CONSTITUTION OF ASSOCIATION OF FINANCIAL ADVISERS (SINGAPORE)

This Association shall be known as the "Association of Financial Advisers (Singapore)", hereinafter referred to as the "Association".

  1. PLACE OF BUSINESS

    Its place of business shall be at "24 Raffles Place, #14-02 Clifford Centre, Singapore 048621" or such other address as may subsequently be decided upon by the Executive Committee and approved by the Registrar of Societies. The Association shall carry out its activities only in places and premises, which have the prior written approval from the relevant authorities, where necessary.

  2. OBJECTS

    The objects of the Association are: -

    2.1 to represent its Members who are MAS licensed Financial Advisers, licensed representatives and representatives of exempt Financial Advisers;

    2.2 to provide forum for Members to develop opinions, recommendations and programs, all of which will contribute to the further development of the financial services industry for the benefit of the public in Singapore;

    2.3 to endeavor to advance the interests of its Members and of the institution of Financial Advisers in the following ways:

    2.3.1 By taking steps as a group towards increasing the efficiency and professionalism of the Members.

    2.3.2 By co-operating with organizations engaged in developing more effective training on relevant sales and marketing.

    2.3.3 By supporting those principles of prudent financial advice and sales which guarantee to the public the highest professional service; by taking no unfair advantage of competitors, and by not making or allowing to be made any incomplete, unfair or misleading statement concerning the contracts of standing of any Member; by encouraging Members to provide objective and fair advice and recommendations; by supporting the concept of 'independence' and assisting Members to achieve the standards of 'independence' as laid down by the Financial Advisers Act (Cap. 110) and its regulations; by endeavoring to develop knowledge, ability and character commensurate with the responsibilities of Financial Advisers management and by refusing to countenance those practices by any representative of a Financial Adviser, which, in the expressed opinion of the majority of the Membership, may destroy public confidence in the financial services industry.

    2.3.4 By encouraging representatives of Financial Advisers to upgrade his/her profession so as to further enhance professionalism in the industry.

    2.3.5 To examine any proposed legislation by the MAS affecting the industry and Members and to promote and support and assist the implementation of such legislation.

    2.3.6 To organize conferences or seminars locally or abroad for its Members and for the general public in relation to matters pertaining to financial services.

    2.3.7 To conduct courses relating to the advice on and sale of financial products.

    2.3.8 To receive and hear complaints, disputes and claims made in relation to Members of the Association; to set up or form such committees or bodies that may be appropriate to whom reference may be made of such complaints, disputes and claims and to facilitate the settling of such complaints, disputes and claims.

    2.3.9 To do all such lawful things as are incidental or necessary to the achievement of the above objects or any of them.

    2.4 To organize activities to benefit Representative Members as well as representatives of Ordinary Members and Associate Members.

  3. MEMBERSHIP

    3.1 Ordinary Membership of the Association shall only be open to MAS licensed Financial Advisers who have fulfilled the requirements as laid down by MAS or any other authority whereby the Ordinary Members are under its jurisdiction and who must fulfill the requirements of the Association's Constitution and by-laws. An Ordinary Member shall pay annual membership dues as set forth below and shall be entitled to all privileges of the Association including the right to vote and to hold office in the Association.

    3.2 For the purposes of administration and management, each Ordinary Member shall appoint two (2) persons who hold directorship or senior executive positions within its company to represent itself in the Association (hereinafter called "
    recognized nominees") for the period that they remain as Ordinary Members of the Association. The Ordinary Members are at liberty to appoint substitute recognized nominees:-

    3.2.1 each time any recognized nominee no longer holds a directorship or senior execution position with the Ordinary Member (for whatever reasons) or

    3.2.2 at any other time as the Ordinary Member may deem fit, to take over the position of the outgoing recognized nominee.

    3.3 Associate Membership in the Association shall comprise other professional firms which provide related services to the Association's Ordinary Members e.g. legal, accounting, tax planning, investment advisers and any other category which may be defined by the Association that qualify under this category of Membership from time to time. An Associate Member of this Association shall pay annual membership dues as set forth below and shall be entitled to all privileges of the Association except the right to vote and to hold office in the Association.

