The fund shall be known as Corporation Bank Officers' Organisation - Benevolent Fund and shall be part of the Corporation Bank Officers' Organisation (Regd.) with office at the Registered Office of the Corporation Bank Officers' Organisation, for the present at Mangalore.
In these Rules & Bye-laws unless there is anything repugnant to the subject or context:
1) "C.B.O.O." means Corporation Bank Officers' Organisation (Regd.)
2) "Executive Committee" means Executive Committee of Corporation Bank Officers' Organisation (Regd.).
3) "Benevolent Fund" means Corporation Bank Officers' Organisation Benevolent Fund.
4) "Member" means member of the Benevolent Fund.
5) "Managing Committee" means managing committee of the Benevolent Fund.
6) "Disability" means permanent disability either physical or mental which incapacitates the member from continuing in the services of the Bank.
"Bank" means Corporation Bank.
The main objectives of the Benevolent Fund shall be to extend financial benefits to the members:
In case of disability/death of the member.
In case of accidents, illness and high-risk ailments involving hospitalisation.
For the health, welfare and betterment of the members.
For any other purposes as the Managing Committee may think fit.
To raise, borrow or secure such money or monies by subscription, donations or loans from the members or others as may be considered necessary in furtherance of the objectives of the Benevolent Fund.
To invest monies acquired, in any public sector Bank or Banks as deemed necessary and/or to open accounts of any description with any public Sector Bank or Banks or Post Office Savings Bank or to invest monies as resolved by the Managing Committee from time to time and to execute the necessary documents in that behalf.
Admission: The membership to the Benevolent Fund is open to all members of the CBOO whose membership in the CBOO shall be current.
Subscription : Every
Admission fee : Rs.5/- [ Non- refundable ]
Subscription : Rs.50/- per month payable every month [ w.e.f. 1-10-2004]
Cessation of Membership:The membership of the Benevolent Fund of a member shall cease:
On ceasing to be a member of the C.B.O.O.
On resigning from the membership of the Benevolent Fund;
On default in payment of the subscription to the Benevolent Fund continuously for six months.
On expulsion from the membership of the Benevolent Fund by a resolution of the Managing Committee for violating the rules and bye-laws of the Benevolent Fund to the detriment of the interest of the Benevolent Fund.
Appeal:A member aggrieved by the decision of the managing Committee may appeal to the Executive Committee within thirty days from the date of receipt of the decision of the Managing Committee. Such appeal shall be placed before the next Executive Committee meeting and the decision of the Executive Committee shall be conveyed to the Member within thirty days of the Executive Committee Meeting.
The major resources of the Benevolent Fund will be:-
Initial contribution of Rs.5000/- from C.B.O.O.
Admission fee from Members
Subscription from members
Donations from members and others
Funds raised through benefit shows etc.
Income from investments.
To be eligible for the benefit/s, the deceased/ disabled/ affected member should have been an effective member of the Benevolent Fund before occurrence of the event and his/her membership in the Benevolent Fund shall be current. The Managing Committee will however, have the discretion to sanction benefits in respect of members who had defaulted in payment of the subscription to the Benevolent Fund continuously for a period up to six months.
While using their discretionary powers, the Management Committee shall, by and large, be guided by the family circumstances of the affected member, regularity in the payment of the subscription to the Benevolent Fund in the past, services rendered by the member for the Benevolent fund/ C.B.O.O. in the past etc. However, no benefits will be given to the member if he/she has been expelled from the Benevolent Fund/ C.B.O.O. for dishonesty and for violating the Rule and Bye-laws of the Benevolent Fund to the detriment of the interest of the Benevolent Fund.
1. Financial Grant:Financial Grant is a fixed sum given to the member in case of disability or to the dependent family of the member in case of member's death.
The quantum of Financial Grant will be a sum of Rs.2,00,000/-.[with effect from 12.08.2007]
2. Financial Aid to member's dependent Family Members:Financial Aid is a varying sum given to the member by way of reimbursement of expenses incurred by the member consequent upon the hospitalisation of member's dependent family due to their illness or accident.
The quantum of Financial Aid will be restricted to 10% (Ten percent) of the eligible/admissible expenses considered for reimbursement by the Bank.
For the purpose of this rule, the eligible expenses shall be as applicable under the Bank's Scheme for reimbursement of hospitalisation expenses under the Corporation Bank Officers' Service Regulations.
The claim for Financial Aid shall be in the prescribed form. The Original Sanction letter issued by the Bank in the name of the member in reimbursement of the Hospitalisation Expenses shall accompany the claim form.
The claim shall be preferred within two months from the date of Bank's sanction letter.
The procedure for reimbursement will be as laid down by the Managing Committee from time to time.
The hospitalisation that have taken place on and from 1st January 1996 shall be considered for extending Financial Aid.
