16 Fund Usage and Financial Controls

16.1 Any funds accumulated and/or invested in or, on behalf of, NTESU and its membership , shall only be used in the exclusive benefit, legal defence or, as operational expenditure as budgeted by the National Executive Committee through the National Treasurer and approved by a National Congress.

16.1.1 A legal fund shall be instituted on behalf of the organisation for use in any legal defence, action or necessary consultation which can be drawn upon on behalf the organisation by the National Executive Committee as the need might arise.

16.1.1.1 This fund shall only be used towards group actions on behalf of the total membership and not normally be available for the defence of individual's cases, however, should it seem that an individual member's case may result in a definitive decision relating to the total membership this fund may be drawn upon at the discretion of the National Executive Committee.

16.1.1.2 This fund should normally be built from subscriptions income but, may take the form of paid up insurances should such a scheme be available. Entry into such scheme shall be ratified by the organisation's auditors.

16.1.1.3 Any such fund investment or insurance premium payments or withdrawals against these shall be subject to annual audit.

16.1.2 Any general investment funds or portfolios shall be subject to annual audit by the organisation's auditors and in the case of a block sum to be invested exceeding fifty thousand rands (50 000,00) the investment plan shall be first presented to the auditors for comment.

16.2 The National Office Bearers must present a two year budget addressing the needs of the forthcoming two year period to each National Congress with respect to the ordinary running expenditure of the organisation. Such budget must be within the projected income of the organisation and subject to alteration and a motion of ratification by a National Congress.

16.3 A National Congress may, through a member's motion at that Congress, add to any budget any amount within the means, or the projected means, of the organisation for extraordinary or, extended operations or, projects in the interests of the membership.

16.4 The National Office Bearers shall designate four elected Office Bearers as signatories to the organisation's banking accounts. These signatories shall normally include the National President, National Treasurer, National Secretary and one other National Office Bearers. The General Secretary if one has been appointed shall be a fifth signatory. Any cheques issued must be co-signed by at least two of the approved signatories. Other financial instruments such as investment contracts or, contracts of research etcetera shall be co-signed by four of these signatories.

16.5 The National Treasurer shall ensure that the financial records of the organisation are kept in accordance with Section 98 of the Labour Relations Act No. 66 (1995) and that the applicable provisions of Section 100 of the Labour Relations Act No. 66 (1995) are complied with.

16.5.1 The National Treasurer shall submit to each regular meeting of the National Executive Committee a detailed account of the income and expenditure of the organisation.

16.6 The National Administrative Office, under the National Treasurer's direction, shall circulate to all Branches the annual balance sheets, assets and liabilities of the organisation, including a summary of the financial position of Branches of the organisation.

16.7 The National Treasurer shall prepare and submit audited accounts to the National Congress.

16.8 The date of the financial "end of year" shall be the last day of February of any year.

16.8.1 The National Treasurer shall endeavour to present the trial balance and provisional final balance sheet accounts within three months of that date and the final audited accounts within six months of that date for any particular year.

16.8.2 It shall not be seen as a failing of the duty of a National Treasurer if the conditions of 16.8.1 are not met, provided that acceptable proof has been provided to, and in the opinion and judgement of, the remaining National Office Bearers and National Executive Committee members that every endeavour was made to meet those conditions.

16.9 A motion, in accordance with section 5.5 and paragraph 5.7.3, to acquire Fixed Property shall be first submitted to the organisation's auditors for their approval and shall only be acquired on approval by a 75 percent supportive vote of a National Congress where 75 percent of the delegates are present.