- The Membership of the Association shall consist of all financial institutions or investment banks licensed to operate as issuing houses in Nigeria by the SEC and/or other appropriate regulatory bodies.
- There shall a Register of Members in which shall be recorded the names and addresses of members of the Association.
- A member of the Association shall be issued with a certificate confirming its membership of the Association
- All employees of member firms shall be entitled to attend all General Meetings, Extra- Ordinary General Meetings and functions organized by the Association.
- Each member firm of the Association shall by instrument in writing signed on its behalf by duly authorized persons and delivered to the association appoint one (1) person and an alternate being officers of such Member to be member’s representative to partake in the affairs of the Association and vote on its behalf and be voted for at General Meetings of the Association or hold any other position in the Association subject to such restrictions (if any) expressly stated in writing in a letter or other instrument addressed to the chairman of the Association by such member provided however that:
- Each member firm shall only have one vote at any given time.
- No member shall have or occupy more than one seat on the Board at the time of election of any and/or all members of the Board excluding ex-officio members.
- A member may from time to time in the manner aforesaid revoke any appointment made pursuant to regulation 6 (c) above and make a fresh appointment in similar manner.
- (a) The representative of each member shall be representative only of the member by whom he is appointed and shall have no power to commit the Association to any legal obligations or liabilities whatsoever except as may be duly authorized by the Association
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