    3.4
    Representative Membership shall be open to all representatives of licensed Financial Advisers and exempt Financial Advisers (including without limitation, banks) in Singapore regardless whether employed by an Ordinary or Associate Member or not. A Representative Member shall pay annual membership dues as set forth below and shall be entitled to all privileges of the Association except the right to vote and to hold office in the Association.

    3.5 A candidate for Membership (whether Ordinary, Associate or Representative) shall submit an application on the Association's prescribed form accompanied by documentary evidence that it has been licensed by MAS as a Financial Adviser or a representative of a licensed Financial Adviser or is a representative of an exempt Financial Adviser, as is applicable. An applicant for Representative Membership shall also submit a copy of the appointment letter from his/her employer.

    3.6 Each application for Membership and any issues relating to membership shall be considered by the Membership Committee, which shall conduct the necessary investigations and report to the Executive Committee. Members shall update the Association promptly whenever there are any changes to the particulars in the application form or their licence or exempt status (as applicable) as a Financial Adviser or a representative.

    3.7 All acceptance and renewal of Memberships shall be decided by a majority vote of the Executive Committee.

    3.8 Members of the Membership Committee and the Executive Committee who have the same employer as the applicant for Representative Membership or are in any way, conflicted, shall abstain from considering the application or voting.

    3.9
    Life Representative Membership will be offered to persons who have been Representative Members of the Association for at least a continuous period of 10 years or such other period as resolved by the Executive Committee.

    3.10 Membership in this Association shall automatically cease if any Member passes away, is liquidated or wound up, changes its/his business or vocational activity so as to be ineligible for Membership, or no longer maintains its/his business or residence within the territorial limits of this Association or has its/his licence revoked with the exception of Life Representative Members whose membership shall automatically cease only if the Life Representative Member passes away or has its/his licence revoked or on such other terms as the Executive Committee may determine from time to time. For avoidance of doubt, a Member may remain as a Life Representative Member even after he chooses to terminate his representative licence or ceases to be a representative of a exempt Financial Adviser unless the Executive Committee decides otherwise.

    3.11 Any Member may resign from the Association. The resignation shall become effective when accepted by the Executive Committee. The Association reserves the right to claim against the Member for any outstanding payment as at the date of resignation.

    3.12 In applying for Ordinary Membership to the Association, each applicant must sign a declaration, which reads "We do not compromise our status through business relation or activities with exclusive or exempt financial advisers or their representatives directly or indirectly."

    3.13 Members besides meeting the criteria mentioned above, should at all times uphold the Objects of the Association so as to elevate the status of the Association.

    3.14 Members may utilize any services that may be provided by the Association subject to the by-laws, rules and regulations of the Association.

    3.15 Members may participate in one or more sub-committees formed by the Executive Committee.

    3.16 A copy of the Constitution shall be furnished to every voting Member upon request.


  4. REGISTRATION FEES, SUBSCRIPTIONS AND OTHER MEMBERSHIP DUES

    4.1. A one time Registration Fee and annual subscriptions (the first of which is to be paid within 4 weeks of approval of the Membership) shall be paid by Members as follows or as determined by the Executive Committee from time to time.

    Membership Type: Registration Fee payable on submission of Application Form for Membership. Subscription payable according to paragraph 23.3 below.
    Ordinary Member $200 $500
    Associate Member $200 $250
    Representative Member $50 $50











    4.2. Any additional fund required for special purposes may only be raised from Members with the consent of at least 2/3 of Ordinary Members with voting rights present in the General Meeting of Members.

    4.3. Membership shall automatically cease if any Registration Fee and/or annual subscription is not paid within 4 weeks from the due date (whether formally demanded or otherwise).

    4.4. There will not be any refund of the Registration Fee and annual subscription paid upon termination of any Membership.


