BY-LAW 11
FINANCE
Section (1)
The financial
records of this Component shall be audited once annually by a chartered or
certified accountant approved by the National Council. A copy of the financial statement shall be
forwarded to each Local and the Public Service Alliance of Canada immediately
upon completion of the annual audit.
Section (2)
The signing
officers of this Component shall be the Assistant to the President and any one
of the following: National President, First or Second National Vice-President.
Section (3)
The signing
officers of this Component shall be bonded in an amount of not less than one
hundred thousand dollars ($100,000.)
Section (4)
In case of
emergency, the National Council shall have the authority to designate one or
more of its members as signing officers of this Component.
Section (5)
The fiscal year
of this Component shall be the calendar year.
Section (6)
All financial
records of this Component and its Locals shall be retained for the legal period
prescribed by the Income Tax Act as interpreted by the Minister of National
Revenue.
Section (7)
Cheques and
money orders shall be made payable to the "Natural Resources Union".
Section (8)
Locals shall
approve three (3) signing officers, two (2) of who shall sign all cheques. No disbursements shall be made without
authorization of the Local's By-Laws.
Section (9)
The Local
Secretary-Treasurer shall submit a financial statement to all regular meetings
of the Local.
Section (10)
Local
Secretary-Treasurer shall submit to the National Executive annual audited
statements of Local Finances before March 1st of each year. In accordance with the foregoing, the
Assistant to the President shall make no remittance of refundable portion of
dues until such statement has been received.
Section (11)
The fiscal year
for all Locals shall be the calendar year.
Section (12)
No Local shall
enter into any financial contractual understanding or agreement without prior
approval of the National Council.
All financial
records of this Component and its subordinate bodies shall be maintained in an
approved manner as advised by the auditors in the case of the National Office
and by the National Council in the case of each Local.