•  The name of the Organisation is Cooperative Organisation "Initiative of Women" Cyprus Ltd.

•  The Address of the Organisation is Larnaka.

•  The Area of Operations of the Organisation is the whole of Cyprus .

The object of the Organisation is to promote the economic interests of its members and more specifically:

•  To create funds in order to grant loans for benevolent or necessary purposes at a reasonable rate of interest and on easy repayment terms.

•  To accept deposits from members and non members and to secure loans for the needs of the members.

•  To encourage a spirit of saving, mutual help and mutual assistance among its members.

•  To acquire, by purchase, lease or donation, the necessary immovable or movable property for the attainment of the objects of the Organisation.

•  To establish Funds in accordance with the provisions of section 41(1) of the Law, to participate in the Protection of Deposits Scheme, in accordance with section 53(xxviii) of the Law and to participate in other Funds or Schemes in the interest of the members, within the framework of cooperation among cooperative societies.

•  To register the Organisation as member of any Cooperative Society and to buy shares from it by a decision of the Committee and with the approval of the Commissioner for Cooperative Societies and Cooperative Development.

•  To invest funds for the purchase of shares or other securities from Public Corporations or from any Companies which provide any kind of financing, investment, management, stock exchange and commercial facilities or other services, by a decision of the Committee and with the approval of the Commissioner for Cooperative Societies and Cooperative Development.

•  To provide guarantees to the Cooperative Central Bank Ltd for the cashing of cheques which are issued by customers/members of the Organisation.

•  To provide guarantees to members and depositors by a decision of the Committee. These guarantees shall be secured either by mortgage or by blocking the deposits of those concerned and may in no case be smaller than the amount of the guarantees. Regarding each guarantee the member or the depositor shall pay to the Organisation fees commensurate to the amount and the period of the guarantee, and their level shall be decided by the Committee.

Provided that the level of the guarantees which shall be given to members for loans with mortgage as security shall not exceed the credit limit for the time being (article 7 (b) of these Regulations)

Provided further that regarding guarantees for loans with mortgage as security over the credit limit or regarding guarantees to non members, the prior approval of the Commissioner for Cooperative Societies and Cooperative Development shall be obtained.

•  To insure the members or employees of the Organisation against death, accidents or any other risk in accordance with a decision of the Committee. For this purpose the Organisation shall enter into a contract with the Pancyprian Cooperative Insurance Services Society Ltd or with any Insurance Company.

•  The Organisation may act as go-between in insurance matters regarding various types of insurance which are provided by Insurance Companies with which the Organisation shall enter into a contract

•  To promote the business activity of women in Cyprus and generally to raise their standard of living.

•  To engage in any financing or other relevant activity contributing to the promotion of the interests of the members and the achievement of the objects of the Organisation.

•  To cooperate with various agencies in Cyprus and abroad in order to attract funds and services, to make use of various European Union programs and to engage in any kind of financial, cultural and social activities for the promotion of the objects of the Organisation.

•  The Share Capital of the Organisation shall be five hundred thousand pounds (£500.000,00) and shall be divided into five thousand shares (£25.000) of twenty pounds (£20,00) each The value of the share shall be paid by the member in cash.

•  The shares of the Organisation may be transferred by one member to another with the approval of the Committee. For each title of a share which shall be transferred the assignor shall pay to the Organisation the fee of one pound (£1) , which shall be transferred to the Reserve Fund.

Provided that the Organisation may redeem shares from members who have for various reasons been stuck off its register. The redemption shall be made from the Shares Redemption Fund which shall be established in accordance with article 8.2(c) of these Regulations.

(c) A certificate for shares with a distinctive number, signed by at least one member of the Committee and the Secretary, shall be issued to each member for the shares she has subscribed for.

•  she is a resident of Cyprus or owner of immovable property in the area of the operations of the Organisation.

•  she complies with the provisions of section 16 of the Cooperative Societies Rule s.

•  She pays a registration fee of Ten Pounds (£10,00) which shall be transferred to the Reserve Fund of the Organisation.

•  She is holder of at least one (1) share.

2. A person shall cease to be a member in case :

•  she dies

•  she voluntarily ceases to be a member

•  she is expelled as provided by section 18(1) of the Rules

•  She loses the proprieties of member as it is provided in article 19 of the Rules.

•  The Committee shall consist of seven (7) members.

•  In the running of the affairs of the Organisation the members of the Committee should show the prudence and diligence of sensible people and shall be liable for any losses the Organisation may sustain as a result of their acts or omissions, contrary to the Cooperative

•  Societies Law, the Rules and these Regulations.

