CAP. 1007] Chater Masonic Scholarship Fund
[1975 Ed.
By-laws
[Subsidiary]
G.N.A. 149/49.
FUNDS
8. All contributions shall be paid to the honorary treasurer and shall by him be placed to the credit of the corporation in a local bank or invested as the trustees may deem advisable.
9. No payment on account of the corporation shall be made without the order of the trustees, payment on petty cash account excepted, for which latter purpose the trustees may place such sum as they think fit at the disposal of the honorary treasurer, who shall furnish a correct account of all such payments at each meeting of the trustees. All cheques shall be signed by the honorary treasurer.
SCHOLARSHIP
10. A scholarship shall be granted to the person selected by the trustees for one year only in the first instance, but such scholarship shall be renewable yearly at the discretion of the trustees.
11. In the event of there being more than one candidate qualified to receive the benefits of this endowment, the trustees shall make the award mainly on the result of a matriculation or equivalent examination but shall also take into consideration the character of the candidate and the financial position of the candidate's family.
MEETINGS
12. The annual meeting of the trustees shall be held not later than the month of May in every year when the report of the trustees and the audited statement of accounts made up to the 31st December of the previous year shall be presented and any business of the previous year discussed, after which, the accounts and report being passed, the trustees shall proceed with the appointment of the officers for the ensuing year and discuss any business having reference to the corporation which may be brought before the meeting. Emergency meetings may be called at any time by the president or in his absence by the vice-president, or in the absence of both, by the senior past master.
QUORUM
13. At all meetings three trustees shall form a quorum.