Sean has it.
10. Finance and Administration
10.1 The property and funds of the Confederation shall be vested in the Assembly.
10.2 The financial year of the Confederation shall be the first of January to the thirty-first of December and the accounts of the Confederation will be balanced to that date.
10.3 Annually, within sixty days after the end of the financial year, the books and accounts will be audited by the auditor appointed by the Assembly.
10.4 All monies shall be paid into the Confederation's banking or investment accounts, and all authorised expenditure shall be met by drawing on those accounts.
10.5 All cheques and withdrawals from the accounts must bear the signatures of the Treasurer and one other nominated member of the Executive Council.
10.6 The Executive Council may hire or appoint such staff or additional staff as the sound administration of the Confederation may require, and may award such salary, honoraria or reimbursement of expenses as may seem to it appropriate, subject to instruction from the Assembly.
10.7 There shall be payable annually to the Confederation by each affiliate Region an affiliation fee consisting of a base fee and a capitation fee for each individual member in such amount and according to such criteria as may be specified and agreed by the Assembly. The base fee is to be paid by the thirty-first of January and the capitation fee by the thirtieth of June each year.
10.8 Any Region ninety days in arrears may be struck from the rolls of the Confederation, by the Assembly in accordance with Section 5.9, whereupon the Region shall be declared vacant.
10.9 The audited accounts of the Confederation shall be published and circulated to all Regional Directorates not less than thirty days prior to Assembly.
10.10 The Secretary shall take and keep minutes of all meetings of Assembly and shall circulate copies of such minutes to all Regional Directorates within ninety days of that Assembly. In pursuance of this obligation the Secretary shall have power to require the hosting Regional Directorate of the Assembly to provide facilities for the taking and preparation of minutes and the circulation of those minutes to all Regional Directorate delegates at or immediately after the end of the Assembly.
10.11 The accounts of the Confederation shall be presented in the currency of the country in which the Executive Council may from time to time be domiciled and shall be converted into pounds sterling at the rate prevailing at the year end of the Confederation.
10.12 In order to develop, promote and manage the commercial interests of IPSC set out below, the Executive Council is authorized to set up a limited company known as International Practical Shooting Confederation Limited (IPSC Ltd) registered in the Commonwealth of The Bahamas. All issued shares of IPSC Ltd must be owned by the Confederation and only Executive Council members may be directors.
The financial year of IPSC Ltd shall be the first of January to the thirty-first of December, and the accounts of the company will be balanced to that date.
Annually, within sixty days after the end of the financial year, the books and accounts will be audited by the IPSC auditor appointed by the Assembly.
The audited accounts of IPSC Ltd shall be annexed to the audited accounts of the Confederation when circulated to the Regional Directorates.
The commercial interests referred to above are:- Merchandise Sales, Royalties, Level IV and V Match Agreements, together with other fund raising activities excluding affiliation base and capitation fees.
