By-law 9: Voucher fund
amended Board of Directors Meeting 14/15 March 2003 |
| 1. |
The Association may supply to its body corporate or unincorporated association members redeemable vouchers in exchange for payment offered. |
| 2. |
From 1 October 1984 the sale and redemption of vouchers is restricted to institutional members and voucher-only members of the Association to avoid any doubt about contravention of the Reserve Bank Act. |
| 3. |
The Association may impose or amend from time to time, a service charge associated with the sale of vouchers. |
| 4. |
The Association shall credit monies received in respect of vouchers, other than monies received as a service charge, to a fund styled 'ALIA Voucher Fund' (the fund). |
| 5. |
The Association shall make all payments in respect of the redemption of vouchers by cheque and shall debit such payments to the Fund. No payments shall be made from the fund other than payments in respect of the redemption of vouchers, or in meeting costs associated with the conduct of the fund, unless approved by the Board. |
| 6. |
Monies standing to the credit of the fund may be invested by the Association in securities which are granted the status of trustee security by the Commonwealth of Australia or by any state or territory of the Commonwealth of Australia. |
| 7. |
Interest accruing to the fund may be disposed of, firstly in defraying costs associated with the conduct of the fund, and then as the Board directs. |
| 8. |
The Association shall ensure that the amount standing to the credit of the fund is not at any time less than the total value of vouchers issued and not redeemed. |
| 9. |
The signatories for the fund shall be any two of the executive director and senior staff as nominated by the executive director. |
| 10. |
Prepayment shall be made for all vouchers purchased. |
