VII. EXPENDITURE AND FUNDS
21. The Committee shall out of the income of the Club pay all proper administrative, overhead and other expenses of the operation and running of the Club and the management of its affairs. In addition, the Committee may make out of the Club’s income or capital such donations, grants or other payments towards, or for the purposes of, the objects referred to in Rule 3(a), (b) and (c) as they shall deem appropriate from time to time save that (except only with the prior authority of a resolution of at least two-thirds of Members present and voting at a General Meeting of the Club) in any one financial year of the Club such donations, grants or other payments shall not exceed an amount equivalent to 5% of the market value of the Club’s investments at the preceding 31 December as published in the Club’s Annual Accounts. Any member of the Committee may present to it a proposal for the making of any such donation, grant or other payment but no such member with a vested or special interest in the intended recipient of any such payment shall take part in any discussion by the Committee of such proposal or vote on the proposal. All such expenditure shall be included in the Annual Accounts presented for approval at the Annual General Meeting following the year of expenditure.
22. The general funds of the Club shall from time to time be invested as the Committee shall think fit.
VIII. ALTERATION OF THE RULES
23. Subject to Rule 19(b), these Rules may be added to, amended or replaced by resolution of a two-thirds majority of those present and voting at an Annual General Meeting.
IX. DISSOLUTION
24. If the Club Committee decides that it is necessary or advisable to dissolve the Club, it shall call a meeting of all Members of the Club, of which not less than 21 days’ notice (stating the terms of the resolution to be proposed) shall be given. If the proposal is confirmed by a two thirds majority of those present and voting, the Club Committee shall have power to realise any assets held by or on behalf of the Club. Any assets remaining after the satisfaction of any proper debts and liabilities shall be given or transferred to such other charitable institution or institutions having objects similar to the objects of the Club as the Members of the Club may determine, or failing that shall be applied for some other charitable purpose.
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