19.1 Financial Year
The financial year of the Association shall be from 1 January to 31 December.
19.2 Sources of Finance
The Association’s sources of finance shall consist of:
19.2.1 Registration fees paid by members in accordance with the By-Laws and resolutions of the Committee.
19.2.2 Annual subscriptions and ad-hoc contributions by members in accordance with the By-Laws of the Association.
19.2.3 Grants, donations and ex-gratia contributions to REAZ.
19.2.4 Proceeds from sale of publications.
19.2.5 Proceeds from seminars, conferences, workshops, symposia, and exhibitions.
19.2.6 Proceeds from investments.
19.2.7 Any other income lawfully acquired by REAZ.
19.3 Accounts and Audit
19.3.1 The Committee shall cause proper books of accounts to be kept in respect of: All sums of money received and expended by REAZ and the matters in respect of which receipts and expenditure take place. All sales and purchases made by REAZ. Assets and liabilities of REAZ. All Energy Sectors, Branches and Divisions of the Association.
19.3.2 “Proper books of accounts” shall mean such books as are necessary to give a true and fair view of the state of the Association’s affairs and to explain its transactions.
19.3.3 The books of accounts shall be kept at the registered office of REAZ.
19.3.4 Within three months after the close of each fiscal year of REAZ, a qualified and experienced independent auditor shall make an audit of the books of accounts of REAZ.
19.3.5 Copies of the income statement and balance sheet (including every document required by law to be annexed thereto) together with a copy of the Auditors report, are to be presented to the Annual General Meeting.
19.4 Income and Property
19.4.1 The Association may not give off its money or property to its members or office bearers except only in instances of remuneration of a member or office bearer for services rendered to the Association. Any payment made should be a reasonable amount for the work carried out as determined by the Committee.
19.4.2 A member of the Association may only receive money from the Association for expenses and allowances that he or she has incurred and provided on behalf of the Association.
19.4.3 Members or office bearers of the Association do not have rights to the Association’s assets.
19.4.4 Insofar as it may be necessary or convenient for the purpose of furthering the objects of the Association, the Association may: acquire by purchase, lease, exchange, gift or otherwise, property of any kind, whether movable or immovable, corporeal or incorporeal or any right or privilege; provided that in the case of the acquisition of any such property under this paragraph the approval of the Association in a general or special meeting shall first be obtained. sell, donate, mortgage, pledge, alienate, exchange, let, hire, partition or dispose of any property referred to in paragraph, or any right therein; provided that in the case of the alienation or mortgage of any immovable property under this paragraph, the consent of the Association in a general or a special meeting shall first be had and obtained. borrow or raise money and secure the payment thereof by mortgage, pledge, or in any other manner the Association deems fit, and for such purpose to encumber all or any of the Association’s property or assets whether present, future or collateral, whether by the creation and issue of debentures or otherwise; provided that such debentures
shall not be issued, or such mortgage or pledges be given until the approval of the Association in a general or a special meeting shall first be obtained. draw, make, accept, endorse, discount and issue cheques, promissory notes, bills of exchange and other negotiable or transferable instruments. invest monies of the Association which at any time may not be immediately required for the objects of the Association in such investment or securities as may be thought expedi enter into any contract whatsoever with any person, authority, institution or body whether corporate or non-corporate. Such contracts shall be signed by the Chairperson and Executive Officer or their duly delegated representatives. do all other things which are incidental to or which the Association considers conducive to the attainment of any of its objects. In clauses,2,3, the approval of the Association means the approval of the majority of the members of the Association present and voting at the annual general or extra ordinary meetings as the case may be on the issue upon which such approval is required in terms of this clause. Custody of all property of the Association, whether movable or immovable, corporeal or incorporeal, shall vest in the Board of Trustees whereas registration of such property shall be in the name of the Association. An independent auditor shall be appointed whose duty will be to audit and check on the finances of the Association. The Executive Officer is required to control the day to day finances of the Association. The Executive Officer shall arrange for all funds to be deposited into a bank account in the name of the Association. The Executive Officer shall ensure that proper records of all the finances are kept. Cheques drawn on the Association shall be signed by not less than two persons duly authorised by the Committee.
19.5 Budgets
19.5.1 Each financial year, the Association shall prepare annual operational budgets for the successive year and any supplementary budgets as necessary.
19.5.2 The sector sub-committees shall draw up annual sector operational budgets for the successive year which shall be forwarded to the Secretariat for consolidation.
19.5.3 The Secretariat, in consultation with the Committee, shall draw up the holistic budget for the Association incorporating sub-committee submissions.
19.5.4 The Treasurer in liaison with the Secretariat, shall present the consolidated budget to the Committee.
19.5.5 The Committee shall review the budget and make any necessary adjustments.
19.5.6 The Treasurer shall present the reviewed budget at the Annual General Meeting for approval by members according to prescribed procedure.
19.5.7 The budget shall be deemed approved and adopted once any necessary adjustments and recommendations from the Annual General Meeting have been endorsed by the relevant sub-sector chairperson/s and Committee.