Chapter 9 Management of Funds 31. Mode of payment All transactions can be carried out by cash/cheque. However if the ⑴ amount exceeds S$500/-, the payment shall be by cheque. Cheques, etc. for withdrawals from the bank will be signed by 3 ⑵ persons. The Treasurer’s signature is mandatory. The other two shall be chosen from the President, and/or the General Secretary and/or the second Assistant General Secretary. 32. Mobilization of The Treasurer is authorized to expend up to S$1000/- per month for ⑴ petty expenses on behalf of the Academy. He will not keep more than S$1000/- in the form of cash. Money in ⑵ excess of S$1000/- will be deposited in a bank to be named by the Executive Council. The Executive Council will be empowered to expend up to S$100,000/- ⑶ per year. The Executive Council shall seek approval during the Annual General ⑷ Meeting to expend more than S$100,000/-. 33. Subscriptions The administrative fee and annual subscriptions shall be determined ⑴ by the General Meeting on recommendation from the Executive Council from time to time. Annual subscriptions are payable in advance within the first month of ⑵ the year. If a member falls into arrears with his subscription or other dues for ⑶ more than 2 weeks, he will be informed immediately by the Treasurer. If he fails to settle his arrears within 2 weeks of their becoming due, he ⑷ shall not be eligible to stand for Council Election and his voting right shall also be forfeited. If he falls into arrears for more than 6 months, the General Secretary ⑸ shall inform him by a registered letter and if he fails to respond, he shall automatically cease to be a member. Any member who has joined the Academy for more than twenty years ⑹ shall be exempted from the payment of annual subscriptions. Any member who wishes to withdraw from the Academy have to ⑺ submit a written request to the General Secretary. The Academy shall accept donations from public and all its members. ⑻ Any Ordinary Member paying 10 years’ subscriptions in advance will ⑼ be conferred membership’. ‘permanent 34. Income The income and property of the Academy where and when so ever derived shall be applied towards the promotion of the objectives of the Academy as set forth in this Constitution and no portion thereof shall be paid or transferred directly or indirectly by way of profit to the persons who
Chapter 9 Management of Funds 31. Mode of payment ⑴ All transactions can be carried out by cash/cheque. However if the amount exceeds S$500/-, the payment shall be by cheque. ⑵ Cheques, etc. for withdrawals from the bank will be signed by 3 persons. The Treasurer’s signature is mandatory. The other two shall be chosen from the President, and/or the General Secretary and/or the second Assistant General Secretary. 32. Mobilization of ⑴ The Treasurer is authorized to expend up to S$1000/- per month for petty expenses on behalf of the Academy. ⑵ He will not keep more than S$1000/- in the form of cash. Money in excess of S$1000/- will be deposited in a bank to be named by the Executive Council. ⑶ The Executive Council will be empowered to expend up to S$100,000/- per year. ⑷ The Executive Council shall seek approval during the Annual General Meeting to expend more than S$100,000/-. 33. Subscriptions ⑴ The administrative fee and annual subscriptions shall be determined by the General Meeting on recommendation from the Executive Council from time to time. ⑵ Annual subscriptions are payable in advance within the first month of the year. ⑶ If a member falls into arrears with his subscription or other dues for more than 2 weeks, he will be informed immediately by the Treasurer. ⑷ If he fails to settle his arrears within 2 weeks of their becoming due, he shall not be eligible to stand for Council Election and his voting right shall also be forfeited. ⑸ If he falls into arrears for more than 6 months, the General Secretary shall inform him by a registered letter and if he fails to respond, he shall automatically cease to be a member. ⑹ Any member who has joined the Academy for more than twenty years shall be exempted from the payment of annual subscriptions. ⑺ Any member who wishes to withdraw from the Academy have to submit a written request to the General Secretary. ⑻ The Academy shall accept donations from public and all its members. ⑼ Any Ordinary Member paying 10 years’ subscriptions in advance will be conferred ‘permanent membership’. 34. Income The income and property of the Academy where and when so ever derived shall be applied towards the promotion of the objectives of the Academy as set forth in this Constitution and no portion thereof shall be paid or transferred directly or indirectly by way of profit to the persons who