| 1. |
Subject to the following provisions in this rule, the funds of the Alumni may be expanded for any purpose necessary for the carrying out of its aims and objects, including the expenses of its administration, the payment of salaries, allowances and expenses to its office-bearers and paid staff and the audit of its accounts, but they shall on no account be used to pay the fine of any member who may be convicted in a court of law; |
| 2. |
The Treasurer may hold a petty cash advance not exceeding Five Hundred ringgit (500.00) at any one time. All money in excess of this sum shall within seven days of receipt be deposited in a bank approved by the Executive Committee. The bank account shall be in the name of the Alumni; |
| 3. |
Cheques of the Alumni shall be signed by the Treasurer and countersigned by the President or by the Secretary. In the absence of the President and Secretary, the Executive Committee shall appoint a representative from among them to sign the cheques; |
| 4. |
No expenditure exceeding One thousand ringgit ($1000.00) at any time shall be incurred without the prior approval of the Executive Committee and no expenditure exceeding five thousand ringgit ($5,000.00) at any time shall be incurred without the prior approval of a General Meeting. Any single expenditure below five hundred ringgit ($500.00) may be approved jointly by the President, Secretary and Treasurer; |
| 5. |
As soon as possible after the end of each financial year, a statement of receipts and payments and a balance sheet shall be prepared by the Treasurer and audited by Internal Auditors elected under the provision of Article X. The audited accounts shall be submitted for the approval of the next Annual General Meeting and copies shall be made available at the registered office or place of meeting of the Alumni for the perusal of its members; |
| 6. |
The financial year of the Alumni commences on the first (1st) of January and closes on thirty-first (31st) of December of each year. |
