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EIBA ltd yearbook 2016 - 2017

4.15 To acquire, merge with or enter into any partnership or joint venture arrangement with any other organisation formed for any of the Objects. 4.16 To employ and remunerate such staff as are necessary for carrying out the work of the 129 Association. 4.17 To: 4.17.1 deposit or invest funds; 4.17.2 employ a professional fund-manager; and 4.17.3 arrange for the investments or other property of the Association to be held in the name of a nominee; 4.18 To provide indemnity insurance for the members of the Board or any other Officer of the Association in relation to any such liability as is mentioned in sub-clause 4.18.1 but subject not any such liability as is specified in sub-clause 4.18.2 (“the excluded liabilities”). 4.18.1. The liabilities are: 4.18.1.1 any liability that by virtue of any rule of law would otherwise attached to a director of a Association in respect of any negligence, default, breach of duty or breach of trust of which he or she may be guilty in relation to the Association; 4.18.1.2 the liability to make a contribution to the Association’s assets as specified in Section 214 of the Insolvency Act 1986 (wrongful trading). 4.18.2 The excluded liabilities are: 4.18.2.1 fines; 4.18.2.2 costs of unsuccessfully defending criminal prosecutions for offences arising out of the fraud, dishonesty or wilful or reckless misconduct of a member of the Board or other Officer; 4.18.2.3 liabilities to the Association that result from conduct that the member of the Board or other officer knew or must be assumed to have known was not in the best interest of the Association or about which the person concerned did not care whether it was in the best interests of the Association or not. 4.18.2.4 any liability to make a contribution where the basis of the Board member’s liability is his or her knowledge prior to the insolvent liquidation of the Association (or reckless failure to acquire that knowledge) that there was no reasonable prospect that the Association would avoid going into insolvent liquidation. 4.19 To lend or advance money with or without interest and with or without security and to enter into any form of financial arrangement or guarantee which in the opinion of the Board is conducive to the attainment of any of these Objects. 4.20 To publish, produce, commission and distribute all kinds of books, pamphlets, brochures, magazines and other types of literature together with all types of sound or visual recordings. 4.21 To engage in any other lawful activities as are considered by the Board to be to the advantage and benefit of the Association or conducive to the attainment of the Objects. 5 INCOME and PROPERTY The income and property of the Association however derived shall be applied solely toward the promotion of the Objects and subject to Clause 7 no portion thereof shall be paid or transferred directly or indirectly by way of dividend bonus or otherwise howsoever by way of profits to the Members of the Association provided that nothing herein shall prevent the payment of remuneration in good faith to any officers or servants of the Association or to any members of the Association or other persons for any services actually rendered to the Association. 6 LIABILITY The liability of the members is limited.


EIBA ltd yearbook 2016 - 2017
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