19. FINANCIAL STATEMENTS
AND AUDIT
The Executive Committee shall cause:
| (a) | records
to be properly kept of all transactions undertaken in the name of
the Institute; |
| (b) | an annual report and financial statements to be prepared and circulated to members. Such statements shall be audited by a member or firm appointed by the Executive Committee. The remuneration of the auditor shall be determined by agreement between the Executive Committee and the auditor and shall be disclosed in the annual financial statements. |
| (a) | Every
member of the Executive Committee or of any committee appointed by
it and every officer and employee of the Institute shall be indemnified
by the Institute against claims made against him and any losses and
expenses incurred by him in or about the execution of his duties,
except claims, losses or expenses arising from his own fraud or willful
default. |
| (b) | No
member of the Institute shall have any claim against the Institute,
or against a member of the Executive Committee or of any committee
appointed by it, or against any officer or employee of the Institute,
in respect of anything done bona fide by it or them or any of them
in the execution of their duties. |
| (c) |
No member of the Executive Committee shall be liable for any act of
dishonesty or other misconduct committed by any other Executive Committee
member unless he knowingly allowed it or was an accessory thereto. |
| (a) | A
member of the Institute shall not have any liability for any commitments
undertaken by the Institute. All persons shall be deemed to contract
or deal with the Institute on this basis. |
| (b) | The liability of a member is limited to the payment to the Institute of any outstanding fees, subscriptions and contributions and settlement of any other debts to the Institute, which he may have incurred. |
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