Memorandum
and Articles of Association
Powers and
Duties of the Committee
The business of the Association shall be managed by the Committee
who may pay all expenses incurred in promotion and registering the
Association and may exercise all such powers of the Association
as are not by the Code or by these Articles required to be exercised
by the Association in general meeting subject nevertheless to any
of these Articles to the provisions of the Code and to such regulations
being not inconsistent with the aforesaid Articles or provisions
as may be prescribed by the Association in general meeting; Provided
that any rule regulation or by-law of the Association made by the
Committee may be disallowed by the Association in general meeting
and Provided Further that no resolution of or regulation made by
the Association in general meeting shall invalidate any prior act
of the Committee which would have been valid if that resolution
or regulation had not been passed or made.
The Committee
may exercise all the powers of the Association to borrow money and
to mortgage or charge its property or any part thereof and to issue
debentures and other securities whether outright or as security
for any debt liability or obligation of the Association.
For the purposes
of Clause 3 of the Memorandum of Association the rate of interest
payable in respect of money lent by members of the Association shall
not exceed the lowest rate paid for the time being by the State
Bank of Victoria in respect of term deposits.
All cheques,
promissory notes, drafts, bills of exchange and other negotiable
instruments and all receipts for money paid to the Association shall
be signed, drawn, accepted, endorsed or otherwise executed, as the
case may be, by any two members of the Committee or in such other
manner as the Committee from time to time determine.
The Committee
shall cause minutes to be made:
- of all appointments
of officers and servants;
-
of names of members of the Committee present at all meeting of
the Association and of the Committee; and
- off all
proceedings at all meetings of the Association and of the Committee.
Such minutes shall be signed by the Chairman of the meeting at
which the proceedings were held or by the Chairman of the next
succeeding meeting.
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