Page 25 - Microsoft Word - CONSTITUTION OF MUSIC COMPOSERS-15th sep 2015

CONSTITUTION OF MUSIC COMPOSERS’ ASSOCIATION OF INDIA
As on 16-04-2019
38 - FUNDS - HOW ALLOCATED

The funds of the Association shall be divided into two classes as follows

(a) The funds which are allocated to and the expenditure of which is controlled by the
General Body for Capital Purposes.

(b) The funds which are allocated to and the expenditure of which is controlled by the
Executive Committee for and various created Funds and normal expenditure to run the
Association.

39 - FUNDS - HOW CONTROLLED

(a) The funds and property of the Association shall be under the management of the
Executive Committee. The funds shall be invested in the name of the Association by way
of savings/current account or fixed deposit in a Bank etc, or as otherwise authorised by
these Rules.
(b) No funds shall be withdrawn from the bank except by cheque signed by two officers —
(I ) The Treasurer (compulsory) and (2) The General Secretary or the President.

(c) The funds of the Association shall be invested by the Executive Committee.
(d) The Executive Committee shall have the power to invest any reserve fund or other fund
in the purchase of Central or State Government Securities or Bank deposits etc, subject
to the concurrence of the Executive Committee.

40 - GRANTS OR DONATIONS
1. A grant or donation of an amount exceeding Rs. 1,00,000/- shall not be made by the
Association, as the case may be, unless the General Body, as the case may be
(a) has satisfied itself that the making of the grant or donation would be in
accordance with the other rules of the Association; and

(b) has approved the making of the grant or donation.

2. A grant or donation of an amount below Rs. 1,00,000/- shall not be made by the
Association, as the case may be, unless the Executive Committee, as the case may be -

(a) has satisfied itself that the making of the grant or donation would be in
accordance with the other rules of the Association; and
(b) has approved the making of the grant or donation.

41 - CONTRIBUTION

(a) The Executive Committee shall collect from all members a levy on every assignment as
decided by the General Body from time to time.

(b) All levies shall be payable within 90 days of the date of the date of the Invoice, failing
which the Member shall be considered as an Unpaid Member.

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