Article V: FINANCES
Section 1: The Treasurer administers the funds of the Society on behalf of and at the direction of the Board. The Society is run as a not-for-profit organization. Income surplus to all expenditures and liabilities shall be securely invested on behalf of the Society and held in reserve for future contingencies.
Section 2: The Society’s operating expenses and liabilities are paid entirely from its own funds, which are generated from the following income sources (not necessarily exclusive):
- Annual membership fees.
The fee for each member shall be determined by the General Meeting and is payable annually.
- Donations and sponsorship, e.g. from companies and international organizations.
- Income from educational and scientific meetings organized by the Society.
Section 3: All contributions, income and funds of the Society may only be used to achieve the aims of the Society. No expenditure may be made by the Board which does not serve the goals of the Society. The Board will not authorise payment of expenses which are unreasonably high.
Section 4: The Society’s sole financial responsibility is the care of its own funds and their use in Society business. The Society shall have no responsibility for the personal liabilities of any of its individual members, and its individual members shall have no personal responsibility for
liabilities of the Society.