1.

NAME:

The fund shall be known as UNION BANK EMPLOYEE’S UNION TAMILNADU - Staff Welfare Fund (hereinafter called THE FUND).

2.

PURPOSE:

The purpose of THE FUND is to provide prompt financial assistance to the member during his/her service with the Bank OR the dependents of a member of THE FUND in case of his/her death.

3.

LOCATION:

The Office of THE FUND shall be located in the premises of UNION BANK EMPLOYEES’ UNION TAMIL NADU, Singapore Plaza, No.164, Linghi Chetty Street, Chennai-600 001.

4.

DEFINITION:

i)

THE FUND shall mean UNION BANK EMPLOYEE’S UNION (TAMIL NADU)- STATE WELFARE FUND.

ii)

THE UNION shall mean UNION BANK EMPLOYEE’S UNION, TAMIL NADU

iii)

The Executive Committee shall mean the “EXECUTIVE COMMITTEE” of THE UNION.

iv)

The ‘SUB-COMMITTEE’ shall mean the committee nominated by the Central Committee of THE UNION for the administration of THE FUND.

5.

MEMBERSHIP:

The membership of THE FUND shall be open to all the members of the UNION BANK EMPLOYEE’S UNION - TAMIL NADU and all the members of UNION BANK OFFICER-STAFF ASSOCIATION working in the State of TAMIL NADU and PONDICHERRY who subscribe to the aims and objects of THE FUND in accordance to Clause (5) (iii) given hereunder:

i)

Every member shall pay an entrance fee of Rs.20/- and monthly subscription of Rs.100/- as long as he/she is a member of THE FUND.

ii)

Any member who is in arrears of subscription for more than 3 months shall lose his/her membership, rights and privileges except clause (5) (v) given hereunder:

The membership and the rights and privileges shall also cease, as soon as the member ceases to be the employee of the Bank or member of THE UNION.

iii)

Even if a member is promoted to a higher cadre he can continue as a member of THE FUND, if his membership with any other organisation is justifiable and acceptable fo THE EXECUTIVE COMMITTEE of THE UNION.

iv)

If any of the member is in default as per Clause (5) (ii), at his request, he may be allowed to continue as a member of THE FUND if he remits the arrears of subscription with re-enrolment fee of Rs.20/- and the same is acceptable to THE SUB-COMMITTEE.

v)

In the event of an employee who is under loss of pay, and the subscription towards THE FUND is in arrears, he/she shall continue as a member of THE FUND, provided the arrears is promptly remitted on his/her resumption of duty and with the approval of THE SUB-COMMITTEE.

vi)

In the case of members who join the UNION BANK EMPLOYEE’S UNION - TAMIL NADU after 01.08.1985 and who become members of THE FUND a minimum period of 12 months subscription should be paid continuously from the date of becoming member of THE FUND to THE UNION as well as THE FUND. The member shall be entitled to the benefits as per clause (8)(ii) on his application to THE SUB-COMMITTEE to waive the above stipulation and when the same is approved. However, a member shall be entitled to the benefits as per clauses (8) (i) & (iii) of THE FUND.

vii)

Members who are transferred to other states shall continue as members of THE FUND provided they are members of the affiliates of AIBEA/AIBOA (Pondicherry is treated as a part of Tamilnadu for the purpose of THE FUND). 

6.

FUNDS:

i)

The funds shall comprise the following:

·      Amount transferred from the Union;

·      Entrance fee, re-enrolment fee and subscriptions received from the members;

·      Donations from members and others;

·      Interest on investment of moneys and properties of THE FUND;

ii)

A Savings Bank Account shall be opened with UNION BANK OF INDIA, A.N.Street Branch in the name of THE FUND. The account shall be governed and operated by THE SUB COMMITTEE.

iii)

The entrance fee and the monthly subscriptions of THE FUND are to be sent to the Chairman of THE FUND by way of DD/MT drawn on Union Bank of India, A.N.Street Branch, Chennai favouring UNION BANK EMPLOYEE’S UNION (TAMILNADU) STAFF WELFARE FUND.

iv)

Surplus amount of THE FUND shall be invested in DRIC/SDR/FDR OR Report with the Credit Society as decided by THE SUB-COMMITTEE from time to time.

v)

A three member committee shall be nominated by THE EXECUTIVE COMMITTEE OF THE UNION to have a regular check over the functioning of THE FUND.

vi)

The accounts shall be audited and certified by the Auditors appointed by the Central Body of THE UNION.

vii)

The Receipts and Payments Accounts of THE FUND shall be finalised by the SUB COMMITTEE and shall be sent to the Treasurer of THE UNION enabling him to show as a Separate Fund in the Union accounts to be presented to the General Body of THE UNION.

viii)

The audited Accounts of THE FUND will be submitted to the ROTU every year along with the audited accounts of THE UNION while submitting ‘E’ returns.

7.

MANAGEMENT:

i)

THE FUND shall be administered by THE SUB-COMMITTEE of THE UNION, which shall comprise of Members, Chairman, Secretary, Treasurer and Seven Members.

ii)

THE SUB-COMMITTEE shall meet as and when necessary at regular intervals;

iii)

THE SUB-COMMITTEE shall review and submit a report over the functioning of THE FUND to THE UNION periodically.

iv)

In case of any dispute the matter shall be referred to THE EXECUTIVE COMMITTEE  shall be final and binding.

v)

THE EXECUTIVE COMMITTEE, either on the recommendations of THE SUB-COMMITTEE or on its own accord, is empowered to alter the quantum of various benefits given in clause (8) to add, delete, alter, modify, change and amend any of the rules for effective functioning of THE FUND in the interest of the members.

vi)

THE SUB-COMMITTEE ceases to hold office when the General Body of THE UNION is convened.

