Beaumaris Conservation Society Inc. Endowment Fund

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BCS

Inc. Regulation No. 1:

 

‘Beaumaris

Conservation Society Inc. Endowment Fund’

 

1.

This Regulation was made by a resolution of the Committee of the Association, in accordance with Rule 27 of the Constitution, at its meeting on 5th March 1998, under the common seal of the Association. 2. The Society shall maintain within its accounts a separate fund to be called the ‘Beaumaris Conservation Society Inc. Endowment Fund’. The capital and income from the Endowment Fund shall be specifically identified in the financial report presented to and adopted by each Annual General Meeting of the Society. 3. The purpose of the Endowment Fund is for it to be invested to earn income to provide to the greatest extent possible an annual payment to the Society, for each Life Member and Honorary Life Member of the Society, equal in amount to the annual subscription of an Individual Membership for that year, as an equivalent payment for what would otherwise be paid by such Life Member or Honorary Life Member if they were an Individual Member. 4. For each Life Member or Honorary Life Member admitted to the Society there shall be paid once into the Endowment Fund a capital amount equal to twenty times the subscription payable for an Individual Member. In the case of a Life Member the payment shall be made by the Life Member before being admitted. In the case of an Honorary Life Member the payment shall be made by the Society. The Society may pay such other amounts into the fund as it thinks fit. 5. The income from the Endowment Fund shall be paid into the general funds of the Society, but capital shall not be withdrawn from the Endowment Fund except by a resolution carried at a General Meeting of the Society by at least three quarters of the members present.

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.……………………V.Ross………………………………….

President

L.

S.

……………………K.Rendell………………………………

Secretary