By-Laws

CHAPTER SIX
SOCIETY’S FINANCES

Article 42

The revenues of the Society shall consist of:
 
  1. The admission fees paid by members upon their registration or re-registration.
  2. The subscription fees.
  3. Donations and contributions approved by the Ministry of Labour and Social Affairs.
  4. The proceeds from functions, exhibitions, charity bazaars and social and recreational programmes organised by the Society subject to the approval of the competent authorities.
  5. Profits and interest generated from investment of the Society’s funds within the applicable laws.
  6. Revenues from of various activities of the Society, such as seminars, conferences, publication of books and workshops.

Article 43

The Society may not accept money from any foreign person or agency nor shall it send money to persons or organisations overseas without notifying the Ministry of Labour and Social Affairs accordingly. Exempted are the amounts in respect of the price of scientific and technical books, publications and records, engineering training conferences and training courses and subscriptions in engineering organisations, institutions and associations.

Article 44

The Society’s financial year shall commence on 1st January and end on 31st December each year.

Article 45

The Chairman and members of the Board of Directors are accountable, each in his respective responsibilities, for the Society’s funds and for any action in contravention of the Society’s Constitution and Bye-Laws, as well as for the resolutions of the General Assembly.

Article 46

The Board of Directors shall lay down financial regulations to organise the Society’s financial affairs and, in particular, expenditures, deposit of funds, membership and subscription fees, the amount which the Treasurer may retain as imprest funds for urgent matters, and such other details.
 
The financial regulations shall be valid only after the approval of the General Assembly.

Article 47

The Board of Directors shall present the Society’s financial accounts, which shall be signed by members, to the General Assembly for review and approval. 

If the expenditures or revenues of the Society exceed ten thousand Dinars, the Board of Directors shall refer the final accounts to a recognised chartered accountant, along with all supporting documents, for examination and reporting thereon at least one month prior to the annual meeting of the General Assembly. 

The Board of Directors shall also present the Society’s proposed annual budget for the coming year to the General Assembly for review. 

Copies of the final accounts, general budget and both the report of the auditor and that of the Board of Directors shall be sent together with the invitation letters for the General Assembly meeting to the members entitled to attend such meeting.  Such papers shall also be displayed at a prominent location in the Society’s premises at least 15 days before the General Assembly meeting and remain displayed until they are ratified.

Article 48

The Society’s cash shall be deposited in the Society’s registered name with a recognised bank. The Ministry of Labour and Social Affairs shall be notified accordingly. The Ministry shall be notified also of any change of the bank at least one week from the date of such change.
 
No amount may be withdrawn from the bank without a cheque singed by the Chairman and the Treasurer or any persons acting on their behalf as may be authorised by the Board of Directors.
 

Article 49

No amount may be disbursed from the Society’s funds without the approval of the Board of Directors and within the limits of the Society’s objects and in accordance with the provisions of this Constitution and the financial rules and regulations. 

In an emergency, disbursement may be authorised by the Chairman without the prior approval of the Board of Directors provided that such disbursement, together with the supporting documents and the reason therefor, shall be reported to the Board of Directors at its first meeting.

Article 50

The Society’s property in kind or in cash, including the subscription fees, donations, contributions, etc., shall be the Society’s sole property. A Society member or any other person whose membership has been forfeited for any reason or his/here heirs may not have any claim thereto.

Article 51

Subject to the provisions of Article 47 hereof, the General Assembly shall designate an auditor from among auditors nominated by the Board of Directors. The General Assembly shall also specify the remuneration of such an auditor. However, in the first year of the Society, designation of an auditor shall be made by the members at their first meeting held in the form of a General Assembly.