Rules 2002

Rule 11
Funds and trustees

(a) The NEC shall allocate from the central funds such sums as shall be necessary to provide for the efficient conduct of the union.

(b) Donations for other than trade union purposes may be made at the discretion of the NEC. They shall not exceed in the aggregate a sum equal to 20 times the highest contributions rate and they shall be shown in detail in the annual statement of accounts.

(c) The funds of the union, shall be invested in the names of the trustees and dealt with, by them, as the NEC in its absolute discretion directs.

(d) There shall be three trustees who must be aged over 18: the President, the Vice President and General Treasurer, in whose names the funds of the union shall be invested and in whose names the union shall sue and be sued. The NEC may remove or disqualify any trustee or appoint further trustees at its absolute discretion.

(e) All deeds, documents and securities for money of the union shall be held in the name of the trustees. The NEC shall be responsible for the safe custody and preservation of all deeds, securities and documents.

(f) The union shall keep the trustees collectively and severally indemnified in respect of any matter arising out of any steps taken by the trustees on behalf of and with the authority of the union.

(g) The names and numbers of bank accounts opened in the name of the union by any bodies as defined in these rules shall be notified to the General Treasurer, together with the names of the signatories to such accounts. In the event of such a body ceasing to function, such funds must be transferred into the union’s central funds. This rule shall not apply to funds required for chapel running costs.

(h) Any member may, on application to the General Secretary, inspect the books and names of the members at the head office/registered office of the union not earlier than seven days after such application.

(j) The general accounts shall be audited by a professional accountant.