  5. RIGHTS OF ORDINARY MEMBERS

    Ordinary Members of the Association shall have the following additional rights:

    5.1 To participate through their recognized nominees in General Meetings and propound any ideas which are in no way inconsistent with the Objects of the Association.

    5.2 To have one vote in a General Meeting in the form of either one of the recognized nominees.

    5.3 To be elected as a member of the Executive Committee in the form of either one of the recognized nominees. If one of the recognized nominees has been elected into the Executive Committee, the other recognized nominee may serve in one of more sub-committee(s) but both recognized nominees cannot sit in the Executive Committee.


  6. CONFLICTS AND DISCIPLINE

    6.1. Any Member who is directly or indirectly interested in any contract or other matters to be entered into by the Association shall as soon as it becomes practical, disclose the fact. The recognized nominees of such Ordinary Member shall not be present or otherwise participate at the meetings during the times when the contract or matter is being considered.

    6.2. Any Member investigated for conduct unbecoming of a Member of this Association, and against whom such investigations are sustained, after due and proper hearing before the Executive Committee, may be reprimanded, suspended or expelled from Membership by a two-thirds vote of the entire Executive Committee. Such Member may appeal to the General Meeting against the Executive Committee's decision. The decision of the General Meeting shall be final. The Executive Committee may also report the Member to the relevant authorities if deemed appropriate.

    6.3. Any person whose Membership in this Association has been terminated in any manner shall forfeit all interest in the funds and property of the Association, and all rights to the use of the name, emblem or other insignia of this Association.


  7. SUPREME AUTHORITY

    7.1. The supreme authority of the Association is vested in a General Meeting of Ordinary Members.

  8. ANNUAL GENERAL MEETNG

    8.1. The Annual General Meeting of the Association shall be held within 6 months from close of the financial year at such time and place as the Executive Committee may determine for the following purposes:

    8.1.1. To receive the annual report of the Executive Committee and pass the accounts for the preceding financial year.

    8.1.2. To elect members of the Executive Committee once every 2 years.

    8.1.3. To elect office bearers and appoint auditors for the ensuing year.

    8.1.4. To transact any other business of which seven (7) clear days notice has been given in writing to the Honorary Secretary.

  9. EXTRAORDINARY GENERAL MEETING

    9.1. The Executive Committee shall call an Extraordinary General Meeting (hereinafter referred to as "EOGM") whenever the Executive Committee considers it necessary and shall be bound to do so on receipt of a requisition signed by not less than 50% of the total voting Membership who shall state in writing thereon the purpose for which they desire the meeting to be called. The EOGM shall be convened within two months from receiving this request to convene the EOGM.

    9.2. If the Executive Committee does not within two months after the date of the receipt of the written request proceed to convene an EOGM the Members who requested for the EOGM shall convene the EOGM by giving ten (10) days' notice to voting Members setting forth the business to be transacted and simultaneously posting the agenda on the Association's notice board.


  10. GENERAL MEETING AND QUORUM

    10.1 Notice of every General Meeting stating the date, time and place of such General Meeting shall be sent by the Honorary Secretary to all Ordinary Members fourteen (14) clear days before the date of the meeting by post or circular and the particulars of the agenda shall be posted on the Association's notice board four (4) clear days in advance of the meeting.

    10.2 Unless otherwise stated in this Constitution, voting by proxy is allowed at all General Meetings.

    10.3 Any Ordinary Member who wishes to place an item on the agenda of a General Meeting may do so provided he gives notice to the Honorary Secretary seven (7) clear days before the meeting is due to be held.

    10.4 In any General Meeting, at least of the total voting Membership or 30 voting Members, whichever is the lesser, present at a General Meeting shall form a quorum. Proxies shall not be constituted as part of the quorum. In the event of there being no quorum at the commencement of a General Meeting, the meeting shall be adjourned for half an hour and should the number then present be insufficient to form a quorum, those present shall be considered a quorum, but they shall have no power to amend any of the existing Constitution.

