V          FINANCE

15         CONSTITUENT BODY FINANCE

15.1      The Constituent Body’s income shall be obtained annually from the subscriptions of Members, from investments and securities, from gate monies and ticket receipts from matches arranged by the Constituent Body, from sponsorship and from other available source.

15.2      The profits of the Constituent Body shall be applied only in furthering the objects of the Constituent Body.

15.3      The Constituent Body shall not have power to receive money on deposit from Members or others.

15.4      A Financial Statement of the Constituent Body’s affairs shall be made up to 31^st May in each year (or such other date as may be determined from time to time by the Constituent Body in General Meeting) and shall be signed by the Honorary Treasurer, the Honorary Secretary and one other Member of the Committee. An audit where necessary in law or, where the membership requires shall be carried out by a registered auditor or, where the conditions applicable for appointing lay auditors apply, by 2 or more lay auditors and a printed copy of the signed Financial Statement, together with the Auditors’ report thereupon, shall be sent to each member with the notice calling an Annual General Meeting.

15.5      The Constituent Body may participate in a direct debiting scheme as an originator for the purpose of collecting subscriptions for any category of membership and/or any other amounts due to the Constituent Body. In furtherance of such a scheme the Constituent Body may enter into an indemnity required by the bank upon whom direct debits are to be originated and such indemnity may be executed on behalf of the Constituent Body by the Honorary Secretary or as otherwise determined pursuant to these Rules.

16         MATCH TICKETS

16.1      Tickets for matches arranged by the Constituent Body shall be under the control of the Committee and shall be sold at prices fixed by the Committee (without any provision for repurchase by the Constituent Body) or as the Committee may direct, and the Committee shall allocate such tickets on an equitable basis.

16.2      The Committee shall have power to issue such season and other tickets, on such terms, with such privileges and to such persons as it may from time to time determine.

17         AUDITORS

17.1      The provisions of the Act relating to the appointment, powers, rights, remuneration, responsibilities and duties of the Auditors shall be complied with.

17.2      The Auditors where appointed shall be entitled to attend any General Meeting and to receive all notices of and other communications relating thereto which any Member is entitled to receive, and to be heard at any General Meeting on any part of the business which concerns them as auditors.

18         FINANCIAL OBLIGATION OF CLUBS

18.1      Each Club shall by 1st October in each year pay to the Constituent Body such annual subscription and such other amounts as the Committee may from time to time determine.

18.2      On or before 31st December each year a properly prepared Financial Statement for the previous season shall be sent by each Club for examination by the Committee. Such financial statement shall be audited or inspected in accordance with the Rules of the Union.