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.