5. Finances

5. FINANCES

5.1       Control of the finances of the union shall rest with the National Executive Committee, as per clause 13.4.5 to 13.4.8 of this Constitution.

5.2       Union funds shall be applied solely in the furtherance of the union’s aims and objectives.

5.3       All subscription fees, fines, levies, grants and loans received by the General Secretary or any other agent of the union, on behalf of the union shall be deposited to the union credit within seven days of receipt thereof in the National Banking Account.

5.4       Proper books of account shall be kept and properly audited by qualified external auditors.

5.5       A statement of income and expenditure shall be prepared for each financial year and a balance sheet showing the financial position of the union as at the end of each financial year shall be drawn up.

5.6       The statement of income and expenditure and the balance sheet shall be submitted to the National Congress and copies thereof shall be available by publication or otherwise, for examination by members in good standing.

5.7       The NEC shall determine amounts to be floated to various regions for use at Regional and Branch levels.

5.8       The National Executive Committee shall further determined the maximum amount the General Secretary or any other agent of the union can handle at a time.

5.9       The National Treasurer shall be kept duly informed about all financial dealings undertaken on behalf of the union.

5.10     All cheques in respect of the National Account shall be signed by the National Treasurer and co-signed by the President or General Secretary.

5.11     All cheques in respect of a Regional Account shall be signed by the Regional Treasurer and co-signed by the Regional Chairperson or Regional Secretary.

5.12     All cheques in respect of a branch account shall be signed by the Branch Treasurer or in his absence by the Vice Branch Treasurer and co-singed by any one of the following persons:

The Branch Chairperson

The Vice Chairperson or

the Branch Secretary

5.13     The National Treasurer shall be kept duly informed of all financial dealings undertaken on behalf of the union within the region.