Article no. 44:The Association's finances shall consist of the following:
a) Joining fees paid by members upon their registration or re-registration in the Association. b) Membership subscription. c) Grants and donations approved by the Ministry of Social Affairs. d) Proceeds from events, exhibitions, charities, and different activities that the Association participates in with approval of related firms. e) Profits and interests resulting from the investment of its funds in accordance with the laws applicable in the Kingdom of Bahrain.
Article no. 45:
The Association shall not get finances from foreigners or foreign organizations, nor send finances to the aforesaid foreigners or organizations abroad, unless permitted by the Ministry of Social Affairs, except finances related to the cost of books, newsletters, and practical and technical registers.
Article no. 46:
The Association's financial year shall commence on the first day of January and shall end on 31st December of each year.
Article no. 47:
The President and members of the Board of Directors shall be deemed liable, each to the extent of his/her respective capacity, for the Association's funds and for any act which may contravene the provisions of this Constitution, the Association's, internal regulations, and the General Assembly’s resolutions.
Article no. 48:
The Board of Directors shall lay down financial regulations governing spending of funds, deposit thereof, fixating joining and membership fees, the imprest the Treasure may maintain to meet expenditure in emergency cases, and other matters. The financial regulations shall not be valid unless approved by the General Assembly.
Article no. 49:
The Board of Directors shall refer to the General Assembly the Association's final accounts approved by all of its members for discussion and approval. If the Association's expenses or its income exceeded the amount of BD 10,000 the Board of Directors shall refer the final accounts to a professional auditing office accompanied by supporting documents for scrutiny and presenting a report about it, at least a month before the General Assembly annual meeting.
The Board of Directors shall submit to the General Assembly the draft budget for the following year for discussion. A copy of final accounts, general budget, and reports from the auditor and administration should be attached to the invitation letter headed for the members who have the right to attend the General Assembly. It also should present these papers in an exposed place at the Association's premises at least 15 days before the General Assembly meeting, and stays likewise until it is approved.
Article no. 50:
The Association's cash funds shall be deposited in the registered name of the Association in an accredited bank, of which the Ministry of Social Affairs should be informed. The Ministry should also be informed if the bank was changed, within a week from the occurrence date of the change. Withdrawals shall be made by cheques jointly signed by the President and the Treasurer or persons authorized to act on their behalf by a resolution from the Board of Directors.
Article no. 51:
No payments shall be made out of the Association's funds except under a resolution from the Board of Directors, and for the purpose of serving the Association's objectives in accordance with the provisions and Bye-Laws of this Constitution and the financial regulations. In emergency cases, the payments may be made by an order of the President of the board without prior approval of the board, provided that this is discussed on the earliest meeting of the board accompanied by reasons and payments receipts.
Article no. 52:
The Association's assets, whether cash or intangibles, including subscriptions, fees, donations, grants and others; shall be considered as the sole assets of the Association, and not a possession of its current or former members, whose memberships were forfeited for any reason whatsoever, nor a possession of their inheritors who shall not have any rights therein.
Article no. 53:
The General Assembly shall select an auditor from the candidates provided by the Board of Directors, with respect to the rules of Article (48) of this Constitution, and the General Assembly specifies his/her remuneration. During the first year for the Association, the selection of an auditor is by the knowledge of the members at their first meeting as a General Assembly.