Revolving Loan Fund
** Last updated from the 2021 Minute Book.
Corporate Articles and By-laws of the
Revolving Loan Fund Committee, Inc.
These Revolving Loand Fund By Laws are provided for reference only and are not official or binding. For the official Revolving Loand Fund By Laws please refer to the current Minute book of the Baptist Missionary Association of Oklahoma.
Statement of Policy
September 1973: The policy of the Revolving Loan Fund Committee is to release all mortgages and claims held by the revolving Loan Fund trustees against any borrower regardless of the cooperative or doctrinal status of the borrower at the time any or all loans are repaid by the borrower as agreed. The revolving Loan fund trustees will not claim nor share title to properties financed by the Loan Committee unless by specified request of the congregation or parties involved, providing that full satisfaction of repayments have been met.
Article I - Name and Location
Section 1: The name of this religious corporation, being a standing committee of the Baptist Missionary Association of Oklahoma, shall be the Revolving Loan Fund Committee, Inc. and will hereinafter be referred to as Loan Committee.
Section 2: The principle place of its administrative affairs shall be at the residence of the presiding chairman of the Loan Committee as recorded in the Standing Committee section of the minutes of the baptist Missionary Association of Oklahoma hereinafter referred to as association.
Article II - General Purpose
Section 1: The Loan Committee shall organize and become corporate, capable of holding, purchasing and receiving title to real estate and other property by devise, gift or other conveyance, with power to mortgage, sell or convey the same or any part, parcel or portion thereof.
Section 2: The Loan Committee shall be established for the purpose of providing loans (a) to purchase building sites for prospective missions and churches, (b) to assist established missions and churches in building programs with state-sponsored missions having loan priorities, (c) to serve in advisory capacity in site locations and building plans, and (d) to underwrite loans for qualifying missions of new churches, and to underwrite Ministerial Development Loans.
Section 3: Building sites as used in Section 2 is defined to mean property as may be chosen by the associations mission staff and/or its Missionary Committee. Missions as used in Section 2 as defined to mean those assemblies operating under the guidance of and in harmony with the churches of the association. Churches as used in Section 2 is defined to mean those regular Missionary Baptist Churches cooperating with the BMA of Oklahoma.
Section 4: This loan committee shall be administrative in its affairs.
Section 5: In the event of financial need of the Baptist Missionary Association of Oklahoma's General Fund; when the general fund drops below $25,000 the Treasurer of Missions is authorized to move up to $25,000 from the Revolving Loan Fund to the General Fund. Upon the transfer, the Treasurer of Missions will notify the Chairman of the Revolving Loan Fund Committee and the Churches of the Baptist Missionary Association of Oklahoma.
Article III - Profits
Section 1: Any and all interest earned, dividends, or other income which may be earned by the operation of the Loan Committee shall never be paid out to its owners (the association) or trustees as salary, profits, or dividends of any kind, but they shall be received and held by the Loan committee for the purposes set forth in Article II, excepting actual administrative expenses incurred by the owners (the association) or trustees which may be paid when authorized by the board of trustees.
Article IV - Trustees
Section 1: The business and property of the Loan Committee shall be administered and held by a board of trustees who shall be elected annually on a staggered system for five years, one trustee being elected each year by the association, and shall be regular members of cooperating churches.
Section 2: The board of trustees and their assigned and successors shall comply with the requirements of the laws of the State of Oklahoma pertaining to religious corporations whereas the Loan Committee is formed for religious purposes and is so organized as a legal entity with authority to receive title to real or other property.
Section 3: The actions of this board of trustees shall be sufficient to bind the Loan Committee and the association for legal purposes, although their actions as trustees shall be at times subject to and governed by the messenger voice of the association and its Missionary Committee.
Section 4: In cases of vacancies caused by removal, severance from church membership, death, or any cause, and no successors are specifically provided for, the vacancies may be filled during any regular or special session of the association or its Missionary Committee.
Section 5: Any trustee purposefully failing to comply with the wishes of the association and the administration of the business of the Loan Committee may be dismissed from his office at any annual or special meeting of the association or the Missionary Committee while in any bi-annual or special session.
Section 6: In the event that the association fails to elect trustees as required by the Constitution, the remaining trustees holding office shall continue to function as the Loan Committee until the vacancies on the Loan Committee shall be filed in accordance with Section 5.
Article V - Officers
Section 1: This board of trustees shall elect annually a chairman, vice-chairman, and a recording clerk from its members.
- The chairman shall serve as the administrative head of the Loan Committee and shall preside over all regular and special meetings.
- The recording clerk shall keep accurate minutes of all meetings, keep records of all business transactions, and be responsible for the filing of all minutes and reports annually to the recording clerk of the association.
Section 2: The Director of Missions of the association shall serve as treasurer and ex-officio member of the board of trustees, and shall be responsible for the receiving, disbursing, investing, and accounting of all funds of the Loan Committee.
Article VI - Meetings
Section 1: The board of trustees may consider itself subject to regular meetings during the annual session of the association and the bi-annual meetings of the Missionary Committee: no notice of regular meetings shall be required, but in the event of special meetings, written and/or oral notice shall be given to each member of the board of trustees in advance of the date of the special meeting.