    10.5 In the case of the EOGM called by not less than 50% of the voting Members, 75% of those Members who requisitioned for the EOGM must be present to form a quorum. Proxies shall not be constituted as part of the quorum. In the absence of the quorum, the EOGM will be abandoned.

    10.6 The President or, in his absence, the Vice-President, or in the absence of the President or the Vice-President, a member of the Executive Committee, to be elected by the Executive Committee, shall take the Chair.

    10.7 The Chairman shall have the power to exclude a Member or any guests from the General Meeting if the latter misbehaves or disrupts the meeting. At all General Meetings, the Chairman shall have a casting vote.


  11. EXECUTIVE COMMITTEE

    11.1 The administration of the Association shall be entrusted to an Executive Committee who shall be elected from the recognized nominees of Ordinary Members of the Association at alternate Annual General Meetings and which shall consist of the following:

    11.1.1 A President

    11.1.2 A Vice-President

    11.1.3 An Honorary Secretary

    11.1.4 An Honorary Assistant Secretary

    11.1.5 An Honorary Treasurer

    11.1.6 Six (6) Ordinary Committee members, and

    11.1.7 Immediate Past President

    11.2 Unless otherwise specified in this Constitution, all the members of the Executive Committee except the Immediate Past President:

    11.2.1 Shall be elected by Ordinary Members voting at alternative Annual General Meeting;

    11.2.2 Shall hold office until the next election, unless they vacate office before then, and shall be eligible for election at the Annual General Meeting following the next Annual General Meeting, except that the Honorary Treasurer shall not be re-elected to the same post for a consecutive term; and

    11.3 The President can hold office for a maximum of 2 consecutive terms.

    11.4 Candidate for the position of Vice President must have served in the current Executive Committee for at least one (1) full term.

    11.5 Candidate for the position of President must have served the current Executive Committee for two (2) consecutive terms, the last term must be the position of Vice President. In the event of unavailability of the Vice President, the current Hon Secretary shall be the next candidate for the position of President.

    11.6 In the event of the unavailability of the Vice President or the Hon Secretary, the candidate for the position of President shall be open to any of the current Executive Committee member who has served for at least one (1) full term.

    11.7 In the event of the unavailability of any suitable candidates for the positions of President and/or Vice President, the candidate may come from the general ordinary membership of the Executive Committee.

    11.8 Shall be an active Member in good standing.

    11.9 Names for the above offices shall be proposed and seconded at the Annual General Meeting and election will follow on a simple majority vote of the Members present. Election will be either by show of hands or, subject to the agreement of the majority of the voting Members present, by a secret ballot. In the event of a tie, the Chairman of the meeting shall have a casting vote unless the election concerns his own appointment in which case, re-elections shall be held.

    11.10 The outgoing President who has held office for a term immediately preceding the election of new office bearers and who is not seeking re-election to another position, shall sit in the new Executive Committee for a further term as the Immediate Past President. The Immediate Past President shall assume the role of an adviser and shall have no right to vote in the Executive Committee. If the outgoing President is re-elected as a member in the new Executive Committee, then the Immediate Past President position shall remain vacant.

    11.11 Should any member of the Executive Committee vacate office during his term of office, whether by departure from the Ordinary Member of which he is the recognized nominee or termination of the employer's Ordinary Membership or for any other reasons, the Executive Committee may, at its sole discretion, fill the resulting vacancy by appointing another recognized nominee, and such appointee shall hold office until the conclusion of the term of office of the current Executive Committee unless earlier terminated. Any change in the Executive Committee shall be notified to the Registrar of Societies within two (2) weeks of the change. For avoidance of doubt, the Executive Committee need not necessarily appoint the same Ordinary Member's other recognized nominee and may, instead, appoint the recognized nominees of another Ordinary Member to fill the vacancy.


  12. MEETINGS OF THE EXECUTIVE COMMITTEE

    12.1 The Executive Committee shall meet as and when necessary but in any case not less than once in every two (2) months. The Executive Committee may also meet at other times at the discretion of the President or of the Honorary Secretary, or on the requisition of not less than five (5) members of the Executive Committee.

