There is a Benevolent Fund under the control of Trustees to which Members may make voluntary contributions. The fund is devoted to the relief of Members of the Society and their dependants, at the discretion of the Trustees, and is maintained by voluntary donations.

Rules for Administration and Management of the Benevolent Fund

  • The name of the Fund shall be the Society of Commerce Ltd., Benevolent Fund
  • The Fund shall be devoted to the relief of Members of the Society and their dependents, subject entirely to the discretion of the Trustees.
  • The Fund shall be maintained by donations, annual subscriptions, or by any other means upon which the Trustees may decide from time to time.
  • The Trustees shall be Members of the Council of the Society of Commerce Ltd., and shall be elected at the Annual Meeting each year by the subscribers to the Fund, except the first Trustees who shall be elected by the Council and shall hold office until the 30th June, 2020
  • The Fund shall be administered by the Trustees who shall automatically constitute a Committee of Management of the Fund and shall be responsible to the subscribers.
  • The Trustees may appoint from amongst themselves a chairman and they may also appoint an Honorary Secretary/Treasurer, who shall keep a true record of all proceedings sign receipts for money received on account of the Fund and make the necessary payments on the authority of the Trustees. It shall be the duty of the Secretary/Treasurer to keep the accounts of the fund and always correctly maintain the necessary records of income and expenditure.
  • Should a Trustee become bankrupt or insolvent or compound with his creditors or be otherwise guilty of any conduct considered prejudicial to the interests of the Society in general, including the Benevolent Fund, he shall cease to hold office forthwith and the decision of the Trustees shall be sent to him by registered post for the refund.
  • In the event of a vacancy arising owing to death, resignation or incapacity of any of the Trustees, the Executive Council may at their discretion, appoint another of their Member to fill the vacancy. The Executive Council may also, at their discretion and in accordance with Rule 4, elect additional Trustees.
  • The Annual General Meeting of the subscribers shall be held immediately following or prior to the Annual General Meeting of the Society or at any other time as may be decided by the subscribers, but In any case not more than 15 months from the date of the previous Annual General Meeting.
  • The notices required in connection with the Annual General Meeting and the circulation of the accounts of the Fund to subscribers shall be in accordance with the provisions applicable to the circulation of accounts and convening of an Annual General Meeting as provided for in the Companies Act then in force.
  • No business may be transacted at any Annual or Special Meeting of Subscribers, unless three members are present personally within half an hour after the time appointed for the Meeting. The Chairman shall have power to adjourn a Meeting in the event of a quorum not being present.
  • Persons entitled to attend Meetings shall be subscribers within the current financial year that is 1st July to the 30th June, or in the case of an Annual General Meeting, subscribers within the period covered by the accounts presented.
  • At each Annual General Meeting the subscribers shall appoint from amongst their number an Honorary Auditor, who shall retire from office at each Annual General Meeting and shall be eligible for re-election. Subscribers who are interested in the Fund other than as subscribers shall not be eligible for election as Honorary Auditor. The Honorary Auditor for the period ending 30th June, 2020 shall be appointed by the Executive Council.
  • At least 30 days before the Annual General Meeting, the Trustees will arrange for the delivery to the Honorary Auditor the accounts to be produced at that meeting. The Honorary Auditor will receive and examine these, carrying out such investigations as he deems necessary, and report in writing to the Trustees the result of his examination.
  • All applications for assistance from the Fund shall be addressed to the Honorary Secretary of the fund who will submit such applications to the Trustees who may direct the Secretary to make such enquires as may be necessary into the needs of each case and thereafter pay such amount as may be authorized by them. At least two Trustees must approve as a quorum.
  • The Trustees may at their absolute discretion grant relief or refuse to grant relief to an applicant without assigning any reason therefore.
  • The Executive Council of the Society of Commerce Ltd., may elect such other Officer or Officers as they may desire from time to time, should they consider it necessary.
  • The Trustees shall have power to invest the surplus income of the Fund, subject to the approval of the Executive Council of the Society.
  • In the event of the Society of Commerce Ltd., being wound up in liquidation or the said Society becoming amalgamated with any other Association, the assets of the Benevolent Fund shall, after the payment of all expenses and liabilities, be distributed according to a majority vote at a Special Meeting for the purpose of contributors to the Fund who have made payment within twelve calendar months prior to the date of such Meeting
  • In the event of the Trustees not being unanimous upon any matter relating to the administration of the Fund, the discretion of the Executive Council shall be sought where-upon the point at issue will be subject to the decision of the Executive Council.
  • Should at any time investigation or information received reveal that a person has succeeded in obtaining benefit from the Benevolent Fund by supplying false information or has acted in any other way considered to be improper, the Trustees shall report the matter to the Executive Council, who may at their discretion instruct the Honorary Secretary of the Benevolent Fund to institute legal proceedings for the recovery of any amount paid, together with the expenses which may be incurred in connection with any such action.
  • Expenses chargeable to the Benevolent Fund shall consist of those relating to Printing, Stationery and direct administration.
  • Should a subscriber desire to make any alteration or addition to these Rules, he must forward to the Honorary Secretary a motion in writing not less than 28 days before the date of the Meeting at which the proposed alteration is to be considered. Any such motion put to a Meeting and being approved by a two thirds majority of subscribers present entitled to vote, shall become operative, subject to the approval of the Council of the Society of Commerce Ltd.
  • The Trustees shall be indemnified and kept indemnified out of the Funds of the Society of Commerce Ltd., in respect of all action taken by them in pursuance of their duties as Trustees.

These Rules for the Administration and Management of the Benevolent Fund of the Society of Commerce Ltd., shall be subject to confirmation at the Annual General Meeting held after the close of the financial year of the Society on the and shall thereafter be subject only to alteration or amendment in accordance with Rule 23 hereof. LPIM377.

Benevolent Fund

Updated on 2016-04-11T04:43:41+00:00, by thecsc.