FINANCE AND ACCOUNTS. 5.1. The Franchisee shall keep a book of account as desired by the Franchisor in the format as prescribed by their Franchisor, and shall make available this book of accounts to the Franchisor or its representative for transparent operations of the Franchisee.
5.2. The Franchisee shall receive all fees, and shall deposit in the Franchisor's account in his city, and such account shall only be operational by the Franchisor. The Franchisor holds his right to send his accountant/ representative to the Franchisee to settle accounts, verify all books as maintained by the Franchisee from time to time. The Franchisee agrees to entertain this activity at all times.
5.3. The Franchisor shall from time to time (at the most Once in a Quarter) settle accounts as per the conditions as described in detail later.
5.4. The Franchisee shall receive payments on behalf of the Franchisor, and shall give due receipts to all who enroll in the Institute. Payments can be accepted in terms of Cheques /Drafts/Cash.
5.5. The Franchisee shall also entertain ACI members for at-least one hour a day every day for the Internet facility to study online with a nominal charge as compared to other cyber cafes/Institutes. It shall also ensure that all ACI members are treated equally, irrespective of his positions in relevance to the Franchisee.
5.6. With vision learning and harmony exists at National level. There would be chance that students from other parts of the country shall migrate to the Franchisee's town, and shall like to pursue their course with it. The Franchisee shall comply with the norms as laid by their company to provide such a student every facility, as originally proposed to him by their center he had originally joined in. The remuneration as regards to this case shall be as per the terms and conditions discussed later.
FINANCE AND ACCOUNTS. 11.1 The Shareholders shall procure that the Board shall prepare and deliver to the Shareholders:
(a) within two (2) months after the end of each financial quarter of the Company, the draft quarterly financial statements of the Company;
(b) within five (5) months after the end of each financial year of the Company, the audited annual financial statements of the Company;
(c) no later than the fifth (5th) Business Day of each month, the bank account statement of the Company; and
(d) information regarding (A) material transactions, (B) risk/compliance issues, (C) any other matters that can cause material adverse effects upon the financial situation of the Company and the interests of the shareholders; In each case, financial statements shall be prepared in accordance with the IFRS and any law and requirement of the place of incorporation of the Company and the Company’s financial year shall be from 1 January to 31 December of each calendar year.
11.2 The Shareholders shall procure that without causing significant disruption to the conduct of the Company’s operations, each Shareholder, upon serving written notice of at least 10 Business Days to the Company, at its cost and expense, including, but not limited to the actual costs incurred by the Company for the following (if any), shall be entitled:
(a) at any time during normal business hours to inspect the accounts, books and records of the Company and to make copies and extracts therefrom;
(b) to be supplied by the Company on demand with all such information relating to the Business and affairs of the Company as it may reasonably require; and
(c) to appoint at its own costs an auditor of its sole selection to audit the book and accounts of the Company at the end of each financial year.
11.3 The Parties hereby agree that all cheques, funds transfer instructions and similar instruments drawn by the Company shall be signed by such authorised signatories for the Company as may be nominated by the Board and all bank accounts of the Company shall be operated on such terms as are approved by the Board of the Company.
11.4 As soon as practicable upon the incorporation of the Company, the Shareholders shall procure that the Board shall appoint a professional accounting firm to handle the Company’s financial and accounting matters. The Board shall be entitled to approve the terms and remuneration of the appointment.
11.5 As soon as practicable upon the incorporation of the Company, subject to approval by all the Shareh...
FINANCE AND ACCOUNTS i) SCALA Payroll
ii) Statutory Deductions and recovery of Staff Loans
iii) Processing and effecting all payments to creditors excluding those drawn from the Branches’ Operational Bank account
iv) Prompt transfer of funds to the Branch
v) On the other hand the Sub-Operator shall be responsible for payments regarding commitments under Imprest, including New connection casuals and contractors; as well as responsible for certifying & initiating payments for works supervised/executed by the Sup-Operator on behalf of Operator e.g. mains extensions