    12.2 At all Executive Committee meetings, the President or, in his absence, a Vice-President or in the absence of the President and Vice-President, a member elected from among those present, shall take the Chair. The Chairman of the meeting shall have a casting vote.

    12.3 Not less than half the members of the Executive Committee shall form a quorum.

    12.4 Any member of the Executive Committee who absents himself from 3 consecutive meetings of the Executive Committee, without providing reasons acceptable to the Executive Committee shall cease to be member of the Executive Committee. A recognized nominee may be co-opted by the Executive Committee in accordance with paragraph 11.11 above to serve until the conclusion of the term of office of that Executive Committee.

    12.5 A resolution in writing signed by not less than 1/2 of all the Executive Committee members for the time being shall be as valid and effectual as if it had been passed at a meeting of the Executive Committee duly convened and held. Any such resolution may be contained in a single document or in several documents all in the same form. The approved resolution may be communicated via facsimile or electronic means.

    12.6 The meetings of the Executive Committee may also be conducted by means of telephone conferencing or other methods of simultaneous communications by electronic and telegraphic means. A meeting so conducted will be deemed to have been held at the Association's registered address or such other address agreed by the members of the Executive Committee attending the meeting. The minutes of meeting signed by the Chairman shall be conclusive evidence of any resolutions passed at such meetings.


  13. POWERS OF THE EXECUTIVE COMMITTEE

    13.1 The Executive Committee may appoint a sub-committee or sub-committees or ad hoc committees to be constituted as the Executive Committee thinks fit and may delegate to such sub-committees or sub-committees or ad hoc committees such part of its duties or powers as the Executive Committee deems fit.

    13.2 Four-Fifths (4/5) of the Executive Committee is needed to authorize all necessary expenditure above $1000 up to a limit of $10,000 per month for the purpose of the Association.

    13.3 The Executive Committee shall have full power to prescribe by-laws for the regulation of the Association's affairs in conformity with the Constitution and for the better conduct and management thereof.

    13.4 The Executive Committee shall have all such other administrative powers as may be necessary for properly carrying out the objects of the Association in accordance with the Constitution and applicable laws, including without limitation:-

    13.4.1 To consider, accept or decline any application, re-application or renewal for/of Membership of the Association.

    13.4.2 To submit for approval at the General Meeting and the Registrar of Societies, any constitutional amendments as may be deemed desirable.

    13.4.3 To call for payment of levies of Members to meet expenditures as may be deemed necessary from time to time.

    13.5 The Executive Committee may not act contrary to the expressed wishes of the General Meeting without prior reference to it and always remains subordinate to the General Meetings.

  14. DUTIES OF OFFICE BEARERS

    14.1 The duties of the office bearers are as follows:

    14.1.1 The President of the Executive Committee shall act as Chairman at all General Meetings and Executive Committee meetings. He shall also represent the Association in its dealings with outside persons.

    14.1.2 The Vice President shall assist the President and deputize for him in his absence.

    14.1.3 The Honorary-Secretary shall take minutes of all General Meetings and Executive Committee meetings, maintain an up-to-date Register of Members and keep all records, except financial records of the Association, and be responsible for their correctness. All records shall be kept for at least 7 years or such minimum period as may be stipulated by law, whichever is longer.

    14.1.4 The Honorary Assistant Secretary shall assist the Secretary and deputize for him in his absence.

    14.1.5 The Honorary-Treasurer shall keep all funds and collect and disburse all moneys on behalf of the Association and shall keep an account of all monetary transactions and shall be responsible for their correctness. He is authorized to expend up to $1,000 per month for petty expenses on behalf of the Association. He will not keep more than $1,000 in the form of cash, and money in excess of this will be deposited in a bank to be named by the Executive Committee. Cheques and other related documents for withdrawals from the bank will be signed by the Honorary-Treasurer and countersigned by either the President or the Vice-President or the Honorary-Secretary.

