GBA Constitution

ARTICLE 10

  FUNDS, PROPERTY AND FINANCIAL MATTERS

 10.1 The GERMAN BUSINESS ASSOCIATION shall be entitled to receive Funds and shall pay for its operational expenses from the Funds received provided that any Funding of the GERMAN BUSINESS ASSOCIATION is used in accordance with the terms of the contract under which such Funding is provided.

10.2 The GERMAN BUSINESS ASSOCIATION shall charge such fees for Services made available by the GERMAN BUSINESS ASSOCIATION to Members and non-Members as are, in the sole discretion of the Board, necessary to cover the expenses of the GERMAN BUSINESS ASSOCIATION according to the GERMAN BUSINESS ASSOCIATION budget, on a non-profit making basis.

10.3 The GERMAN BUSINESS ASSOCIATION shall open such bank accounts for receipt and disbursement of the Funds as the Board sees fit and on such terms as are agreed by the Board ("Bank Accounts").

10.4 The GERMAN BUSINESS ASSOCIATION shall set up and maintain such budgets and accounting systems as the Board sees fit and annual financial statements of the GERMAN BUSINESS ASSOCIATION shall be prepared and audited by independent audit firms, in conformity with the provisions of the GERMAN BUSINESS ASSOCIATION Rules.

10.5 The accounts of the GERMAN BUSINESS ASSOCIATION shall begin on 1st January and shall end on 31st December of each year, except in the first year of the GERMAN BUSINESS ASSOCIATION when the accounts shall begin on the date of adoption of these Statutes and shall end on 31st December of the same year.

10.6 The GERMAN BUSINESS ASSOCIATION shall deal with the property of the GERMAN BUSINESS ASSOCIATION as the Board shall from time to time direct in accordance with these Statutes and the GERMAN BUSINESS ASSOCIATION Rules.

10.7 Except as otherwise stated herein, all property of the GERMAN BUSINESS ASSOCIATION shall be vested in the name of the GERMAN BUSINESS ASSOCIATION or in the names of any two Board Members as trustees for the GERMAN BUSINESS ASSOCIATION.

10.8 Upon termination of the term of office of any Board Member, he/she shall sign all papers and take all action necessary to change bank accounts and mandates and to transfer the property of the GERMAN BUSINESS ASSOCIATION to other Board Members and if such action is not taken within three (3) days after termination of any Board Member's term of office, the Chairman of the Board shall be entitled to sign all such papers on his/her behalf.

More articles

Article 1: Definitions

Article 2: Offices of The German Business Association

Article 3: Objectives of The German Business Association

Article 4: Membership

Article 5: Application for and Approval of Membership

Article 6: Rights and Duties of Members

Article 7: Resignation, Expulsion and Termination of Member

Article 8: German Business Association Meetings

Article 9: Board of The German Business Association

Article 10: Funds, Property and Financial Matters

Article 11: Amendment of The Statutes

Article 12: Dissolution of The German Business Association

Article 13: Governing Law and Disputes between Members

Contact
Ms. Nguyen Ho Tong Khanh Linh
Executive Office Manager
+84 8 3823 9772, ext 114