Trustees, Funds, Accounts, Audit and Inspection

The Trustees

54. The Trustee or Trustees for the time being of the Scottish Joint Industry Board shall be appointed by and may at any time be removed from office by the National Board acting in its absolute discretion.

55. All of the heritable and moveable estate belonging to the Scottish Joint Industry Board shall be vested in the Trustee or Trustees in trust for the Scottish Joint Industry Board.

56. It shall be the duty of the Trustee or Trustees to execute and do all such deeds, documents and things as may be requisite for giving effect to any decision relating to any of the heritable or moveable estate belonging to the Scottish Joint Industry Board made in accordance with these Rules by the National Board or by any Committee thereof or by any Regional Board or by any officer of the Scottish Joint Industry Board; and every person ceasing to be such a Trustee shall be bound to execute and do and to concur in executing and doing all such deeds, documents and things (if any) as may be requisite for transferring any such heritable and moveable estate to the Trustee or Trustees for the time being.

Funds and Investments of the Scottish Joint Industry Board

57. The National Board shall cause the Scottish Joint Industry Board to maintain a bank account in the name or names of the Trustee or Trustees.  All cheques drawn on such bank account shall be signed by any two of the Trustees or by such other person or body as the National Board may from time to time prescribe.

58. Any funds belonging to the Scottish Joint Industry Board may be invested in such investments and generally in such a manner as the National Board shall in its absolute discretion from time to time determine, and the National Board shall have the discretion to determine, to vary, transpose or realise all or any of the investments for the time being belonging to the Scottish Joint Industry Board.

59. The travelling and other out-of-pocket expenses incurred in the performance of his duties in connection with the affairs of the Board by any member of the National Board, any Committee thereof or any Regional Board or by any officer of the Scottish Joint Industry Board, shall be repaid to him out of the funds of the Scottish Joint Industry Board.

60. Any member of the National Board or of any Committee thereof and any member of any Regional Board or of any Sub-Committee thereof may be paid out of the funds of the Scottish Joint Industry Board emoluments at such rate (if any) as the National Board may in its discretion from time to time determine.

Accounts and Audit

61. The accounts of the Scottish Joint Industry Board for each year shall be audited by the auditors of the Scottish Joint Industry Board who shall carry out a complete audit and shall draw up and deliver to the National Board a report signed by them on the state of the accounts for each such year and the way in which the same have been kept.

62. The auditors of the Scottish Joint Industry Board shall be such Chartered Accountants as shall from time to time be appointed by the National Board.

63. The auditors shall on demand be shown all books, papers, documents, deeds, securities and receipts which they may ask to see, and they may take custody of any of them for the purposes of their audit.

Inspection

64. The general books of the Scottish Joint Industry Board shall be open at all reasonable times to inspection by every person having an interest in the funds of the Scottish Joint Industry Board.