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CONSTITUTION |
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PART VIII – FINANCE |
Rule |
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Financial Year |
54 |
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Union Funds |
55 |
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Levies |
56.1 - 56.4 |
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Banking |
57 |
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Expenditure |
58.1 - 58.3 |
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Signing of Cheques |
59.1 - 59.2 |
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Application, Investment and Safe Custody of Funds |
60 |
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Inspection of Membership Register and
Accounts Books |
61 |
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Trustees |
62.1-62.6 |
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General Auditors |
63.1-63.4 |
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External Auditors |
64.1-64.5 |
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Financial Year |
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54 |
The financial year of the Union shall be from 1st April to 31st March. |
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Union Funds |
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55 |
The funds of all units of the Union shall be the property of the Union and nothing in these rules shall prejudice the right of the Executive Council to institute proceedings to recover any monies, or other properties due to the Union.
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Levies |
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56.1 |
The Executive Council may with the approval of a Triennial Delegates' Conference or a Special Delegates' Conference, impose a levy upon all members of the Union who shall then be required to pay such levy.
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56.2 |
If any member fails to pay a levy within two months of its imposition, the amount shall be treated as arrears of subscriptions.
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56.3 |
A Branch may not collect any subscription or levy other than the normal subscriptions without the prior sanction of the Executive Council in writing.
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56.4 |
Any monies received for a specific purpose from members in accordance with the Rules of the Union shall not be used or applied for any other purpose without the consent, by secret ballot of the majority of its members and every such consent shall be notified to the Registrar of Trade Unions by the General Secretary within seven (7) days thereof.
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Banking |
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57 |
The uninvested funds of the Union shall be banked with any bank or banks as the Executive Council may direct.
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Expenditure |
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58.1 |
Union funds shall only be used in furtherance of one or more of the objects of the Union and/or for the maintenance of the Union or its running expenses. The General Purpose Committee may authorise expenditure on any one matter up to a maximum of $20,000/- (dollars twenty thousand only).
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58.2 |
The Executive Council may similarly authorise expenditure up to a maximum of $50,000/- (dollars fifty thousand only).
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58.3 |
Any part of the Union funds appropriated for the establishment and continuance of a special fund such as the Mutual Aid Welfare Schemes and the Scholarship Fund or any monies collected by the Union for the setting up of a special fund must only be utilised for the purposes and furtherance of that special fund and shall not in any circumstances be utilised for any other purposes.
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Signing of
Cheques |
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59.1 |
All cheques or withdrawal orders on the funds of the Union deposited in a bank or banks must be signed by the following three officers: |
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(a) |
The President (or in his absence one of the Vice-Presidents);
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(b) |
The General Secretary; and |
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The General Treasurer. |
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59.2 |
In the absence of the General Secretary or the General Treasurer, the Executive Council shall appoint one of its members to sign in place of the absent officer. |
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Application,
Investment and
Safe Custody
of Funds |
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60 |
The Executive Council shall invest funds of the Union in the investments authorised by law for the investment of trust money in interest-earning deposits in banks or finance companies or in shares of Co-operative Societies established by any trade union.
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Inspection of
Membership
Register and
Accounts
Books |
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61 |
The Membership Register and Accounts Books shall be opened to the inspection of any member and to accredited person(s), who has an interest in the working of the Union, provided that seven clear days' notice in writing of such inspection is given to the General Secretary.
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Trustees |
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62.1 |
The Executive Council shall appoint not more than eight persons, three of them as Trustees and the remainders as Alternate Trustees of the Union. Appointment of Trustees may be made among persons other than the members of the Executive Council. |
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62.2 |
The Trustees shall not sell, withdraw, or transfer any of the invested capital of the Union without the consent and authority of the Executive Council. Such consent and authority must be given in writing on behalf of the Executive Council by the General Secretary and the General Treasurer, who shall affix to it the Union Stamp.
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62.3 |
The Trustees shall attend the Triennial Delegates' Conference. They shall also attend the Executive Council Meetings when summoned by the General Secretary.
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62.4 |
They shall hold all deeds, documents of title and securities for money of the Union, and they may take such measures for the safe custody and preservation thereof, at the expense of the Union, as they shall think fit. They shall be responsible for the safe custody of all such deeds, documents and securities as are placed in their hands or under their control, shall produce them for inspection when required by a resolution of the Executive Council or Triennial Delegates' Conference, and shall produce them when required either by the General Auditors or External Auditor. |
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62.5 |
They shall, from time to time, as required by the Executive Council and upon the authority of a resolution of that Council (which shall be a complete discharge from all liability on the part of the Trustees complying therewith) pay over to the Executive Council, from the Funds applicable thereto, such sums as may be required to meet management expenses.
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62.6 |
A Trustee shall not invest any part of the funds of the Union upon the security of his own property or otherwise than in accordance with law.
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General
Auditors |
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63.1 |
Two General Auditors shall be elected at each Triennial Delegates' Conference. No member of the Executive Council shall be eligible to act as General Auditors.
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63.1.1 |
In addition, the Triennial Delegates' Conference shall elect two Alternate General Auditors. In the event of sickness or long absence of the General Auditors, the Alternate General Auditors shall act on their behalf. In the event that the General Auditors are not able to continue to serve because of resignation, death or any other reason, the Alternate General Auditors shall replace them as General Auditors. |
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63.1.2 |
In the event that the total number of General Auditors and Alternate General Auditors falls to less than two, the Executive Council shall appoint new General Auditors and Alternate General Auditors so as to make up to two General Auditors and two Alternate General Auditors. The Executive Council shall submit their applications at the next Triennial Delegates' Conference for ratification. |
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63.2 |
In the event of a vacancy arising the unsuccessful candidate with the highest number of votes at the previous election shall take office. |
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63.3 |
The General Auditors shall at the beginning of each month thoroughly examine all the accounts kept by the General Treasurer, check all receipts and payments and shall certify accordingly. They shall have access to all books, accounts, vouchers and other documents of the Union which they may consider necessary. |
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63.4 |
The General Auditors shall audit the accounts of any Branch when so required by the Executive Council. They shall be allowed such remuneration as the Executive Council shall decide.
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External
Auditors |
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64.1 |
The Union shall at the first meeting of the Executive Council appoint a registered accountant approved by the Registrar of Trade Unions to be an External Auditor of the accounts of the Union.
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64.2 |
The External Auditor shall at the end of the Union's financial year thoroughly examine all the accounts of the Union, check all receipts and payments and shall certify accordingly. He shall have access to all books, accounts, vouchers and other documents of the Union, which he may consider necessary.
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64.3 |
The External Auditor shall prepare a report on the financial position of the Union and the manner in which the accounts have been kept having regard to the provisions of the Trade Union Ordinance or other laws concerning the accounts of the Union. This report shall be submitted to the Executive Council, which shall publish it and send a copy to all Branches together with the Triennial Report. In addition, a copy of the Triennial Report and the Statement of Accounts duly certified by the External Auditor shall be conspicuously placed at the Head Office of the Union.
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64.4 |
The External Auditor may be called by the Executive Council to conduct a thorough examination of accounts at any time during the course of the year in addition to the annual check of accounts.
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64.5 |
The Executive Council shall be empowered to pay such expenses as may be incurred by employing the services of an External Auditor.
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