Part 7 - Financial :H1d Adm iuistrative Matters
32. Funds and Fin (/nciul Requ iretnents
The Committee Illay exercise all the powers of the club to borrow money and to
mortgage or charge its property, or any part thereof, and to issue debentures and
other securities, whether outright or as security lor any debts, liability, or
t)bli~ilti(~11 of rhc Club
") The int em ion 10 borrow money. as set out ill su b-ru Ie I mu SI be given by the
Committee to tile members. The members must agree with two-thirds majority
t 11,\il is i 11 1he best i Ilt crest of the J ('I s to borrow any gi vc 11 su rn of money _
_ The maximum borrowing amount is to be determined by the Committee and the
Committee in mak i ng this decision mu st lake into considerat ion t he purposes of
the Jets as set out in Rule 1,
., The Tl'l'aslll'~'l' nf \Ill' .k1 S mu S\
( a) collect aud receive monies due 10 the Jets and make payments authorised by
the J ets. and
(b) keep correct accounts and books showing the financial affairs of ihe Jets
wi 1h Iu II dCI a i\ S 0 fall recei pts and expend iture.
) All c hcq lies and 01 her ncgot ia b le ins! rurnent S rnu st be signed by at lea st I wo
Committee members authorised by the Committee for that purpose. One or
signatories will be the Treasurer.
() The fu nd s of the J et s come fro m a nnua I members hi p fees. dona t iOIlS, grim! sand
other sources the Committee determines
7 The income and property of the Jets shall be applied solely towards the
promo: ion 0 f t he pu rpo~c" 0 f Ihe Jets as set out i11 Ru Ie 3 No port ion thereof
shall be paid or transferred. directly or indirectly hy way of dividend, bonus or
otherwise, to the members or the club.
8. The liability of the members is limited.
9 Every financial member of the Jets undertakes to contribute to the property of
the Jets in the even! of the same being wound up while he or she is a member,
for payment of debts and liabilities of the Jets and the costs. charges and
expenses of winding up and for the adjustments of the contributors among
themselves. such amount as may be required, not exceeding two dollars ($2 00),
This will exclude all Junior and Junior Associate Members.
10 I rafter the winding up or di ssolution of the Jets, there remains, after satisfaction
of a II it s debt sand 1ia bi J it i es, any property whatsoever, t he same shall not be
paid to or distributed among the members of tile Jets, but shall be given 01'
transferred to some ot her inst itut ion or inst itutions ha vi ng purposes si m ilar to
the pu rposes 0 r the Jets and whose mernora I1d UIII of association or constit u t Ion
shall prohibit the dist ribution of its or their income or property among their