1964_THE_HONG_KONG_ASSOCIATION_OF_BANKS_BY-LAWS — Page 13

1981 Ed.]

The Hong Kong Association of Banks By-laws

[CAP. 364

A 13

(3) Accidental irregularity in the representation of a member at a general meeting or at a meeting of the Committee shall not invalidate the proceedings or any resolution passed thereat.

PART V

SUBSCRIPTIONS AND ACCOUNTS

30. (1) The Committee shall fix the entrance fee and annual subscription payable by each member, and may also determine the amount and date of payment of any special subscriptions that may be required from members to meet costs, expenses or liabilities incurred or entered into by the Association in pursuance of any object of the Association or in connexion with any matter or thing reasonably incidental thereto.

(2) If any member fails to pay any fee or subscription under paragraph (1) within 1 month of a formal demand from the Committee for the payment thereof, the Committee may, for so long as the member continues not to pay such fee or subscription-

(a) if the member is a member of the Committee or the

Council, suspend or revoke such membership;

(b) deprive the member of the right to be a candidate for an

election to the Committee or the Council;

(c) deprive the member of the right to vote in any such election or to sign a nomination for any such election or to propose or second any other member for election.

(3) The Committee may exercise all or any of the power conferred on it under paragraph (2) in relation to a member.

(4) Where a member fails to pay in the circumstances de- scribed in paragraph (2), the Committee shall so inform the Finan- cial Secretary and shall also inform him of the exercise or proposed exercise of any power under paragraph (2).

31. (1) The Committee shall maintain proper accounts of all transactions of the Association and shall prepare for every financial year (as determined by the Committee) a statement of the accounts of the Association, containing an income and expenditure account and a balance sheet, both of which shall be signed by one continuing member and one elected member of the Committee.

(2) The Committee shall appoint an auditor who shall be entitled to have access to all books of account, vouchers and other financial records of the Association and to require such information and explanations thereon as he thinks fit, and such auditor shall audit the statements drawn up under paragraph (1) as soon as possible and shall make a report thereon to the Committee.

(3) A copy of the signed statement of accounts together with the audit report thereon shall be transmitted to members with the notice convening the annual general meeting.

[Subsidiary]

Entrance fees and

subscriptions.

Accounts and audit.