38. Fiscal Year:

The 31st of December each year shall be construed as the end of the Trade Association’s fiscal year.

39. Preparation of the Annual Financial Report:

The Trade Association’s Balance Sheet and Income Expense Statement shall be prepared by the Board of Directors for each fiscal year and then submitted to the Auditor by not later than the 28th of February. The Auditor shall complete the audit of such Balance Sheet at least thirty days before the Annual Ordinary General Meeting.

The audited Balance Sheet shall be submitted by the Board of Directors to the Annual Ordinary General Meeting for approval within one hundred and twenty days as from the end of the fiscal year.

The Board of Directors shall submit the Annual Report which presents the Trade Association’s performance to the meeting. Copies of the Annual Report presenting the Trade Association’s performance including the audited Balance Sheet shall also be sent to the Bangkok Metropolis Trade Association Registrar within thirty days from the date of the General Meeting.

Furthermore, the Trade Association’s Annual Report presenting its performance and the audited Balance Sheet shall be kept at the Trade Association’s office and be available for inspection at the request of Members.

40. The Auditor’s authority:

The Auditor is vested with the authority to audit the Trade Association’s assets, books of accounts and all relevant financial documents and its operations as well as entitled to make any enquiries with its Directors as well as every staff member of the Trade Association who have been involved with such assets, books of accounts and documents. The Board of Directors and all staff members shall, in this respect, provide their assistance as well as every facility to accommodate such audit and enquiries.

41. Maintenance of Books of Accounts and Financial Documents:

The Trade Association’s books of accounts and financial records shall be kept at its office under the Treasurer’s jurisdiction.

42. The Trade Association’s Finance:

All of the Trade Association’s cash will be deposited in the name of the Trade Association with any commercial bank or financial institution located in Bangkok Metropolis in accordance with the Board of Directors resolution.
In compliance with resolutions adopted by the Board of Directors Meetings, any deposit and withdrawal of funds from the bank shall be signed by at least two Directors.


The procedure and rules for the approval of disbursements and payment of funds shall be subject to the resolutions adopted by the Board of Directors from time to time.

44. Special funds:

Special funds may be raised by the Trade Association for the conduct of its operations and promotion of its prosperity by means of donation solicited from third parties and Members, or by any other means as considered appropriate by the Board of Directors which, however must not be in contravention of the law.