ARTICLE 10. Funds, property and financial matters

  • 10.1     The EUROPEAN CHAMBER OF COMMERCE shall be entitled to receive Funds and shall pay for its operational expenses from the Funds received provided that any Funding of the EUROPEAN CHAMBER OF COMMERCE is used in accordance with the terms of the EUROPEAN CHAMBER OF COMMERCE Contract under which such Funding is provided.
  • 10.2     The EUROPEAN CHAMBER OF COMMERCE shall charge such fees for Services made available by the EUROPEAN CHAMBER OF COMMERCE to Members and non-Members as are, in the sole discretion of the Executive Committee, necessary to cover the expenses of the EUROPEAN CHAMBER OF COMMERCE according to the EUROPEAN CHAMBER OF COMMERCE budget, on a non-profit making basis and in accordance with the guidelines set out in the EUROPEAN CHAMBER OF COMMERCE Rules.
  • 10.3     The EUROPEAN CHAMBER OF COMMERCE shall open such bank accounts for receipt and disbursement of the Funds as the Executive Committee sees fit and on such terms as are agreed by the Executive Committee ("Bank Accounts"). All Bank Accounts of the EUROPEAN CHAMBER OF COMMERCE shall be opened either (a) in the name of the EUROPEAN CHAMBER OF COMMERCE, or (b) in the joint names of any two Executive Committee Members, or (c) in the names of any one (1) Executive Committee Member and any one other person approved by the Executive Committee and, in the case of (b) and (c), the persons in whose names the Bank Accounts are opened shall hold the monies of the EUROPEAN CHAMBER OF COMMERCE as trustees for the EUROPEAN CHAMBER OF COMMERCE. No amendment to bank mandates for, or withdrawal or payment from, any Bank Account may be made unless such amendment or request for withdrawal or payment is signed by at least any two (2) Executive Committee Members or by any one (1) Executive Committee Member and any one other person approved by the Executive Committee.
  • 10.4     The EUROPEAN CHAMBER OF COMMERCE shall set up and maintain such budgets and accounting systems as the Executive Committee sees fit and annual financial statements of the EUROPEAN CHAMBER OF COMMERCE shall be prepared and audited by independent audit firms, in conformity with the provisions of the EUROPEAN CHAMBER OF COMMERCE Rules.
  • 10.5     The accounts of the EUROPEAN CHAMBER OF COMMERCE shall begin on 1st January and shall end on 31st December of each year, except in the first year of the EUROPEAN CHAMBER OF COMMERCE 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 EUROPEAN CHAMBER OF COMMERCE shall deal with the property of the EUROPEAN CHAMBER OF COMMERCE as the Executive Committee shall from time to time direct in accordance with these Statutes and the EUROPEAN CHAMBER OF COMMERCE Rules.
  • 10.7     Except as otherwise stated herein, all property of the EUROPEAN CHAMBER OF COMMERCE shall be vested in the name of the EUROPEAN CHAMBER OF COMMERCE or in the names of any two Executive Committee Members as trustees for the EUROPEAN CHAMBER OF COMMERCE.
  • 10.8     Upon termination of the term of office of any Executive Committee 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 EUROPEAN CHAMBER OF COMMERCE to other Executive Committee Members and if such action is not taken within three (3) days after termination of any Executive Committee Member's term of office, the Executive Committee Chairperson shall be entitled to sign all such papers on his/her behalf.

TABLE OF CONTENT

ARTICLE 1.    Definitions
ARTICLE 2.    Name, form and offices of the European Chamber of Commerce
ARTICLE 3.    Objectives of the European Chamber of Commerce
ARTICLE 4.    Membership
ARTICLE 5.    Application and election for membership
ARTICLE 6.    Rights and duties of members
ARTICLE 7.    Resignation, expulsion and termination of members
ARTICLE 8.    The European Chamber of Commerce meetings
ARTICLE 9.    Executive committee of the European Chamber of Commerce 
ARTICLE 10.  Funds, property and financial matters
ARTICLE 11.  Advisory committee
ARTICLE 12.  Reporting
ARTICLE 13.  Amendment of the statutes
ARTICLE 14.  Establishment and dissolution of the European Chamber of Commerce 
ARTICLE 15.  Auditor
ARTICLE 16.  Governing law and disputes
 

 

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