| 4. |
The liability of the members is limited to their payment of duly assessed levies and their entrance fee.
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| 5. |
The income and property of the Institute however derived, shall be applied solely towards the promotion of the objects of the Institute and set forth in this Memorandum of Association and no portion thereof shall be paid or transferred directly or indirectly by way of dividends, bonus or otherwise howsoever by way of profit to members of the Institute, neither shall any remuneration be paid to elected members of the Institute's Executive Committee, provided that nothing herein contained shall prevent the payment in good faith or remuneration to any officer or servant of the Institute or to any member thereof in return for any expenses incurred on behalf of the Institute.
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| 6. |
Every member of the Institute undertakes to contribute to the assets of the Institute in the event of its being wound up while he/she is a member or within one year from the date of which he/she ceases to be a member, for the payment of debts and liabilities of the Institute contracted before he ceases to be a member and the cost charges and expenses of winding up and for the adjustments of the rights of the contributories amongst themselves, such amount as may be required not exceeding the sum of R2.00 (Two Rand).
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| 6.1 |
The funds of association will be utilised solely for investment or the objects for which it was established and no profit or gain will be distributed to any person.
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| 6.2 |
Any amendment to the constitution will be submitted to the Commissioner for Inland Revenue.
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| 6.3 |
On dissolution of the association, the remaining assets will be given or transferred to another organisation with objects similar to those of the Institute and which is itself exempt from Income Tax in terms of Section 10 (1) (CB) (1) (FF) of the Income Tax Act. In the event that no suitable organisation exists, the remaining assets with be donated to a suitable charity.
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| 6.4 |
The association will not carry on any profit making activities or participate in any business, profession or occupation carried on by any of its members or provide any financial assistance, premises, continuous services or facilities to its members for the purpose of carrying on any business, profession or occupation by them.
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| 7. |
Membership of the Institute shall be divided into two classes:
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| 7.1 |
Ordinary membership of the Institute shall be available to any person, company or partnership, a substantial part of whose business is engaged in the paint application industry in KwaZulu-Natal who enters into a standard agreement with the Institute and who lodges with the Institute an entrance fee to be determined by the Executive Committee. This payment shall be made in such a manner as the Executive Committee may from time to time determine.
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| 7.2 |
Associate membership shall be available to any person, company or partnership carrying on business in KwaZulu-Natal, at the invitation of the Executive Committee, where the committee is of the opinion that such persons, companies or memberships will benefit the interests of the Institute.
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| 8. |
The affairs of the Institute shall be administered by an Executive Committee, comprising the following:
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| 8.1 |
The Chairman who shall be elected at the Institute’s Annual General Meeting or removed by a resolution of the majority of members of the Institute at a meeting specially convened for such purpose.
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| 8.2 |
A Secretary and Treasurer contracted to the Institute, who together with the Chairman will be considered the Executive officers.
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| 8.3 |
Three committee members, nominated by the ordinary members of the Institute. The Executive Committee shall be elected at an Annual General Meeting. The Chairman will appoint a Vice Chairman from amongst the elected committee members. |