    14.1.6 The Immediate Past President shall provide continuity in the Executive Committee.

    14.1.7 Ordinary Committee members shall assist in the general administration of the Association and perform duties assigned by the Executive Committee from time to time.

  15. AUDIT AND FINANCIAL YEAR

    15.1 A firm of Certified Public Accountants shall be appointed as Honorary Auditors at each Annual General Meeting and shall hold office until the conclusion of the next Annual General Meeting of the Association and shall be eligible for reappointment.

    15.1.1 They will be required to audit each year's account and present a report upon them to the Annual General Meeting.

    15.1.2 They may be required by the President to audit the Association's accounts for any period within their tenure of office at any date and make a report to the Executive Committee.

    15.2 The Financial year shall be from 1st February to 31st January.

  16. TRUSTEES

    16.1 If the Association at any time acquires any immovable property, such property shall be vested in trustees subject to a declaration of trust.

    16.2 The trustees of the Association shall:

    16.2.1 Not be more than four (4) and not less than two (2) in number.

    16.2.2 Be elected by a General Meeting.

    16.2.3 Not effect any sale or mortgage of property without the prior approval of the General Meeting.

    16.3 The Office of the trustees shall be vacated:

    16.3.1 If the Trustee dies or become a lunatic or of unsound mind.

    16.3.2 If he is absent from the Republic of Singapore for a period of more than a year.

    16.3.3 If he is guilty of misconduct of such kind as to render it undesirable that he continues as a trustee.

    16.3.4 If he submits notice of resignation from his trusteeship.

    16.4 Notice of any proposal to remove a trustee from his trusteeship or to appoint a new trustee to fill a vacancy must be given by posting it on the notice board in the Association's premises at least two week's before the General Meeting at which the proposal is to be discussed. The result of such General Meeting shall then be notified to the Registrar of Societies.

    16.5 The addresses of immovable properties, name of each trustees and any subsequent change must be notified to the Registrar of Societies and/ or any other relevant authority.


  17. PROHIBITIONS

    17.1 Gambling of any kind, whether for stakes or not, is forbidden on the Association's premises. The introduction of materials for gambling or drug taking and of bad characters into the premises is prohibited.

    17.2 The funds of the Association shall not be used to pay the fines of Members who have been convicted in a court of law.

    17.3 The Association shall not engage in any trade union activity as defined in any written law relating to trade unions for the time being in force in Singapore.

    17.4 The Association shall not attempt to restrict or interfere with trade or make directly or indirectly any recommendation to, any arrangement with its members which has the purpose or is likely to have the effect of fixing or controlling the price or any discount, allowance or rebate relating to any goods or services, which adversely affect consumer interests.

    17.5 The Association shall not hold any lottery, whether confined to its Members or not, in the name of the Association or its office-bearers, Executive Committee or Members unless with the prior approval of the relevant authorities.

    17.6 The Association shall not indulge in any political activity or allows its funds and/ or premises to be used for political purposes.

    17.7 The Association shall not raise funds from the public for whatever purposes without the prior approval in writing of the Assistant Director Operations, Licensing Division, Singapore Police Force and other relevant authorities.

  18. AMENDMENTS TO CONSTITUTION

    18.1 The Association shall not amend its Constitution without the prior approval in writing of the Registrar of Societies. No alteration or addition/deletion to this Constitution shall be passed except at a General Meeting and with the consent of two-thirds of the Ordinary Members present at the General Meeting.

  19. INTERPRETATION

    19.1 In the event of any question or matter pertaining to day-to-day administration, which is not expressly provided for in this Constitution, the Executive Committee shall have the power to use their own discretion. The decision of the Executive Committee shall be final unless it is reversed at a General Meeting.


  20. DISSOLUTION

    20.1 The Association shall not be dissolved, except with the consent at a General Meeting of not less than 3/5 of the total number of Ordinary Members in the Association's records at that point of time.

    20.2 In the event of the Association being dissolved as provided above, all debts and liabilities legally incurred on behalf of the Association shall be fully discharged, and the remaining funds will be disposed of in such manner as the General Meeting of members may determine or donated to an approved charity or charities in Singapore.

