The Institute of Chartered Accountants of Pakistan
Benevolent Association
R U L E S

1. NAME:

The name of the Association shall be THE INSTITUTE OF CHARTERED ACCOUNTANTS OF PAKISTAN BENEVOLENT FUND.

2. DEFINITIONS:

In these Rules, unless there is anything repugnant in the context or subject:–––

a) “Association” means The Institute of Chartered Accountants of Pakistan Benevolent Fund;

b) “Chartered Account” means a person who is a member of the Institute of Chartered Accountants of Pakistan;

c) “Council” means the Council of the Institute of Chartered Accountants of Pakistan;

d) “Institute” means the Institute of Chartered Accountants of Pakistan constituted under the Chartered Accountants Ordinance, 1961;

e) “Member” means a member of the Fund;

f) “Year” means the period commencing on the first day of July of any year and ending on the thirtieth day of June of the succeeding year.

3. OBJECTS:

The objects of the Association shall be:-

a) the relief of necessitous persons (whether or not the members of the Benevolent Fund) who are or have been members of the Institute and of necessitous wives, widows, children and dependents of persons who are or have been members as aforesaid;

b) the maintenance and education of necessitous persons who are or have been articled or audit clerks to members of the Institute and of the necessitous wives, widows, children and dependents of any persons who are or have been articled or audit clerks to the members of the Institute.

4. MEMBERSHIP:

The membership of the Association shall be open to all members of the Institute. An Associate or Fellow member of the Institute may become a life member of the Association by contributing an amount of Rs. 2000 or may become an ordinary member by paying an annual subscription of Rs. 300.

5. PAYMENT OF SUBSCRIPTIONS:

Annual subscription shall be due on the first day of July in each financial year of the Association and every member whose subscription shall not be paid by the last day of such financial year shall cease to belong to the Association.

6. MANAGEMENT COMMITTEE:

The Management Committee shall consist of not less than seven members who shall be nominated by the Council each year. The Management Committee shall each year elect one of their members to be the President of the Association.

At every Annual General Meeting, all the members of the Managing Committee shall retire. The Council shall, before the date of each A.G.M., nominate seven members of the Association to the Management Committee each year to take office in place of the retiring members of the Management Committee. The Council may re-nominate all or any of the retiring members.

The Managing Committee may fill in any casual vacancy in the Committee. Any member so appointed shall retire at the Annual General Meeting following his or her appointment but shall be eligible for re-nomination by the Council.

7. MEETINGS OF MANAGEMENT COMMITTEE:

The Management Committee shall meet at such time and places as they may decide, but not less than twice in every year. Three members shall form the quorum.

8. POWERS OF THE MANAGEMENT COMMITTEE:

The Management Committee shall have power to appoint such officers and staff at such salaries as they deem fit, and to remove such officers or staff members if they think proper; to rent offices; to direct the investment of the funds; to decide on all applications for relief and the amount and mode of affording it according to the circumstances of the cases of persons to be relieved; and generally to manage the affairs of the Association. The Management Committee may delegate any of their powers to a sub-committee consisting of such of their members as they may think fit.

9. APPLICATION OF CAPITAL AND INCOME OF ASSOCIATION:

Subject always to the provisions of Rule 3 and to the terms of any gifts made to the Association, the capital and income of the Association may be applied at the discretion of the Management Committee in the manner they shall think most conducive to the attainment of the objects of the Association. In particular, but without prejudice to the generality of the foregoing, the Management Committees shall have the powers to grant relief:

a) by way of donations (financial or otherwise), periodic grants, annuity or loans;

b) by providing or assisting in the provision of accommodation for, and the maintenance and care of any of the persons mentioned in Rule 3;

c) by making grants with a view to establishing any such person in any business or employment, or otherwise for their benefits; and

d) by providing cash grants to the widows, dependents and children of the persons mentioned in Rule 3 either for their maintenance and/or education and whether ad-hoc or on monthly/yearly basis.

10. INVESTMENTS:

a) The Association shall either retain as invested any investment or property from time to time received or held by the Association or sell the same and invest in manner hereinafter provided any money forming part of the funds of the Association not immediately required for its purposes, and sell or realize any such investments or property whether for providing money required for the purposes of the Association or for re-investment or otherwise, as it may deem expedient.

b) Any moneys required to be invested hereunder may be invested in the purchase of or upon the security of such interests in land, policies of insurance or re-insurance, annuities, contracts, stocks, bonds, shares, debentures, debenture stock or other investments wheresoever or whosesoever situate and whether involving liability or not as the Management Committee shall in their absolute discretion think fit.

c) The Association may retain cash balances and such balances upon deposit or current account with any bank, company, building or friendly society, local authority or other institution as the Management Committee shall in their absolute discretion think fit.

11. BANKERS:

Subject to the provisions of Rule 12 the un-invested funds of the Association shall be kept in the name of the Association with Bankers to be selected by the Management Committee. The Management Committee shall prescribe the manner in which the bank account or accounts are to be operated.

12. GENERAL MEETINGS:

Annual General Meeting of the Association shall be held once in each year at such place and time as shall be determined by the Management Committee. The Management Committee may call Special General Meetings, specifying the objects in the notice of meeting, and they shall be bound to convene such meeting if requisitioned by members not less than 25 in number. Not less than 14 days’ clear notice of any General Meeting shall be given to the Members, and where a Special General Meeting is being called at the request of members, the notice shall be given within 30 days after the receipt by the Secretary of the written requisition in that behalf. 7 members present in person shall form a quorum at General Meetings of the Association.

13. REPORT AND ACCOUNTS:

The Management Committee shall in each year make a report of the proceedings of the Association which, together with the accounts of the proceeding year, made up to the last day of June, audited shall be circulated among the members of the Association with the notice convening the Annual General Meeting.

14. AUDITING:

At each Annual General Meeting, a member of the Institute not being a member of the Managing Committee shall be appointed Auditor for the ensuing year and shall be eligible for re-election. Any casual vacancy occurring in the office of Auditor may be filled by the Management Committee.

15. CHAIRMAN AT GENERAL MEETINGS:

At all General Meetings the chair shall be taken by the President of the Association or in his absence by a member of the Management Committee who shall be voted to the Chair, or in the absence of all of them, then by one of the members of the Association who shall be voted to the chair. The Chairman shall have a second or casting vote in the case of equality of votes.

16. BUSINESS OF GENERAL MEETINGS:

Except as otherwise provided in these Rules, all business done at a General Meeting shall be decided by a majority votes of the members present unless a poll bet then demanded in writing by not less than 12 members present, and in that case the poll shall take place either at the same time or at a time and place to be appointed by the Chairman of which not less than 6 days’ previous notice shall be given to each member by Management Committee.

17. SCRUTINEERS:

When any poll shall have been demanded the Chairman shall nominate any two members who shall count the votes and report the result to the Management Committee.

18. MINUTES:

The Minutes of any meeting signed by the Chairman at that meeting or a subsequent meeting shall be taken as conclusive evidence of the transactions recorded therein.

19. ALTERATION OF RULES:

The foregoing Rules, or any other Rules for the time being in force, may be altered, added to, or rescinded, provided the alteration, additions or rescissions are in the first place approved by a general meeting and thereafter approved by the Council of the Institute.