3. FINANCIAL AID TO MEMBER:a) Financial aid to a member is envisaged by way of reimbursement of expenses incurred by the member consequent to his/her hospitalization due to illness or accident.
b) The quantum of Financial Aid will be 20% of the expenses sanctioned by the Bank [as per the maximum limit prescribed for each item of expenses] under the hospitalization expenses reimbursement scheme as detailed in the Schedule for:
i) Reimbursement of hospitalization.
ii) Reimbursement of charge incurred for pathological/ other investigations and
iii) Reimbursement of expenses for special, major and minor operations.
c) The amount of aid will be restricted to the difference between the amount claimed and amount sanctioned by the Bank OR 20% of the maximum/restricted amount as per the Schedule, whichever is less.
d) The maximum amount sanctioned should not exceed the difference between the total amount claimed and the total amount sanctioned by the Bank under hospitalization reimbursement scheme. Staff Welfare Fund or any other reimbursements.
e) The minimum amount of aid is Rs.100/- and claims for less than Rs.100/- will not be entertained.
f) The maximum amount of aid per financial year to a member is restricted to Rs.5000/-.
g) Claims in respect of hospitalization expenses incurred and sanctioned from Ist October 2004 onwards only will be considered.
4. CONTINGENCY GRANT:Contingency Grant is a non-refundable amount given to the member to supplement the financial aid in case of high risk ailments such as heart, kidney ailments, cancer, brain tumour and major accidents involving huge expenditure on treatment provided that the aggregate amount of hospitalisation expenses sanctioned by the bank, the financial grant released from the Staff Welfare Fund of the bank and the Contingency Grant to be released from the Fund shall not exceed the total eligible hospitalisation expenses incurred by the member.
The maximum amount of Contingency Grant will be a sum of Rs.20,000/-.
The amount will be released in lump sum or in instalments when the Contingency Grant is actually needed by the member.
The claim application should be supported by certificate/s from the recognised hospital.
5.Loyalty Gift:Loyalty Gift is given to the member on retirement or resignation (including discharge /removal /dismissal / termination) from the services of the Bank after completion of ten years of uninterrupted membership of the Benevolent Fund.
The quantum of Loyalty Gift will be a sum equal to Rs.5/- per month for the period from the date of joining Benevolent Fund till the retirement or resignation.
Every member excluding those who have received Financial Grant may claim the subscription paid by the member to the Benevolent Fund except the admission fees, at the time of retirement or resignation from the service of the bank or cessation of membership of the Benevolent Fund. The subscription to the Benevolent Fund paid by the member who received Financial Grant, shall lapse to the Benevolent Fund.
The Benevolent Fund shall be managed by a Managing Committee consisting of five members from amongst the Executive Committee members of C.B.O.O. as under:
Three Deputy General Secretaries
Secretary - Benevolent fund
The General Secretary of the C.B.O.O. shall be the ex-officio Chairman of the Managing Committee. The Treasurer of C.B.O.O. shall be the ex-officio Treasurer of the Benevolent Fund. The Secretary - Benevolent Fund shall be in charge of the overall functioning of the Benevolent Fund.
The Managing Committee shall meet not less than three times in a year. The quorum for the meeting shall be three members. Each member present at the meeting shall be entitled to one vote on any matter and in case of tie, the Chairman shall have casting vote. While the decision of the Managing Committee is final on any issue, an appeal can be preferred to the Executive Committee by the aggrieved member of the Managing Committee within thirty days of the receipt of the decision of the Managing Committee and such appeal shall be placed before the next Meeting of the Executive Committee.
On re-constitution of the Executive Committee in accordance with the Bye-laws of the C.B.O.O., the Managing Committee of the Benevolent Fund shall also stand re-constituted.
The members of the Managing Committee shall hold office by enjoying the fullest confidence of the Executive Committee. The Executive Committee shall have authority to re-constitute the Managing Committee.
The Managing Committee shall be responsible for the functioning of the Benevolent Fund, making investments, extending benefits to the members, making disbursements and meeting various expenses.
The Managing Committee is empowered to sanction financial benefits to the members as provided in these Rules and Bye-laws. Additional benefits, if circumstances warrant, may be sanctioned by the Managing Committee and such action shall be placed before the Executive Committee.
Proper books of accounts such as record of receipts, payments, investments etc., shall be maintained by the Managing Committee in consultation with the Auditors of C.B.O.O.
The accounts of the Benevolent Fund shall be audited by the Auditors of the C.B.O.O. whose remuneration shall be fixed by the Executive Committee and paid out of the resources of the Benevolent Fund.
The Accounting year of the Benevolent Fund shall correspond to the accounting year of C.B.O.O.
Any rule contained hereinabove may be amended, altered, replaced, deleted, rescinded or substituted or any fresh rules framed by a resolution passed by two-third majority of the members of the Executive Committee. The members shall be informed of such changes/amendments within a reasonable time of making such changes/amendments.
In case of any ambiguity in these Rules and Bye-laws, the interpretation given by the Executive Committee shall be final and binding.
If in the opinion of the Executive Committee, continuation of the Benevolent Fund is not feasible for any reason, the amount outstanding at the credit of the Benevolent Fund shall be recovered and dealt with in the manner to be decided by the Executive Committee.