1.  (a) The Organisation may contract loans and accept deposits from members and non members up to an amount which shall not exceed three million pounds (£3.000.000,00)

(b) The rate of interest for the loans which shall be contracted and the deposits shall be fixed by the Committee in accordance with the provisions of the Legislation in force.

2. Deposits shall be accepted from members and non members and may be

(a) Sight deposits

(b) Term deposits

(c) Periodical deposits by equal monthly or weekly payments

(d) Notice deposits

(e) In current account

(f) Permanent deposits by members, through monthly payments.

3. The process of receipt, payment and other terms connected with the various types of deposits shall be determined in the Internal Regulations of the Organisation.

•  Loans may be granted to members on a personal guarantee up to the amount of five thousand pounds (£5000,00) through mortgage of immovable property with a ceiling of 60% of its assessed value or other security, at the discretion of the Committee. The Committee may grant to members loans or other facilities with state or bank guarantees or guarantees by other financing organisations as security.

Provided that in case of a loan which shall be granted with mortgage as security, the mortgaged building, house or other premises shall be insured against fire and any other risk with an Insurance Company approved by the Committee for the amount which shall be assessed by the Committee itself. The insurance shall be to the benefit of the Organisation and shall be renewed without fail until the repayment of the loan. The premium shall be paid by the member. If a member fails to insure the property the Committee shall have the right to insure it and to charge to the member the premium and any other relevant expenses.

Provided further that the Committee may grant non mortgaged loans with pawning or blocking of government debentures as security, up to a maximum of 75% of their value, or insurance or other contracts with guaranteed value, with a maximum limit of 50% of their value or securities of Companies or other Legal Persons established in the Republic with a maximum limit of 40% of their value.

•  The level of the loans which shall be granted to members cannot exceed the total amount of forty thousand pounds (£40.000,00).

•  The rate of interest on the loans shall be fixed by the Committee in accordance with the Legislation in force and the Internal Regulations of the Organisation.

Provided that for the time being the rate of interest on loans shall be fixed at four and a half (4.5%) annually. Regarding overdrafts in current accounts and overdrafts in fixed term loans the rate of interest shall be five and a half per cent (5,5%) per annum. Regarding problematic accounts in respect of which legal proceedings have been instituted or an arbitration-court decision has been issued the rate of interest shall be six (6%) per annum. In case of granting of various other credit facilities the rate of interest shall be six (6%) per annum.

•  The Committee may ask each member who contracts a loan from the Organisation to sign an irrevocable proxy to her employer authorizing him to pay to the Organisation her monthly installments out of her salary or gratuity (lump sum) to which the member is entitled when she retires from his employment.

•  The process of issue and collection of loans, the assessment for the time being of the level of the rate of interest or the securing and other conditions related to the various types of loans shall be determined in the Internal Regulations of the Organisation.

1.   The accounts of the Organisation shall be closed on the 31 st of December each year.

2.   The net profits of each year shall be distributed as follows:-

a)  50% shall be transferred to the Reserve Fund.

b)  45% shall be distributed to the members as dividend depending on the Share Capital of each member, which was paid as from the 30 th of June of the same year, excluding the Shares which were given due to transfer.

Provided that:-

The dividend shall in no case exceed nine (9%) annually of the Share Capital. Any balance shall be transferred to the Reserve Fund.

Dividends which shall remain unclaimed until the next audit of the accounts of the Organisation shall be transferred to the Reserve Fund.

(c) 5% shall be transferred to the Shares Redemption Fund. The transfer to the Shares Redemption Fund shall cease when the level of this Fund becomes equal to the level of the Share Capital. Any balance shall be transferred to the Reserve Fund.

The Reserve Fund shall be indivisible, shall belong to the Organisation as a whole and no member can claim part of it. The Reserve Fund of the Organisation shall be used for its business. In case of liquidation of the Organisation, the Reserve Fund, after the payment of all its liabilities, shall not be distributed to the members but shall be deposited by the Commissioner of Cooperative Societies and Cooperative Development in the Cooperative Central Bank or in another Cooperative Society until the registration of another Cooperative Society with similar objects in the same area, in which case it shall be transferred to the new Society for the purpose of creating a Reserve Fund in accordance with the Rules. If within five (5) years no new Society is established it shall be used for benevolent purposes in the area of the operations of the Organisation, by a decision of the Commissioner of Cooperative Societies and Cooperative Development.

The Committee may make Internal Regulations which shall govern the functioning and management of the affairs of the Organisation. These Regulations shall be valid after they have been previously approved by the Commissioner of Cooperative Societies and Cooperative Development.

The Special Regulations shall be supplementary to the Provisions of the Cooperative Societies Law and the Rules, and the functioning of the Organisation shall be governed by the Law, the Rules and these Regulations.