It is proposed that the following be amended to account for the use of electronic funds transfers and the use of an Association credit card (changes are made to item 4 and 5):
FUNDS AND ACCOUNTS
32.
(1) The funds of the association must be kept in the name of the association in a financial institution decided by the management committee.
(2) Proper books and accounts shall be kept and maintained either in written or printed form in the English language showing correctly the financial affairs of the association and the particulars usually shown in books of a like nature. This process may be delegated to a bookkeeper upon approval from the management committee.
(3) All cash received shall be deposited as soon as practicable after receipt thereof. Electronic transfer of funds shall be received using means as determined by the management committee, this includes, but is not limited to, the use of direct funds transfer to the association’s accounts and PayPal.
(4) Where practicable, all amounts shall be paid by electronic funds transfer by the treasurer or other member authorised from time to time by the management committee.
(5) The association is able to apply for and hold a credit card kept in the name of the association from the same financial institution as general accounts. The credit card is for use for approved expenditure when time does not permit an electronic funds transfer, or when payment via electronic funds transfer is not a permissible option. The credit card will be held by the Executive Officer and Treasurer.
(6) The management committee shall determine the amount of petty cash which shall be kept and made available.
(7) All expenditure shall be approved by the Treasurer and ratified at a management committee meeting.
(8) As soon as practicable after the end of each financial year the Treasurer shall cause to be prepared a statement containing the particulars of:
(a) the income and expenditure for the financial year just ended; and
(b) the assets and liabilities of all mortgages, charges and securities affecting the property of the association at the close of the year.
(9) If the association is incorporated within 3 months of the end of the association's financial year, subsection (8) does not apply for the financial year the association is incorporated,
(10) The auditor must examine the statement prepared under subsection (8) and present a report on it to the secretary before the next annual general meeting following the financial year for which the audit was made.
(11) The income and property of the association must be used solely in promoting the association's objects and exercising the association's powers.