Financial Provisions, Audit, Trustee

The Constitution has provisions for financial, Audit and Trusteeship to govern OSHCA. Rules and regulations pertaining to these need to be developed to ensure smooth and transparent management.

OSHCA will operate a bank account which shall be in the name of OSHCA. The method of banking should preferably use online banking facilities. All monies and profits accruing to OSHCA from participation in any business shall be applied solely towards the furtherance, promotion and execution of the objects of OSHCA and no portion thereof shall be paid by way of dividend, bonus or profit to any member of OSHCA. There is a provision that payment of remuneration and expenses are allowed.

There is also a provision for the Treasurer to hold petty cash advance and also the conditions for its use. The Constitution also define the signatories of cheques to be issued.

The financial year of OSHCA shall commence on the 1st July and end on the 30th June every year.

There are provisions for the Auditors who are required to audit the accounts of OSHCA for each year, and to prepare a report or certificate for the annual general meeting. They may also be required by the President to audit the accounts of OSHCA for any period within their tenure of office at any date, and to make a report to the Committee.

There are provisions for three (3) Trustees who may be appointed at the annual general meeting and hold office at the discretion and authority of the general meeting of members. They are to manage all immovable property belonging to OSHCA upon execution of a Deed of Trust.