FUNDS AND PROPERTY. In the event of the interest in funds or property of any kind shall not be transferred to private ownership.
FUNDS AND PROPERTY. A. The A4AA may accept and expend funds from public and private sources for the purpose of carrying out its powers, duties, responsibilities and obligations specified in this Agreement.
B. Subject to the provisions of this Agreement and any applicable law, the appointed officer or employee of A4AA shall receive, have custody of and disburse Agency funds (1) pursuant to the accounting procedures prescribed by the California ( Department of Aging and by Sections 6505.5 and 6505.6 of the Government Code.
C. Checks shall require the signature of the Treasurer- Auditor or the Executive Director who shall be a deputy Treasurer- Auditor.
D. The Executive Director shall have charge of all the physical property of the A4AA.
FUNDS AND PROPERTY. (a) The funds and property vested in the Trust shall be administered by the Trustees in accordance with these Rules.
(b) All moneys received shall be paid to the credit of the Trust at such trading Bank or Savings Bank as the Trustees shall from time to time appoint and cheques on the Bank Account and other negotiable instruments shall be signed by two Trustees or one Trustee and the Secretary or the Treasurer. Endorsements of cheques and other negotiable instruments in favour of the Trust shall be made by the Secretary or the Treasurer or such other person as may be appointed by the Trustees.
(c) Where it shall be made to appear to the Trustees that any legacy endowments contribution or other gift has been made in spite of or in ignorance or without full appreciation of the claim whether legal or moral of any person upon the duty or bounty of the testator or donor the Trustees notwithstanding that the Trust may have expressed its acceptance of such legacy endowment contribution or other gift either wholly or in part may make such payment or gift of or out of the property comprised therein towards the satisfaction or relief of such claim as the Trustees may in their absolute discretion think fit.
(d) The Secretary or the Treasurer shall have power to receive and give receipts for all legacies donation or other moneys bequeathed made or given to the Trust and every such receipt shall be an effective discharge for the money or other property therein stated to have been received.
(e) No part of the income or property of the Trust shall be paid or transferred directly or indirectly by way of profit to any Trustee PROVIDED THAT nothing herein contained shall preclude any payment to a Trustee for services rendered or for goods supplied or by way of interest on moneys borrowed from or by way of rent for premises let or leased to the Trust by any Trustee.
FUNDS AND PROPERTY. A. The Treasurer of the consortium shall have the custody of and disburse consortium funds pursuant to the accounting procedures developed in accordance with the provisions hereinabove, and as nearly as possible in accordance with normal City of Pasadena procedures.
B. The Treasurer herein designated as the person responsible for all monies of the consortium, is also designated hereby as responsible for all other property of the consortium.
FUNDS AND PROPERTY
