Section 1. The executive committee may, from time to time, raise funds by
organizing cultural programs for the members and non-members of this
a) All the expenses must be substantiated by receipts and must be
approved properly by the treasurer. In addition, expense above Fifty dollars
($50.00) for individual items must also be approved by the president, vice
president or secretary. Any expense above five hundred dollars ($500.00) shall
be approved by the executive committee.
b) Books of accounts must be kept in an
orderly manner and reconciled against bank statement and bank accounts by the
Section 3. (Banking)
a) Funds of the association shall be deposited in the name of the association by
the treasurer in a local reputed financial institution.
b) Any withdrawal shall require the signature of the treasurer and any one of
the following: The president, vice president or the secretary. A petty cash up
to one hundred dollars ($100.00) may be maintained by the treasurer.
c) A minimum of 75% of the principle amount collected from the life membership
fees shall be maintained in a separate designated interest bearing account. A
two third (2/3) affirmative vote of the membership present at the general body
is required to withdraw any amount from 75% of the principal amount collected
from the life membership.
Section 4. The fiscal year of the association shall be January 1st to December 31st.
Section 5. A Qualified accountant shall be nominated by the General Body to
audit the accounts of the association. The treasurer at the annual Genaral Body
meeting shall present such audited accounts and reports.