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BYLAWS
NUSACC's bylaws are the guiding principles by which NUSACC operates. The board of directors formulated NUSACC's operating policies for the management team to implement under the direction of the Chief Operating Officer (CEO). NUSACC will implement policies as spelled out by tasks through committees in accordance with the provisions of its bylaws.
BYLAWS OF THE NIGERIA USA CHAMBER OF COMMERCE [NUSACC]
ARTICLE XII
INVESTMENT OF NUSACC FUNDS
Section 12.1: Investment of NUSACC Funds: The funds of the NUSACC shall be invested in whole or in part in cash or on occasion in such property, real, personal, or otherwise, or stock, bonds, or other securities, as the Board of Directors in its sole discretion may deem desirable, without regard to the limitations, if any, now imposed or which may hereafter be imposed by law regarding such investments, and which are permitted to organizations exempt from Federal income taxation under Section 501(c)(3) of the Internal Revenue Code.
ARTICLE XIII
ANNUAL REPORT
Section 13.1: Annual Report: The CEO shall present the annual report to the Board of Directors, not later than September 30 of every year. The annual report shall contain the following information in appropriate detail as of the end of the fiscal year immediately preceding the date of the report:
a. Update on the activities of the NUSACC, including programs and activities.
b. The internal and external revenue or receipts of the NUSACC from all revenue generation streams.
c. The assets and liabilities of the NUSACC, including bank accounts, trust funds, investment portfolios, etc.
d. The principal changes in assets and liabilities, including bank accounts, trust funds, investment portfolios, etc.
e. The expenses or disbursements of the NUSACC, for both general and restricted purposes.
ARTICLE XIV
INDEMNIFICATION
Section 14.1: Indemnification: Every member of the Board of Directors, officer or employee of the NUSACC shall be indemnified by the corporation against all expenses and liabilities, including attorney fees, reasonably incurred or imposed upon such members of the Board, officer or employee in connection with any threatened, pending, or completed action, suit or proceeding to which she/he may become involved by reason of her/his being or having been a member of the Board, officer, or employee of the corporation, or any settlement thereof, unless adjudged therein to be liable for negligence or misconduct in the performance of her/his duties. Provided, however, that in the event of a settlement the indemnification herein shall apply only when the Board approves such settlement and reimbursement as being in the best interest of the corporation. The foregoing right of indemnification shall be in addition and not exclusive of all other rights which such member of the Board, officer or employee is entitled.
ARTICLE XV
CORPORATE RECORDS
Section 15.1: Corporate Records: The NUSACC shall keep at its registered office or at its principal place of business (a) an original or duplicate record of the proceedings of the Board, (b) the original or a copy of its Bylaws, including all amendments thereto to date, and (c) appropriate, complete, and accurate books or records of account.
ARTICLE XVI
AMENDMENTS
Section 16.1: Amendments: These bylaws may be amended when necessary by a simple majority of the Board of Directors. Proposed amendments must be submitted to the Secretary in writing, who must notify the board of the proposed amendments during regular announcements.
ATTESTATION
THE AUTHENTICITY OF THESE BYLAWS HAVE BEEN ESTABLISHED BY THE CONSENSUS OF THE FOLLOWING FOUNDING MEMBERS OF THE NIGERIAUSA CHAMBER OF COMMERCE [NUSACC].
1. Dr. Primus Igboaka
2. Mr. Lee O. Kareem
3. Rev. Femi Kolawole
4. Dr. Richard E. Njoku
5. Mr. Chuck Ike Nnabuife
6. Mr. Anthony Okoro
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Easy steps to your foreign business success
We Will Help You Every Step Of The Way
From smoothly navigating through business legislative issues, to information about business opportunities, market analysis, import and export regulations, and much more. We've got you covered.
