Constitution - Chinese Swimming Club

14.4 The proposed amendments may be adopted by a majority of at leastfifty-one per cent of the Voting Members present and voting.14.5 No amendment shall take effect until such amendment has beenapproved in writing by the Registrar of Societies.Article 15 - Accounts15.1 The financial year of the Club shall begin from 1st January and endon 31st December of each calendar year.15.2 The income and property of the Club and all monies received by or onbehalf of the Club shall be applied solely towards the furtherance,promotion and execution of the objects of the Club and the paymentof expenses of the Club and no portion thereof shall be paid by wayof dividend, bonus or profit to any member of the Club.15.3 All funds belonging to the Club shall (unless invested) be depositedin an account or accounts in the name of the Club with a financialinstitution and no sum shall be drawn from this account or accountsexcept by cheque. The President, the 2 Vice-Presidents, the Captain,the Vice-Captain and the General Manager/Secretary of the Club shallbe authorised signatories. Any cheque for an amount less than$200,000.00 shall be signed by 2 of the authorised signatories. Anycheque for $200,000.00 and more shall be signed by 3 of theauthorised signatories.15.4 Any monies not required for immediate use may be invested by theManagement Committee in accordance with this Constitution.15.5 The Management Committee shall cause proper accounting recordsto be maintained.15.6 If at any time a general meeting shall pass a resolution authorising theManagement Committee to borrow a sum or sums of money,the Management Committee shall thereupon be empowered toborrow for the purpose of the Club such amount of money eitherat one time or from time to time and on such terms as theManagement Committee may determine subject always to the termsof the resolution. If so authorised by the resolution, the Trusteesof the Club shall execute such security of the whole or such partof the immovable property of the Club.26