Institute's Rules of Association -
Rule 5 - Finances
5 FINANCES
5.1 Membership
Subscriptions and Fees
These shall be levied on each member annually and the
level of subscriptions and fees shall be determined from time to time by
the Board of Management.
The level of subscriptions will have regard to the types
and grades of membership.
5.2 Income
The Board of Management shall be responsible for
investing the Institute's finances. Income
and property, however derived, shall be applied solely towards the
promotion of the objectives and purposes of the Institute and no portion
shall be paid, transferred, directly or indirectly, by dividend, bonus or
otherwise, to any member of the Institute.
Notwithstanding the aforementioned the Board of
Management may, on behalf of the Institute, make a payment in money or
goods to a servant or member of the Institute as follows:
- in return for services actually rendered to the Institute;
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- in return for goods supplied to the Institute by the servant or member;
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- by way of interest calculated at a rate not exceeding ten (10) percent per
annum on monies lent to the Institute by the servant or member;
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- a reasonable and proper sum by way of rent for premises let to the
Institute by the servant or member;
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- as a prize or award established and offered as the Board of Management may
from time to time decide.
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5.3 Borrowings
The Board of Management is limited in its powers to raise
money by way of borrowing to the extent that all such transactions shall
be approved by a majority of the voting membership before any undertaking
is entered into in the name of or on behalf of the Institute.
5.4 Bank Account
The
Institute’s bank account shall be established so that all cheques to be
drawn shall be signed by at least two parties as follows:
One
signature shall be any member of the Board’s Executive. The second signature may be another member of the Executive or one
of up to two other personal members of the Institute authorised by the
Executive to sign for the purposes of operational convenience.
The
Executive may establish delegations for authorising payments in ways it
considers appropriate (for instance, the drawing of cheques for routine
payments) but it may not delegate the right to delegate such authority.
5.5 Gifts
The Board of Management may from time to time make gifts
to approved non-profit organisations for the purposes of furthering the
objectives of the Institute limited to a total sum not exceeding one and
one half percent of fees income.
5.6 Liability for Debts of the Institute
Members of the Institute are not liable to contribute
towards the payment of the debts or liabilities of the Institute or the
costs, charges and expenses of a winding-up of the Association.
5.7 Transfer of Assets
In the event that the Institute ceases to exist as an independent organisation, whether by winding up or by integration with another organisation, any surplus assets remaining after payment of the Institute’s liabilities shall be transferred to another not-for-profit organisation having similar purposes and whose income and/or resources are not distributed to any member, except as reasonable payment for goods and/or services rendered.
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