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					                      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 _
             t

    ,
    _   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
                                                                                                  the
        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
       members




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posted:7/19/2012
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