Section 2: Special meetings may be called by the chairman at his discretion or upon being requested to do so as circumstances may warrant.
Article VII - Funds and Loans
Section 1: All funds supplying the treasury of the Loan Committee shall be received through voluntary church and individual donations and gifts, by voluntary conveyance or real or other property and valuables, by funds derived from property sale or rental income, by interest earned on loans and deposits, or by loans to this Loan Committee at interest rates in keeping with current rates.
Section 2: All funds of the Loan Committee shall be used in accordance with the general purposes set forth in Article III, Section 1.
Section 3: No loan shall be made without proper investigation of the borrower and the intended use by no less than three trustees and the Director of Missions of the Association and with the approval of the majority of the Trustees.
Section 4. Loans to new state missions projects shall be interest free as long as the project remains a mission. Loans to qualifying churches and missions projects that become churches, shall be charged an interest rate of 1/2 percent above the Federal Prime Rate, adjusted annually at the State meeting, but never to exceed 6%.
Section 5: the Trustees shall secure all loans by borrowers trustees signatures and sufficient collateral.
Section 6: Payment of any loan shall not begin later than one year after the loan is made, with full principle and interest due within five years of the loan date. A schedule of payments, including the amount of each payment and the date of the first periodic payment, shall be determined by a joint written agreement between the R.L.F. Committee and the trustees of the borrower annually.
Section 7: The conditions relative to interest (Section 4) and repayment (Section 6) may be altered by (a) Recommendation of the Missionary Committee, and (b) approval of the messengers of the BMA of Oklahoma.
Section 8: The trustees are to maintain 10% of the total worth of the R.L.F. in reserve to secure payment of any indebtedness incurred by the Loan committee.
Article VIII - Corporate Seal
Section 1: The seal of this corporation shall be inscribed Revolving Loan Funds Committee Incorporated and shall be kept by the Recording Clerk of this Loan Committee.
Article IX - Dissolution
Section 1: In case of dissolution of the Loan Committee, the property, assets after payment of all expenses and debts, and all records shall be delivered and transferred to the Baptist Missionary association of Oklahoma for religious and charitable purposes.
Article X - Amendments
Section 1: Amendments of these by-laws may be made by a two-thirds (2/3rds) majority vote of the trustees present in a given meeting and by a majority vote of the messengers represented by any regular or special meeting of the Baptist Missionary Association of Oklahoma.
Section 2: Upon adoption of these by-laws of the Loan Committee they shall appear annually in the printed minutes of the association.
Article XI - Ministerial Development Loan
Section 1: A student from a BMA of Oklahoma church, seeking to major in Ministry or Bible, may make application for a loan to pay their tuition, fees, books, and on-campus room and board if they wish to attend Central Baptist College, Conway, Arkansas; Jacksonville College, Jacksonville, Texas; Southeastern Baptist College, Laurel, Mississippi; Baptist Missionary Association Theological Seminary, Jacksonville, Texas; or Other Bible colleges or seminaries approved by the Revolving Loan Fund Committee. The registrar of the college will be expected to provide proof that the applicant is a full-time student. The maximum loan amount for online majors will be 75% of tuition.
Section 2: In order to qualify for the loan the applicant will be expected to supply the committee with the following appropriate documentation:
- A copy of his license as provided by the church that has licensed him to preach. (A copy of his ordination certificate may be substituted.)
- Documentation declaring the students call to ministry as approved by their local church.
- A Written application showing proof of need, three letters of recommendation from ministers who are knowledgeable concerning the applicant’s desire for the ministry, and a letter of recommendation from the church where the applicant holds membership at least 3 months prior to the beginning of the semester.
Section 3: The fund for this program shall be provided by the interest earned on the assets of the Revolving Loan Fund.
Section 4: These loans shall earn 1/2 percent above the Federal Prime Rate, adjusted annually at the State meeting, but never to exceed 6%. Loans shall be paid over a (10) Ten year period beginning 90 days after graduation or withdrawal from college. Repayment of the loan shall be subject to the following exception:
- Upon graduation, the applicant returns to Oklahoma and accepts a staff position in an affiliated church of the BMA of Oklahoma, 20% of the principle and all accrued interest shall be waived annually by the committee to a maximum of 5 years.
- If the applicant does not return to Oklahoma, he shall be required to pay principle and interest within 10 years according to an amortization schedule which will be provided by the committee.
Article XII - Ministerial Assistance Program
Section 1: The purpose of this program is to provide one-time love offerings to a minister or his widow who is in critical need.
Section 2: The funds for this program shall be provided by the interest earned on assets of the Revolving Loan fund and the money available for this program shall not exceed the interest earned during the current associational year. The RLF Committee shall administer this program.
Section 3: Love offerings shall be limited to a maximum of $500 for the minister or his widow unless the RLF Committee deems it an exceptional case. Eligibility shall be limited to ministers with service in the BMA of Oklahoma.
Section 4: Request for love offerings shall be directed to the Director of Missions of the BMA of Oklahoma.