Chapter Six The Center’s Fiscal Year And Revenues

Article (27) The Center’s fiscal year shall begin on the first day of January of each year and shall end on the 31st of December of the same year.
   
Article (28) The revenues of the Center shall consist of:
  A- Associations membership fees, annual subscription membership fees collected from its Members and the registration fees, commissions, fees, charges and fines stipulated by the Center’s internal by-laws
  B- Proceeds of the Center’s property, returns from its funds and sale of its assets.
  C- Contributions, grants, aids and donations that are approved by the Board.
     

Article (29)

The Center shall deposit its funds at a bank or more in the Kingdom pursuant to the bases and resolutions of the Board of Directors.
   
Article (30) The Center shall maintain the following:
  A- Accounting records and books organized in accordance with internationally adopted accountancy standards.
  B- The books and records necessary to conduct its operations in accordance with its internal by-laws and instructions issued by the Center.
     
Article (31) A- The Center shall maintain a general reserve for the Center’s annual surplus in every fiscal year.
  B- Any deficit in the revenues and expenditures account of the Center for any fiscal year shall be covered from the general reserves. If the general reserves are insufficient to cover the deficit, it shall be covered by equal payments from the Center’s Members, such payments shall be credited for Members against net future revenues.
  C- Notwithstanding what is stated in Paragraph (A) of this Article, the Center’s Board of Directors may, subject to Board approval, borrow the amount sufficient to cover part or all of the deficit .
  D- Upon termination of its legal personality whether by dissolution, liquidation or termination in any manner, the Center’s property shall be transferred to the Public Treasury.

 


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Last update Thursday on 23-11-2023 at 15:26:57
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