38Funds

#### 38 Funds 38 Funds > > (1) Subject to a resolution passed by the association, the association’s funds may be derived from the following sources only— > > > > > (a) the entrance fees and annual subscription fees payable by members, > > > > > (b) donations, > > > > > (c) other sources as determined by the committee. > > > (2) Subject to a resolution passed by the association, the association’s funds and assets must be used to pursue the association’s objects in the way that the committee determines. > > > (3) As soon as practicable after receiving money, the association must— > > > > > (a) deposit the money, without deduction, to the credit of the association’s authorised deposit-taking institution account, and > > > > > (b) issue a receipt for the amount of money received to the person from whom the money was received. > > > (4) A cheque or other negotiable instrument must be signed by 2 authorised signatories. > > > > Note— > > > > The Act, section 36 provides for the appointment of authorised signatories.