1.15 Finance
Description
This article is from the Table Tennis (Ping Pong) FAQ, by ttennis@bu.edu with numerous contributions by others.
1.15 Finance
1.15.1 Accounts
1.15.1.1 The financial year of the ITTF shall end on 31st December.
1.15.1.2 The Treasurer shall prepare an annual statement of accounts, which
shall be audited by professional auditors.
1.15.1.3 The Treasurer shall prepare an annual estimate of income and
expenditure for the succeeding year.
1.15.1.4 The bank accounts of the ITTF shall be held at banks appointed by
resolution of the BGM or, in emergency, of the Council.
1.15.2 Trustees
1.15.2.1 The President, Deputy President and Treasurer for the time being
shall be and are hereby appointed Trustees for the purpose of
purchasing, selling, leasing or otherwise dealing with any freehold or
leasehold property or other assets of whatever kind required by the
Council for the purposes of the ITTF.
1.15.2.2 The Trustees shall be authorised to use the funds of the ITTF in the
purchase of such freehold or leasehold property and assets and the
same shall be vested in the Trustees upon trust for sale and they shall
stand possessed thereof and of the proceeds of sale thereof upon trust
for the ITTF in such manner in all respects as the Council may from
time to time by resolution direct.
1.15.2.3 The Trustees shall comply with the laws, statutes and requirements of
the countries in which such trust property may be situated insofar as
they relate to the purchase, sale and management of such property and
the duties of Trustees in connection herewith.
1.15.2.4 The Trustees and each of them and their respective estates and effects
shall be fully and effectually indemnified from and against all
personal risk and expense arising as a result of their appointment as
such Trustees out of the property and funds of the ITTF.
1.15.2.5 The Trustees shall cease to act in such capacity upon ceasing for
whatever reason to hold office as the President, Deputy President and
Treasurer respectively of the ITTF and they or their survivors shall
thereupon execute a Deed of Appointment of new Trustees in favour of
their successors in such office.
1.15.2.6 Any statement of fact in such Deed of Appointment shall in favour of a
person dealing bona fide and for value with the Trustees be conclusive
evidence of such fact as stated.
1.15.2.7 A Minute signed by the President and Secretary-General shall be
conclusive evidence of a resolution of the Council.
1.15.3 Subscriptions
1.15.3.1 Each Association shall pay an annual subscription of #100 or the
equivalent.
1.15.3.2 The first subscription shall be paid with the application for
membership and subsequent subscriptions shall be due on 1st January of
each year.
1.15.3.3 A representative of an Association whose subscription is in arrears
shall not be entitled to vote at a General Meeting, either for his own
Association or as a proxy, to serve on the Council or a committee or
to play in World Championships. ("In arrears" means owing more than
one year's subscription).
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