Assets and Budget of the Association

Article 12 – Assets and Budget of the Association

The assets of the Association shall consist of the following:
12.1 Ordinary fees which include the annual membership fees to be paid by Full Members and Associate Members, as determined by a resolution of the General Assembly. The Secretary shall inform such Members of the ordinary fees and shall issue such Members with payment invoices. Such Members shall have sixty (60) days after receipt of such invoice, to pay the fees;

12.2 Extraordinary fees which include possible temporary charges to be paid by the Full Members and Associate Members, as determined by a resolution of the General Assembly. The quantum of the extraordinary fees must not exceed the quantum of the ordinary fees in any given year. The Secretary shall inform such Members of the extraordinary fees and shall issue such Members with payment invoices. Such Members shall have sixty (60) days after receipt of such invoice, to pay the fees;

12.3 Income earned by the Association for services provided to its Members and to third parties;

12.4 Other income and other assets received by the Association from sponsorships, events, and donations or through any other means from third parties, may they be natural persons or legal entities, national or foreigners, or those of an international nature; and

12.5 The profits that might be derived from assets or institutional resources.

Article 13– Financial Assistance to the Members

13.1 In respect of the hosting of the Association’s meetings and events, the Association may provide a hosting Member with financial assistance, to cover the costs associated with the hosting such meeting or event.

13.2 The quantum of financial assistance must be agreed by a resolution of the General Assembly.

Article 14– Remuneration

14.1 The President and Vice-President, or any member of any working group or committee, shall not be entitled to any remuneration for the services rendered to the Association.

14.2 The Secretary is entitled to remuneration for his or her services rendered to the Association. The quantum of the Secretary’s remuneration must be agreed by a resolution of the General Assembly.