Article 9 - Financial Matters


9.1 Accounts

a) All approved accounts shall be paid by cheque or electronic transfer.

b) All cheques written on the operating account at the National Office of the Association or electronic transfers will be signed/approved by two of the President, Chief Executive Officer or other individuals as approved by the Directors.

9.2 Audit and Inspection of the Books

a) The books and records of the Association shall be kept by the Chief Executive Officer under the strict supervision of the President or his/her designate on the Board, and shall be audited each year by an independent auditor. This independent auditor shall be designated by Members at each Annual Meeting and will hold office until the next Annual Meeting.

b) The books and records of the Association may be inspected by the Members of the Association, by appointment made through the office of the President, at the National Office of the Association. Such a Member must be in good standing with the Association. The expenses of travel, housing and loss of time inspecting the books shall be borne by the requesting Member.

9.3 Borrowing Powers

The Association may exercise any borrowing powers conferred upon it by any Act of Parliament governing this corporate body without share capital. This power must be approved by the Board.

9.4 Indemnities to Directors and Others

a) Every Director of the Association or other person who has undertaken or is about to undertake any liability on behalf of the Association or any company controlled by it and their heirs, executors and administrators, and estate and effects, respectively, shall from time to time and at all times, be indemnified and saved harmless out of the funds of the association, from;

b) All costs, charges and expenses whatsoever which such Director or other person sustains or incurs in or about any action, suit or proceedings which is brought, commenced or prosecuted against him or her, or in respect of any act, deed, matter of thing whatsoever, made, done or permitted by him or her, in or about the execution of the duties of his or her office or in respect of any such liability;

c) All other costs, charges and expenses which he or she sustains or incurs in or about or in relation to the affairs thereof, except such costs, charges or expenses as are occasioned by his or her own willful neglect or default.