Page 9 - Club Consituition

19 Finance Committee

(1) The Executive Committee shall appoint a Finance Committee comprising a Chairman and
2 members of whom one shall be the Honorary Treasurer.

(2) The Finance Committee shall be responsible for preparing the annual budget for the
approval of the Executive Committee and for revenue and expenditure control.

20 Banking Account

(1) The Club shall maintain such banking account or accounts as it thinks fit, in a Bank or
Banks nominated by the Executive Committee. All sums of cash received by the Club
shall be banked into the Bank accounts.

(2) Cheques/E-payments shall be signed/approved by such persons as the Executive
Committee shall from time to time authorize.

21 Annual Accounts

(1) The financial year of the Club shall end on the 31 March of each year.

(2) The Club's accounts shall be audited annually by an Auditor appointed by the President of
the Club on the recommendation of the Executive Committee, and presented by the
Honorary Treasurer to the Board of Governors

22 Expenditure

(1) No expenditure in excess of the approved budget of the Club shall be incurred except with
the approval of:

(a) The Executive Committee in respect of expenditure exceeding $150,000;

(b) The President or the Vice-President in respect of expenditure not exceeding 150,000;

(c ) The Chairman of any Committee, provided he is a member of the Executive Committee or
the Honorary Treasurer in respect of expenditure not exceeding $10,000;

(d) The Chief Executive in respect of expenditure not exceeding $5,000;

(e) The Deputy Chief Executive in respect of expenditure not exceeding $1,000;

(f) No payments shall be made in advance of receipts of goods/service unless the Vice-
President or the Honorary Treasurer authorizes such payments;

(g) Notwithstanding the provision in paragraph (f) above, Sports Convenors shall, upon
request, be provided an advance of funds to defray any sports expenses.

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