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FUNDS

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BY LAWS

 

ARTICLE VIII

FUNDS

 

Section 1 Funds for Division expenses shall be derived from the Association as an allotted share of the annual dues paid by Division members. Eligibility for this allotment is based upon submission to the Division Cabinet officers of the Division financial statement for the previous year and on its acceptance by those officers. Requests for additional funds or loans may be submitted to the Division Cabinet Officers for presentation to the Association Board of Directors for its consideration. All funds received by a Division shall be used for purposes incident to the fulfillment of the Division's objectives. Should dissolution of the Division become necessary, its assets shall revert to the Association.

 

Section 2 Any agreement or contract entered into by the Division shall have advance approval of the Executive Board. If liability exceeds the Division's available or budgeted funds, prior notification to the Division Cabinet officers shall be made for the purpose of obtaining the required advance approval of the Association Board of Directors. All affiliate and contractual relationships shall be directed toward the best interest of the Division and of the Association, and shall protect the property and identity of the Division and the Association.

 

Section 3 Purchase of property by the Division shall have the written approval of the Executive Board. If the cost is over $500, it shall have the advance approval of the Division members. If it exceeds the Division's available or budgeted funds, or exceeds $1000, prior notification shall be made to the Division cabinet officers for the purpose of obtaining the required advance approval of the Association Board of Directors.

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