    20.3 A Certificate of Dissolution shall be given within seven (7) days of the dissolution to the Registrar of Societies.


  21. VISITORS AND GUESTS

    Visitors and guests may be admitted into the premises of the Association but they shall not be admitted into the privileges of the Association. All visitors and guests shall abide by the Association's rules and regulations.

  22. EXEMPTION FROM LIABILITY

    22.1 No suit or other legal proceedings shall lie against the Association, any Member of the Executive Committee or any other person nominated, appointed or employed in connection, with the administration, implementation and enforcement of the Rules, Regulation, Codes of Conduct, By-laws and Instructions of the Association for any act done in good faith in the performance or intended performance of any duty or in the exercise of any power herein, or for any neglect or default in the performance or exercise in good faith of such duty or power.

    22.2 A Member shall not be liable for any loss to the Association arising by reason of any mistake or omission or improper management or investment decision made in good faith in the management of the Association's affairs or while representing the Association. The Association will not, however, tolerate any loss arising from, and will take such actions as it deems fit to protect itself against, any fraud, malicious wrongdoing or omission on the part of a Member.


  23. FINANCE OF THE ASSOCIATION

    23.1 Income of the Association

    The Association shall obtain income from the following sources:

    23.1.1 Registration Fees and Member's annual subscriptions;

    23.1.2 services as provided by the Association;

    23.1.3 donations from Members and exempt Financial Advisers;

    23.1.4 interests from investments and properties of the Association;

    23.1.5 levies as may be prescribed by the Executive Committee;

    23.1.6 or any other avenues deemed fit by the Executive Committee.

    23.2 Registration Fees and subscriptions

    The Executive Committee shall determine the rates of Membership dues, i.e. the Registration Fees and subscriptions, as it sees fit, and shall serve advice in writing upon all Members of the Registration fees and the subscriptions. This may be modified according to the resolution of the simple majority of the Ordinary Members in General Meetings.

    23.3 Remittances of Subscriptions


    23.3.1 A Member shall remit subscriptions yearly payable in full on 1st February.

    23.3.2 A new Member shall pay one-half the yearly subscription when they apply for membership after 1st of August.

  24. 23.4 For services provided by the Association, the Executive Committee may lay down instructions or regulations on collections of fees or costs of services as it sees fit and the Members shall pay such fees and/ or costs before using the services.

    23.5 The Honorary Treasurer shall be responsible for receiving and paying money, preparing and keeping account records, financial documents and property of the Association and shall submit to the Executive Committee monthly financial statements accompanied by supporting evidence if required.

    23.6 The Executive Committee shall deposit the funds of the Association in a commercial bank in the name of the Association. All cheques shall bear the signatures of the Honorary Treasurer and President or Honorary Treasurer and Vice President or Honorary Treasurer and Honorary Secretary.

    23.7 Payment other than for regular expenses shall receive prior approval of the Executive Committee.

    23.8 A Financial Report shall be prepared annually and certified by the Honorary Auditor not later than the 31st day of May of each year.

    23.9 The Honorary Treasurer shall keep the Association's financial records for at least 7 years or such minimum period as may be stipulated by law, whichever is longer.


  25. NOTICES

    24.1. All communications and notices shall be in writing and sent by registered post to the following address:-

    24.1.1. To the Association: The address above or such other address as the Association may notify the Members.

    24.1.2. To the Members: The last known registered address or place of residence or such other mailing address as the Member have notified the Association.

  26. DEFINITIONS / INTERPRETATION

    25.1. "MAS" means the Monetary Authority of Singapore.

    25.2. "Member" shall refer to an Ordinary Member, Associate Member and/or Representative Member as the context may require.

    25.3. "General Meeting" refers to the Annual General Meeting and EOGM.

    25.4. "Financial Adviser" and "representative" are as defined in the Financial Advisers Act (Cap. 110), as may be amended from time to time.

    25.5. References to the male gender shall include the female gender, where applicable or where the context requires.