Clause 14 - Functions of the Management Committee
- Except as otherwise provided by these rules and subject to resolutions of the members of the association carried at any general
meeting the management committee:
- Shall have the general control and management of the administration of the affairs, property and funds of the association; and
- Shall have authority to interpret the meaning of these rules and any matter relating to the association on which these rules are silent.
- The management committee may exercise all the powers of the association:
- To borrow or raise or secure the payment of money in such manner as the members of the association may think fit and secure the same or the payment or performance of any debt, liability, contract, guarantee or other engagement incurred or to be entered into by the association in any way and in particular by the issue of debentures, perpetual or otherwise, charged upon all or any of the association's property, both present and future, and to purchase, redeem or pay off any such securities;
- To borrow amounts from members and to pay interest on the amounts borrowed and to mortgage or charge its property or any part thereof and to issue debentures and other securities, whether outright or as security for any debt, liability or obligation of the association, and to provide and pay off any such securities; and
- To invest in such manner as the members of the association may from time to time determine.
- For sub-section (2) (b) the rate of interest must not be more than the rate for the time being charged for
overdrawn accounts for money lent (whatever the term of the loan) by:
- The financial institution for the association; or
- If there is more than one (1) financial institution for the association - the financial institution nominated by the association.