Constitutions and By Laws

Rule 11: Financial Provisions

1. Subject to the following provision in this rules, the funds of the Society may be expended for any purpose necessary for the carrying out of its objects, including the expenses of its administration, the payment of salaries, allowances and expenses to its office-bearers and paid staff and the audit of its accounts, but they shall on no account be used to pay the fine of any member who may be convicted in a court of law.

2. The Treasurer may hold a petty cash advance not exceeding RM 300.00 (Ringgit Malaysia: Three Hundred only) at any one time. All money in excess of this sum shall within seven days of receipt be deposited in a bank approved by the Committee. The bank account shall be in the name of the Society.

3. All cheques or withdrawal notices on the Society's accounts shall be signed jointly by the President (or in his absence the Vice President), the Secretary and the Treasurer. In the absence of the Secretary or the Treasurer, the Committee shall appoint one of its members to sign in his place.

4. No expenditure exceeding RM 5,000.00 (Ringgit Malaysia: Five thousand only) at any time shall be incurred without the prior sanction of the Committee, and no expenditure exceeding RM 10,000.00 (Ringgit Malaysia: Ten Thousand only) at any one time shall be incurred without the prior sanction of a general meeting. Expenditure less than RM 5,000.00 (Ringgit Malaysia: Five Thousand only) may be incurred by the President together with the Secretary or the Treasurer.

5. As soon as possible after the end of each financial year i.e. January 1st to December 31st, a statement of receipts and payments and a balance sheet for the year shall be prepared and audited by the Auditors appointed under Rule 11. The audited accounts shall be submitted for the approval of the next annual general meeting, and copies shall be made available at the registered place of business of the Society for the perusal of members.

6. The financial year of the Society shall commence on the first day of  January and end on the 31st  day of  December annually.