By Laws

of the



  1. 1.       Place of Business


The principal office of the Asian Financial Services Association (AFSA) shall be its Secretariat Office which shall be located at Plaza Sentral, 14th Floor, Jl. Jend. Sudirman no. 47, Jakarta 12930, Indonesia or such other address as may subsequently be decided upon by the Governing Council (hereinafter referred to as the "Council").

  1. 2.       Application for Membership



Every application for membership in AFSA shall be duly signed by the applicant and, in the case of an organization or association, its duly authorized officer. The application shall state the name and address of the applicant and, in the case of an organization, or association, it must be accompanied by a copy of its Constitution, By-Laws and a statement of the number of its members.


Applications from member countries already represented in AFSA shall be submitted or referred to the Country Representative(s) in the Governing Council and / or Country National Committee. All other applications shall be submitted or referred directly to the Council.


Upon receipt of the application, the Council may require additional information from the applicant before approving the application. When the Council is not in session, application may be accepted by the President subject to subsequent confirmation by the Council.


  1. 3.       Type of Memberships



Members who have the right to vote

  1. Institutional: Any organization or association of Financial Services based in Asia


b. Individual: Individual corporations or companies engaged in Financial Services in Asia


2. Non Voting Members

a.International Institutional: Any organization or association of finance companies based outside Asia


  1. b.      International Individual: Individual corporate finance companies based outside Asia


c.  Associate: Professional bodies and business entities with an interest in leasing and/or finance but which do not fall in any of the above categories of members



4. Initial Fees and Annual Dues

The Initial Fee and Annual Dues shall be as follows:

Initial Fee US$

Annual Dues US$



Institutional and International Institutional




Individual and International Individual










The dues shall be remitted to the Secretariat on or before the 1st day of January of each year.



The Council may impose special levies on its members for such special purposes as it may deem necessary



5. Bank Account

ASIAN FINANCIAL SERVICES ASSOCIATION’s United States Dollar Bank Account approved by the Council is at:



Menara Standard Chartered Bank

Jl. Prof. Dr. Satrio No. 164, Jakarta 12930

Account No.: 3060-111-2544 Swift Code: SCBLIDJX


All fees, dues, special levies and other monies due to AFSA shall be deposited into the said account. Excess funds shall always be kept in an interest-accruing fixed deposit account.


6. Expenses


The Secretary-General may receive reimbursement for any expenses officially incurred.


No other officer of AFSA shall be entitled for reimbursement for any expenses incurred on account of AFSA.


7. Suspension or Withdrawal of Privileges


Any Member who is in arrears of its dues or levies shall have its rights and privileges of membership suspended. Any member whose continued membership is determined by the Council not to be in the best interest of AFSA shall have its membership revoked.


8. National Committee



A National Committee shall be established in each country consisting of:



The President or Vice President of AFSA as Chairman.


The other member of the Council of that country and not more than three (3) other members.


The National Committee may elect from among its members a Vice Chairman, Secretary and Treasurer.


It shall be the duty of each National Committee to process applications for membership of AFSA from that country, and to assist in collecting dues and levies payable to AFSA.


The National Committee may impose and collect its own dues and levies.


It shall be the duty of the National Committee of the respective countries to nominate their country's AFSA officers and Council members and to propose successors to vacancies in their country.


9. Seal

AFSA shall have a seal the form of which shall be determined by the Council. The seal shall not be affixed to any instrument or document except on a resolution of the Council to that effect and shall be attested by the Secretary-General.

10. Audit

A firm of Public Accountants shall be appointed by the Council. Such appointment shall take effect only upon confirmation at the Assembly and the Auditors so confirmed shall hold office until the conclusion of the next Assembly. They shall be required to audit each year's accounts and present a report upon them to the Assembly. They may be required by the President to audit AFSA's accounts for any period during their tenure of office at any date and make a report to the Council.


11. Visitors and Guests



Visitors may be admitted to the premises of AFSA but they shall not be admitted to the privileges of AFSA nor shall they be admitted into the premises more than fourteen (14) times in any year. These visits are to be confined to not more than once in fourteen (14) days.


A Visitor's Book shall be kept, in which shall be entered the names of all visitors and guests, together with the signatures of the members nominating them and the dates of their visits. No person shall be a visitor or guest till his name has been entered in this book.


12. Prohibitions



Gambling of any kind and the playing of paikow or mahjong, whether for stakes or not, is forbidden on AFSA's premises. The introduction of materials for gambling or drug taking, and of bad characters into the premises is prohibited.


The funds of AFSA shall not be used to pay the fines of members who had been convicted in court.


The Association shall not attempt to restrict or in any manner interfere with trade or prices or engage in any trade union activity.


The Association shall not hold any lottery, whether confined to its members or not, in the name of AFSA or its office-bearers, Council or members.


The Association shall not indulge in any political activity or allow its funds and/or premises to be used for political purposes.


13. Interpretation


The Council shall settle any matter or question requiring interpretation of these By-Laws in a manner consistent with the Constitution and the purposes for which AFSA was formed.



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