Finance and Assets
THE FINANCE AND ASSETS ACCORDING TO THE CONSTITUITION AND BY-LAWS
LEGAL STANDING
The executive on consultation with the membership shall determine the legal standing of
the association in terms of registration and recognition in the relevant jurisdictions.
▪ In any legal proceedings involving the Association, the Executive shall in its capacity as such, act on behalf of the Association in all matters required by such legal proceedings.
▪ All assets and property of the Association, whether movable or immovable, shall be vested in and registered in the name of the Association, excluding its members.
▪ The Association shall have perpetual succession, regardless of any changes in the number or identity of its members.
▪ In any legal proceedings involving the Association, the Executive shall in its capacity as such, act on behalf of the Association in all matters required by such legal proceedings.
▪ All assets and property of the Association, whether movable or immovable, shall be vested in and registered in the name of the Association, excluding its members.
▪ The Association shall have perpetual succession, regardless of any changes in the number or identity of its members.
ANNUAL FINANCIAL STATEMENTS
▪ The Executive Committee shall prepare and present the financial position of the
Association to the members during a General Meeting. These presentation shall occur
annually covering the periods January to December.
▪ A minimum of three days (3) prior to the Annual General Meeting, electronic copies of any financial statements intended to be presented during the meeting shall be distributed to all member of the Association.
▪ A minimum of three days (3) prior to the Annual General Meeting, electronic copies of any financial statements intended to be presented during the meeting shall be distributed to all member of the Association.
ASSETS
▪ All assets of the Association shall be under the control of the current Executive
Committee, in the best interest of the Association. Comprehensive records shall be
maintained for all assets and liabilities of the Association.
▪ The Executive Committee is empowered to purchase, sell, lease, mortgage, pledge, or otherwise manage all of the Association's properties to secure funds or borrow money for the Association's benefit. The funds of the Association shall be utilized exclusively for the objectives it was established for, ensuring the utmost benefit and welfare of the Association.
▪ The Executive Committee is empowered to purchase, sell, lease, mortgage, pledge, or otherwise manage all of the Association's properties to secure funds or borrow money for the Association's benefit. The funds of the Association shall be utilized exclusively for the objectives it was established for, ensuring the utmost benefit and welfare of the Association.
