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K    Receipts and Expenditure

The funds of the Charity, including all donations, contributions and bequests, shall be paid into an account operated by the Executive Committee in the name of the Charity at such Bank as the Executive Committee shall from time to time decide. All cheques drawn on the account must be signed by at least 2 members of the Executive Committee.

The funds belonging to the Charity shall be applied only in furthering the objects.

L   Property

Subject to the provisions of sub-clause (2) of this clause, the Executive Committee cause the title to:

  • All land held by or in trust for the Charity which is not vested in the Official Custodian for Charities,

       And

  • all investments held by or on behalf of the Charity;

to be vested either in a corporation entitled to act as custodian trustee or in not less than 3 individuals appointed by them as holding trustees. Holding trustee s may be removed by the Executive Committee at their pleasure and shall act in accordance with the lawful directions of the Executive Committee. Provided they act only in accordance with the lawful directions of the Executive Committee, the holding trustees shall not be liable for the acts and defaults of it’s members.

If a corporation entitled to act as custodian trustee has not been appointed to hold the property of the Charity, the Executive Committee may permit any investments held by or in trust for the Charity to be held in the name of a clearing Bank, trust corporation or any stockbroking company which is a member of the International Stock Exchange (or any subsidiary of any such stockbroking company) as nominee for the Executive Committee, And may pay such a nominee reasonable and proper remuneration for acting as such.

M    Accounts

He Executive Committee shall comply with their obligations under the Charities act 1993 (or any statutory re-enactment or modification of that act) with regard to:

  •  The keeping of accounting records for the Charity
  • the preparation of annual statements of account
  • the auditing or independent examination of the statements of account of the Charity: and
  • the transmission of the statements of account of the Charity to the Commission.

N    Annual Report

The Executive Committee shall comply with their obligations under the Charities act 1993 (or any statutory re-enactment or modification of that act) with regard to the preparation of an annual report and it’s transmission to the Commission.

O    Annual Return

The Executive Committee shall comply with their obligations under the Charities act 1993 (or any statutory re-enactment or modification of that act) with regard to the preparation of an annual return and it’s transmission to the Commission.

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