The Board shall cause one or more banking accounts to be opened in the name of the Society, and any amounts accruing to the Society shall be deposited in such banking account, or accounts as the Board may direct.
All payments from the funds of the Society shall be effected by cheque, credit card or by electronic funds transfer, signed and / or authorised, as the case may be, by the Secretary or a person appointed by the Board and countersigned by the Auditors or such a person or persons as the Board may authorise thereto in terms of Clause 8, provided that nothing herein contained shall prevent the Board from maintaining and operating a petty cash fund, or from paying in cash such ordinary and usual monthly accounts as do not in total exceed a sum determined by the Board, and provided that the total sum necessary for the payment of such accounts is drawn by cheque, credit card or electronic funds transfer.
The Board shall cause proper books of account of income and expenditure to be kept in respect of the Society. All accounts shall be audited from time to time but not less than once every year by an auditor or auditors appointed by the Board.
All property of the Society shall be managed by the Board.
The income and assets of the Society, derived from whatever source, including profits and gains, shall be applied solely for the promotion and furtherance of the objectives of the Society, and no part thereof shall be paid or transferred, directly or indirectly by way of dividend or bonus or otherwise, to any persons who at any time are or were members of the Society, provided that nothing therein contained shall prevent the payment in good faith of remuneration to any employee or other person/s for services rendered to the Society.
The Society's financial year shall commence on 1 January of each year and end on 31 December of each calendar year.