Article 16

ACCOUNTS

16.1   The income and property of the Association shall be applied solely towards the promotion of the objects of the Association as set out in Article 3.2 and no portion thereof shall be paid or transferred directly or indirectly by way of dividend, bonus, profit or otherwise to members of the Association or Council members;

Nothing in this Article shall be construed as preventing the payment, in good faith, of:

(a)   remuneration to staff and employees of the Association;
(b)   remuneration to any Council member charged with general administrative control over the work of the Association;
(c)   out-of-pocket and traveling expenses to any Council member needed to perform duties on behalf of the Association; and
(d)   other proper charges and expenses of the Association.

16.2   The Council shall cause true accounts to be kept –

(a)   of all monies received and expended by the Association and the matters in respect of which such receipts and expenditure take place; and
(b)   of the assets and liabilities of the Association, and in such accounts, assets held upon any special trust and receipts and payments on account of such trust shall be entered separately and apart from all other assets, receipts and payments; and
(c)   of all sales and purchases of goods by the Association.

16.3   The Association may at a General Meeting impose reasonable restrictions as to the time and manner at and in which the books and accounts of the Association may be inspected by a member at all reasonable times during the usual business hours.

16.4   The Council shall lay before the Annual General Meeting of the Association the audited income and expenditure accounts of the Association for the last preceding financial year and audited balance sheet for the year ending on the 31st December of such year.  Such accounts and balance sheets shall be accompanied by a report of the Council as to the state of affairs of the Association and a report of the Auditors of the Association.  The financial year shall be from 1st January to 31st December of each year.

16.5   The Council shall arrange for the accounts to be audited yearly by the Auditors of the Association.  The Auditors to be appointed by the Association at the Annual General Meeting shall be approved company auditors within the meaning of the Companies Act of Singapore (Cap 50).  Auditors may be re-appointed year after year and may be required by the Chairman to audit the Association’s accounts for any period within their tenure of office at any date and make a report to the Council.

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