ARTICLE 3: AIMS AND OBJECTIVES

THE AIMS AND OBJECTIVES OF THE ASSOCIATION ARE:
1 TO PROVIDE SCHOLARSHIPS TO DESERVING AND ELIGIBLE CLIENTS.
2 TO MAKE OUR CONTRIBUTION TOWARDS ENDING POVERTY AND HUNGER.
3 TO PROVIDE GRANTS FOR SMALL AND MEDIUM ENTERPRISES.
4 TO ADVOCATE FOR CHILD CARE AND EDUCATION.
5 TO EMBARK ON CHRISTIAN MEDICAL OUTREACHES.

ARTICLE 4: TRUSTEES
A. The Trustees of TONY AGBOVI IMPACT FOUNDATION for the purpose of the Companies and Allied
Matters Act CAP C20 LFN 2004, shall be elected at a General Meeting charged with responsibility of
Corporate Affairs Commission

selecting the Trustees with 2/3 majority votes of members present.
B. Such Trustees (Hereinafter referred to as, “The Trustees’’) shall not be less than 2 and more than 15 in
number.
C. A Trustee may hold office for 5 years but shall cease to hold office if he:
1. Resigns his office
2. Ceases to be a member of the registered Trustees of the body.
3. Becomes insane
4. Is officially declared bankrupt
5. Is convicted of a criminal offence involving dishonesty by a Court of competent jurisdiction
6. Is recommended for removal from office by a board of Governors and Trustees majority vote of
members present at any General Meeting of the body
7. Ceases to reside in Nigeria
D. Upon a vacancy occurring in the number of Trustees a General Meeting will be held to appoint another
eligible member of the Association.

ARTICLE 5: COMMON SEAL
A. The Trustees shall have a Common seal.
B. Such seal will be kept in the custody of the SECRETARY who shall produce it when required for use by
the Trustees.
C. All documents to be executed by the Trustees shall be signed by such number of them and sealed with
the Common seal.

ARTICLE 7: GOVERNING BODY
CHAIRMAN, VICE CHAIRMAN, SECRETARY, FINANCIAL SECRETARY, TREASURER,
PROVOST, WELFARE OFFICER, PUBLIC RELATION OFFICER AND ALL THE TRUSTEES.

ARTICLE 8: SOURCES OF INCOME
The sources of income for the Association shall include:
1. ACCEPT DONATIONS FROM INDIVIDUALS, TRUSTEES, FRIENDS, CHARITY FOUNDATION,
CORPORATE BODIES AND FOUNDATION IN NIGERIA OR ELSEWHERE.
2. RECEIVE GRANTS OR ASSISTANCE FROM INDIVIDUALS, TRUSTS, FOUNDATION AND
OTHER CHARITABLE OR PHILANTHROPIC FOUNDATION IN NIGERIA OR ELSEWHERE.
ARTICLE 9: DISBURSEMENT AND APPLICATION OF FUNDS
IT SHALL BE FOR THE PROMOTION OF THE AIMS OF THE FOUNDATION.

ARTICLE 10: KEEPING ACCOUNT
THE FOUNDATION SHALL OPERATE BANK ACCOUNTS IN ITS NAME. THE SIGNATORIES TO
THE ACCOUNT SHALL BE THE CHAIRMAN, THE FINANCIAL SECRETARY AND THE
TREASURER. ALL MONIES MUST BE PAID INTO THE ACCOUNT IMMEDIATELY UPON
RECEIPT AND ON NO ACCOUNT SHALL THE TREASURER KEEP A CASH OF MORE THAN
N5,000.00 WITH HIM/HER AT ANY POINT IN TIME.

ARTICLE 11: APPOINTMENT OF AUDITOR(S)
1. Independent qualified and licenced Auditors shall be appointed by the general meeting to audit the
financial records of the Association annually and submit an audited report to the Annual General
Meeting of the Association.
2. The audited financial statements (balance sheet and income and expenditure account) duly certified by
independent auditors shall be annexed to the annual returns and file with the Corporate Affairs
Commission.

ARTICLE 12: AMENDMENT OF CONSTITUTION
The Association may alter the provision of its Constitution at a General meeting by a resolution passed by
a simple majority of its members and approved by the Commission.