Categories of Members
The membership of the company shall comprise of the following categories
A. Honorary Member : who may be admitted to membership by passing a resolution of the Board by three-fourths majority to invite persons of eminence and who have some notable achievements in professional, social or cultural field. Such person may be invited to accept an honorary membership of the company. Such person would be admitted upon signing a declaration that he or she would contribute towards the attainment of the objects of the company and further such person shall not be required to pay any membership fee and shall be recognised as an honorary member for life in accordance with the resolution passed by the board as mentioned above. Such honorary members shall however have no right to vote at a meeting of the company.
B. Patron Member : shall be any person who may be admitted upon payment of a sum of Rs. 25,00,000 (Twenty Five Lakhs Only). Such membership shall be for the lifetime of the member and shall carry the right to vote.
C. Life Member : shall be any person who may be admitted upon payment of a sum of Rs. 11,00,000 (Eleven Lakhs Only). Such membership shall be for the lifetime of the member and shall carry the right to vote.
D. Platinum Member : shall be a person who is a former student or a faculty member or an employee of the RA Podar College of Commerce and Economics, for at least one academic year; and who pays a membership fee of Rs. 1,10,000 (One Lakh Ten Thousand Only). Validity of the Platinum Membership shall be for 20 years and shall carry the right to vote.
E. Gold Member : shall be a person who is a former student or a faculty member or an employee of the RA Podar College of Commerce and Economics, for at least one academic year; and who pays a membership fee of Rs. 11,000 (Eleven Thousand Only). Validity of the Gold Membership shall be for 10 years and shall carry the right to vote.
F. Silver Member : (a category which may also be referred to as annual member): shall be a person who is a former student or a faculty member or an employee of the RA Podar College of Commerce and Economics, for at least one academic year; and who pays a membership fee of Rs.1,100 (One Thousand One Hundred Only) and shall be admitted to benefits of all other rights and privileges that a Gold member shall enjoy except.
- The validity of the membership shall be for a period of one year only and
- Such member shall not be entitled to individual notices for general body meetings and shall not be entitled to vote. It may be mentioned that year in this context shall be taken as the ‘academic year’ of the College.
A year in all above cases will be deemed to be the financial year (April-March).
Without prejudice to the generality of the above provisions, the Board shall have the right to reject the application for membership from any person who is not considered suitable for being admitted to membership; alter or amend or prescribe further conditions and to make rules in regard to the eligibility and admission of members; so however that any decision that would in the opinion of the Board adversely affect the rights of the existing members shall be placed by the Board before the ensuing general meeting for ratification.
Composition of Board
- The Board shall comprise of a minimum of 5 members and a maximum of 15 members.
- The Principal of the RA Podar College of Commerce and Economics shall be the ex-officio chairperson of the Board. Such person shall not be liable to retirement by rotation but shall demit office immediately upon ceasing to be the principal of the college.
- The signatories to the Memorandum and Articles of Association, (being 6 in number and the Principal of the college), shall be the founder directors of the company and shall hold office for a period as prescribed hereunder.
- Six years from the date of incorporation, two of the above named 6 founder directors shall retire by rotation. Thereafter, the next senior 2 directors from amongst the founder directors shall retire by rotation two years. The remaining two directors from the founder directors shall similarly retire by rotation after a further two years. The founder directors shall also be considered as Gold members and shall be eligible for re-election.
- Subject to the above, the board shall comprise of the chairperson as mentioned at clause (b) above and six director selected from amongst the Gold Members. The board may in addition to the above have one Patron member, one Life Member and one Platinum member as a director, elected from the respective category, on the board. Subject to the provisions of Clause (c) & (d) above, each director so appointed shall be liable to retirement by rotation in a manner that at least 1/3rd of the directors excluding the Chairperson shall retire bi-annually.
- Elections to the position of directors shall be held by each category of members electing one or more from among their own category of member as may be the number of vacancies decided based on the requirement of rotation and such other rules as may be framed by the board from time to time. Such elections shall be held bi-annually at the meeting of the general body of the members.
- Any director retiring by rotation shall subject to his otherwise not being disqualified for the position be eligible for reappointment for a further term as mentioned above.
- The members of the Board for the time being, may from time to time appoint two co-opted Additional Directors who would hold office for a period ending with the date of the bi- annual meeting at which the other directors would be liable for liable for retirement / re-election.
- The board may at its discretion, invite certain other persons who in the opinion of the board would further the objects of the company, to attend one or more meetings of the board. Such persons would be designated as invitees to the board. Such persons would have no voting rights in the Board and would not be counted within the maximum number of directors stipulated.