8.

BENEFITS:

i)

ON THE DEATH OF A MEMBER:

The nominee (the persons nominated by the member to receive the amount on his/her death) of the deceased whose name is found on the records of THE FUND shall be paid in all Rs.2,00,000/- subject to clause (10) (viii).

ii)

HOSPITALISATION:

In the case of dependents of the members hospitalised, a sum equivalent to 1/5th of the hospitalisation expenses sanctioned by the Bank shall be paid subject to a maximum of Rs.5,000/- per claim and not exceeding Rs.3,000/- for Domicially Treatment during a calendar year.

iii)

COMPENSATION ON PERMANENT DISABILITY:

In the event of a member being disabled permanently resulting in loss of employment owing to accidents/illness such member be entitled to a sum of Rs.20,000/- which shall be paid within 3 months from the date of receipt of information.

iv)

RETIREMENT:

When a member retires from the Bank, he shall be entitled for the benefits in the following manner:-

Member of the FUND as on 01.08.1985 and who retires on or before 31.07.1986 Rs.1,000/-;

Members of the FUND as on 01.08.1985 and who retires on or before 31.07.1988 Rs.3,000/-;

Members who have contributed to the FUND:

For more than

   3 years upto 5 years

Rs.  4,000.00

For more than

   5 years upto 7 years

Rs.  5,000.00

For more than

   7 years upto 9 years

Rs.  6,000.00

For more than

  9 years upto 11 years

Rs.  7,000.00

For more than

11 years upto 13 years

Rs.  8,000.00

For more than

13 years upto 15 years

Rs.  9,000.00

For more than

15 years upto 17 years

Rs.10,000.00

For more than

17 years upto 19 years

Rs.12,000.00

For more than

19 years upto 21 years

Rs.14,000.00

For more than

21 years upto 23 years

Rs.16,000.00

For more than

23 years upto 25 years

Rs.18,000.00

Above

25 years

Rs.20,000.00

9.

RELINQUISHMENT:

In the event of a member relinquishing his/her membership from THE FUND he/she shall receive back his/her contribution to the FUND with simple interest @ 6% per annum on the monthly product basis subject to default as per Clause 5 sub-section (ii) or on his resignation from the Fund Members who have availed any of the benefits of the FUND prior to his/her relinquishment he/she shall not receive back his/her contribution.

10.

DISBURSEMENT:

i)

The payment vide clause (8) (i) above from the FUND shall be made in the following manner:

a)

Rs.25,000/- shall be paid on the same day of death to the nominee or within 2 days of the death of the member is known.

b)

Rs.1,75,000/- being the balance shall be paid to the nominee within 3 months from the date of notice of death.

c)

If Rs.25,000/- mentioned in (10) (i) (a) is not claimed, the entire amount of Rs.2,00,000/- shall be paid to the nominee.

ii)

Subject to the availability of sufficient funds all claims shall be settled within a period of 3 months from the date of receipt of intimation or claim.

iii)

Claim as per clause (8) (ii) should be made within one month from the date of payment by the Bank. Claims made after the stipulated period will not be considered.

iv)

No Claim related prior to 01.08.1985 or during the period of default as per clause 5 (ii) shall be entertained under any circumstances.

v)

In the normal circumstances, if sufficient funds are not available with the FUND for meeting out any claim at a particular period the claim shall be listed and settled at a future date. At any time preference shall be given to settle the pending claims first.

vi)

In the extraordinary situations, if the funds available at anytime is not sufficient to met out the claims they shall be settled proportionately or otherwise as decided by the SUB-COMMITTEE.

vii)

Any dues payable by the member of the FUND towards the FUND shall be adjusted from the amount to be settled to the member/nominee.

viii)

All claims will be settled on satisfactory establishment of claim.

11.

DISSOLUTION:

i)

At the request of atleast 75% of the members, the Fund shall be dissolved by the resolution of the Central Committee of the Union. The members contribution with simple interest at the rate of 6% p.a. on monthly product basis shall be paid first.

ii)

The Balance left over shall be paid only to those who were members of the fund at the time of dissolution as decided by the General Body of the Union. 

12.

GUIDELINES TO MEMBERS:

1.

Members are requested to go through the rules and regulations thoroughly.

2.

Membership form is to be duly filled in and forwarded to the address mentioned in the Rules and Regulations Booklet.

3.

The standing instructions letter is to be filled and handed over to the concerned authority for monthly deductions.

4.

The Nomination form should be filled giving all particulars.

5.

Hospitalisation claims should be made within one month from the date of payment by the Bank. Photostat copy of the memo relating to hospitalisation claim sanctioned by C.O. should be enclosed along with the claim to the FUND. 

6.

The members in their own interest should maintain balance in their Savings Bank Account so that standing instructions is carried out every month.

7.

Please note that the subscriptions should be regular as otherwise the rights and privileges will be lost.

8.

Those members who are transferred to other branches should immediately inform the Chairman of the FUND about their place of transfer and they are also requested to give fresh standing instructions to the concerned Branch where they are posted.

9.

For proper accounting members are requested to furnish the full details of the remittance in the M.T.Advice.

10.

All correspondence should be addressed to The Chairman, Union Bank Employees Union (Tamil Nadu) - Staff Welfare Fund, Singapore Plaza, No.164, Linghi Chetty Street, Chennai-600 001.