6. Control of the Association Funds shall be as follows:
A. All funds belonging to the Association shall be kept in the name of the Association in a Bank, Savings Bank, or Building Society or may be invested under such conditions as the Committee decide. All cheques and withdrawal slips on the account, shall be signed by the Treasurer and the Chairman or Vice-Chairman.
B. Proper accounts shall be kept and maintained either on a database, written or printed showing correctly the financial affair of the Association.
C. All single expenditures above five hundred pounds, (£500) must be approved by the Committee.
D. The purchasing of all Association regalia will be carried out by the Regalia Officer and/or Treasurer with discounts offered to Branches as decided by the Committee.
E. A full audit of the National accounts shall be carried out by an approved auditor as soon as is practical at the end of the Association’s financial year. The official year of the Association shall be from the first day (1st) day of September to the Thirty First (31st) day of August.
F. The Association accounts may be audited by a sub Committee of Ordinary Members, who will present their report at the A.G.M.
G. The funds, assets and property of the Association shall be applied solely in the promotion of the aims as set out in this Constitution. In the event of the Association being dissolved, English Law shall prevail. This means that the funds, assets or property shall not be distributed, transferred or paid directly or indirectly to any Member or Organisation without the prior consent of the Committee and then only after the Treasurer has honoured all debts, out of pocket expenses, money lent, charges for goods and services or rent for premises. In the event of the Association being dissolved, all remaining funds will be transferred to an appropriated Veterans Association.