meting shall be adjourned to the same day in the following week at a place and time to be appointed and should the number of Ordinary and international Members then present to be insufficient to form a quorum, those present shall be considered a quorum, but they shall have no power to alter, amend or make additions to any of the existing sections of the Constitution

10. AUDIT AND ACCOUNTS

a. At the Annual general meeting an Honorary Auditor for the ensuing year will be appointed. He/she shall audit each years accounts and present a report upon them to the Annual General Meeting. He/she may be required by the President to audit the Associations accounts for any period within his/her Tenure of office at any date and make a report to the committee

b. Full accounts of the financial affairs of the Association duly certified by the Honorary Treasurer shall be delivered to every member with the notice convening the Annual General Meeting


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11.TRUSTEES

The trustees will comprise the President, the First and Second Vice Presidents and the Treasurer as elected each year. They shall be responsible for any movable (excluding cash on hand and bank balances) or immovable property owned by the association and any other assets the Association may possess but incur no further liability than any other member.

12. AVOIDANCE OF MEMBERSHIP BY BANKRUPTCY, CONVICTION OR TERMINATION OF SERVICES ETC.

Any member who is adjudicated a bankrupt or who makes a composition with his/her creditors under the provisions of any ordinance or is convicted of any indictable offence or terminated from service of the Bank shall therefrom • cease to be a member of the Association. Provided that, if his adjudication is annulled or his conviction is set aside, the committee shall and in any other case the committee may restore his/her membership as from the date when he ceased to be a member.

3.EXPULSION
The committee may, by a unanimous decision, EXPULSION expel from the club any member whose con- OF A MEMBER duct is such that it shall in their opinion be injurious to the character of the Association or the interests of the members. Before a member is expelled his/her conduct shall be inquired into by the committee and he/she shall be given the full opportunity to defend himself/herself and to justify and explain his/her conduct. If the decision is not unanimous the committee will present in writing the reasons for their decision at an Extra-ordinary General Meeting to be called for the specific purpose and the issue will be decided by a simple majority of the Ordinary and International Membership An expelled member shall forfeit all privileges of membership and all rights against the Association.

4. PROHIBITIONS
a. Gambling of any kind for stakes or not, is forbidden in the Association premises

b. The funds of the Association shall not be used to pay the fines of members who have been convicted in Court.

c. The Association shall not attempt to restrict or in any other manner interfere with trade or prices or engage in any Trade Union activity as defined in any written law relating to trade Union for the time being in force in Sri Lanka.

d. The Association shall not indulge in any political activity or allow its funds and/or premises to be used for political purposes

15. NATURE AND EXTENT OF LIABILITY OF MEMBERS
Every member shall not by reason of his membership be under any financial liability except for payment of his annual subscription to the Association

6. BY-LAWS

The committee may from time to time make, vary and revoke by-laws not inconsistent with the Constitution by simple majority for the regulation of the internal affairs of the Association and the conduct of the members. All by-laws shall, until revoked by the Committee, be binding on the members subject to approval at an Extra-Ordinary General Meeting

17. NOTICES
All notices required by the constitution and by the by-laws to be given to members of the Association may be given pre-paid letter addressed to a member at the last address which tie/she has furnished to the Honorary Secretary and shall be deemed to have been given on the day when such would have arrived in the normal course of post Members must furnish the Honorary Secretary with their correct addresses.

18. AMENDMENT TO THE CONSTITUTION
The Constitution in whole or any part may from time to time be revoked, altered or added to by resolution passed by 2/3rd of the total ordinary and international Membership at an Annual General or Extraordinary General Meeting of the Association Voting in favour of such resolution

19. DISSOLUTION
a. The Association shall not be dissolved, DISSOLUTION except with the consent of not less than 3/ 5th of the Ordinary, International and Associate Members of the association for the time being expressed, either in person, by proxy or by post at an Extra-ordinary General Meeting convened for the purpose

b. In the event Association being dissolved as provided above, all debts and liabilities legally incurred on behalf of the Association shall be fully discharged and the remaining surplus will be shared equally amongst the Ordinary, International and Associate Members

20.GENERAL
All meetings of the Association are private and views expressed reflect the personal opinions of the speakers and must not be construed as representing the official policies of the institutions with which the speakers are connected


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BY -LAWS
1. In accordance with the section 9 of the Constitution of the Association 21 days notice in writing of the Annual General Meeting shall be given to every member of the Association specifying the business to be transacted

2. Notice of motion for the Annual General Meeting must be received by the Honorary Secretary not less than 14 days before the date fixed for the Meeting and the Honorary Secretary shall communicate such notice of motion to other members not less than 7 days before the date fixed for the meeting

3. Voting at General Meetings shall be by ballot or otherwise as the Chairman may direct

4. At least 30 days prior to each Annual General Election the committee shall appoint a subcommittee of three of its members who will be responsible

(a) To issue notice calling for nominations foi office bearers and committee members for ensuing year to be filled within 10 days from the date of such notice on forms-available with the Honorary Secretary

(b) To circulate to all members a list showing. valid nominations

(c) To see that nominations to be valid are. proposed and seconded or International members and also counter-signed by the

(d) To see that a member shall not nominate more than one member for any one post and shall not nominate more than the number of members required to be elected to Executive committee

(e) To hold the Elections as provided for in the Constitution

5. In the event there being no nomination received for any of the posts the Chairman shall invite nominations from the floor of the Annual General Meeting. Such nominations shall be proposed and seconded by two Ordinary or International Members of the Association

6. At all General Meetings the President and in his/her absence the First or Second Vice-President in that order shall act as Chairman. If neither of them are present within thirty minutes after the time appointment for holding such a meeting the committee present or in default the Ordinary and International Members present or in default the ordinary and International Members present shall choose a member of the committee as Chairman and if no committee Member is present or if all the members of the committee present decline to preside than the Ordinary and International Members present shall choose one of the Ordinary or International Members to be Chairman

7. The honorary Secretary shall record in a Minute Book the proceedings of the General Meetings

COMMITTEE MEETINGS

8. At every committee meting the President and his/her absence the First or Second Vice-President in that order shall act as Chairman. If neither of them be Present within thirty minutes after the time appointed for holding such a meeting the committee members present shall choose one of their members to be the Chairman at such meeting

9. Meetings of the committee shall be called by the Honorary Secretary or at the request of 4 members of the committee

10. Every Member of the committee shall have VOTING RIGHTS one vote on every question and in case equality the Chairman or other member presiding at the meeting shall have a second or casting vote

11. The honorary secretary shall record minutes of the proceedings of each meeting which shall be read and confirmed at the next meeting