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CHAPTER VII: ACCOUNTS

Article 30       Approval and Release of Accounts

The financial year starts on January 1st and ends on December 31st of each year.

Council approval is required for the following before submission to the General Assembly:
-      Accounts;
-      Annual budget; 
-      General Business Plans;
-      Investment policy of EUGIN funds.

Approval by the Council Chairman and Treasurer is also required for all tenders and proposals within the general business plans above. Items outside the approved budget or business plans require prior approval from Council.

The Association’s yearly accounts will be transmitted to the Belgian Service Public Federal Justice.

 

Article 31       Law

This Association is formed under the laws provided by Title III of the Belgian Law of 27 June 1921, concerning not-for-profit associations, not-for-profit international associations and foundations. Anything which is not provided for by these Articles and in particular the publications made in the annexes of Le Moniteur belge are to be settled according to the Belgian Law.

 

Article 32       Arbitration

All disputes concerning the Association which cannot be settled by discussion and mutual agreement shall be finally settled by three or more Arbitrators to be appointed in accordance with the Rules of Conciliation and Arbitration of the International Chamber of Commerce in effect at the time.

 

Such arbitration shall be conducted in English.

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