GHFA Constitution

32. Funds—management

(1) Subject to any resolution passed by the Association in general meeting, the funds of the association are to be applied solely towards the promotion of the Objects of the Association in such manner as the MC determines.

(2) All cheques, drafts, bills of exchange, promissory notes and other negotiable instruments must be signed by any 2 members of the committee or employees of the association, being members or employees authorised to do so by the MC.

(3) No portion of the income or property of the Association shall be paid or transferred, directly or indirectly by way of dividend, bonus or otherwise to any Member; and no remuneration or other benefit in money or money's worth shall be paid or given by the Association to any Member who holds any office of the Association.

(4) Nothing in this Rule shall prevent payment in good faith of or to any Member for:

(a) any services actually rendered to the Association whether as an employee, Director or otherwise;
(b) goods supplied to the Association in the ordinary and usual course of operation;
(c) interest on money borrowed from any Member;
(d) rent for premises demised or let by any Member to the Association;
(e) any out-of-pocket expenses incurred by the Member on behalf of the Association;

provided that any such payment shall not exceed the amount ordinarily payable between ordinary commercial parties dealing at arm's length in a similar transaction.

1000 characters left
Add files