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| CITAM e-News |  |
Breach of Provisions of Bye-Laws |
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A member/Office bearer is liable to be removed
from membership of the Association for breach of the provision of
the Bye-Law in the manner provided for in Bye-Law Severence & Removal
of Members Second Para.
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| Funds Custody, Application and Investment | ||
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The revenue
of the Association shall form the general funds of the Association
and all its property, income and effect whatsoever kinds are vested
in the member for the furtherance of the objects of the Association
as defined inthe Memorandum of Association.
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Under no pretance whatsoever shall any, such property
income, revenue or effects of the Association derived whatsoever, be
paid or effects directly or in directly way of profit to members of
the Association except int eh case of employees payment of interest
on borrowing from members rent for premises letr by members to the
association and giving prizes in cash or otherwise and scholarship
to members.
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All compounding
fees shall be regularly invested as soon as possible after receipt
thereof. In short term deposits or in fixed deposits with one or more
scheduled banks or securities approved by the Executive Committee from
tinme to time or in Government Securities in the form of National savings
Vertificates. Only the interest accruing thereof shall be available
for the general expenditure of the Association Such amounts and investment
shall form the permanent Reserve Funds.. The short term and fixed deposit
accounts shall be operated jointly by the treasure and additionally
by the President or Secretary as authorized specifically by the Executive
Committee.
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The Executive
Committee shall be at liberty to
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Vary the investment at thgeir discretion either
in fixed Deposit or Short Term Deposit with one or more scheduled banks.
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Deposit all or of
the securities represnting the permanbent Reserve Fund with the Bankers
of the Association to secure an overdraft on current account not exceeding
Rs. 50001- at any time.
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Spend any portion
of the Permanent Reserve Fund in purchasing land, buildings, furniture
and equipment for the Association.
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Save as aforesaid
no portion of the Permanent Reserve Fund shall be alienated without
the approval of three fourths of the effective votes obtained by postal
ballot.
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The Executive
Committee shall have the power to make from time to time such additions
as they consider desirable the permanent Reserve Fund from the General
Funds.
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No Office Bearer of the Association or member of the Committee shall receive directly or indirectly any salary traveling expenses. Compensations or emoluments from the association, unless authorised by the Committee. |
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