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Memorandum - Page 5

Article Index
Memorandum
Page 2
Page 3
Page 4
Page 5
All Pages

 

 

11: SOURCES OF INCOME

  • Membership Fee and Renewal Fee
  • Donation by the founding members
  • Donation by the members
  • Donation by the Governmental and Non Governmental Organizations
  • Donations by the Universities, Local Authorities and Governments
  • Donations by Individuals, Associations and Companies (National as well as Foreign)
  • Profit earned on Bank Accounts and other investments standing in the name of Abdalian Association.
  • Any other income or sale proceeds realized from any property movable or
  • immovable vesting in the name of the Abdalian Association.

12: UTILIZATION OF FUNDS

In no event shall: -

  • Any part of the income of the Abdalians' Association is utilized for the personal benefit of any private individual Member or Trustee of the Abdalians' Association. Be applied or used for any charitable purpose other than that specified in the Memorandum of Association.
  • Any portion of money, property or income belonging to the Abdalians' Association be paid or transferred directly or indirectly by the way of Dividend, salary or profit to any of its Trustees and members or their relatives, friends or their organizations.

13: ACCOUNTING YEAR/AUDIT

The financial year of Abdalians' Association will commence on 1st July and close on 30 June each year.
Proper accounts will be maintained each year. All such accounts will be audited by Chartered Accountant to be nominated by Board of trustees, or a firm of Chartered Accountants duly nominated by the Board of Trustees. The annual accounts with the audit report will be submitted to the Board of trustees on the first Saturday of October every year.

14: REGISTERED OFFICE

The Abdalian Association shall have its registered Head Office at G-275 College road, Rawalpindi or any other place at Islamabad/Rawalpindi as determined by the Board of Trustees. Office shall be manned by a full time employee who shall be paid such remuneration/office expenses as determined from time to time by the Board of trustees.

15: AMENDMENTS

Articles of Association may be amended from time to time in accordance with terms of section 12 of the Societies Registration Act, 1860 by three fourth (3/4) majority (subject to a minimum of two hundred votes in favor) of the members present at any special meeting of the Association. The members present during the meeting must endorse amendment with their signatures and membership number.

16: INDEMNIFICATION

The Abdalian Association shall indemnify any Trustees or member against expenses actually and necessarily incurred by him in connection with investment or defense of any action, suit or proceedings in which he is made party by reason of being or having been such Trustee or Member except in relation to matters as to which he is adjudged in such action, suit or proceedings to be liable for negligence or misconduct in performance of the duty.

17: DISSOLUTION

If at any time the Members of the Abdalians' Association determine by three fourth (3/4) majority (subject to a minimum of four hundred votes in favor) that the Abdalian Association cannot make any effective or significant contribution to the advancement of its objectives, the Association may by special Resolution be dissolved and its assets if left over after meeting its liabilities transferred to Cadet College Hasanabdal or any other Association having similar or other charitable aims and objectives keeping in view terms of Section 13 of the Societies Registration Act, 186-0. The members present must endorse their signatures/membership number for dissolving the Abdalians' Association under the said Rule.