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The Union Funds
Trustee Committee Composition
1. There shall be a Trustee Committee consisting of three Elected Trustees, and the Senior Assistant General Secretary. The Committee shall act under the direction of the National Executive Committee.
2. The Trustee Committee shall:-
(a) give effect to any decision or instruction issued by the Annual General Meeting, or the National Executive Committee, with regard to the Union's investments or the disbursement of monies, and
(b) supervise the Union's income and expenditure and otherwise ensure that the funds are applied and administered in accordance with the Union's Rules.
Electoral Trustees – Method of Election
3. The Elected members shall be elected by the Annual General Meeting delegates by ballot as defined in Rule 13, Clause 1. Where practicable, the ballot will take place at the Annual General Meeting. Any candidate in such an election shall:
(a) be, and continue to be, employed as required by Rule 2, Clause 1(a) (b) and (c);
(b) have been a member of the Union for at least ten consecutive years by the closing date for nominations;
(c) not be a member of the National Executive Committee or a delegate to the Annual General Meeting.
4. Any Branch of the Union may nominate a candidate for the position of Elected Trustee. Nominations must reach Head Office by the closing date stipulated in the circular inviting nominations. In instances where a ballot will take place at the Annual General Meeting, a list of the candidates shall be published in the Agenda for the Annual General Meeting.
Attendance at AGM or SGM
5. The Elected Trustees shall nominate one of their number, who shall not have the right to vote, to attend Annual and Special General Meetings on their behalf.
Period of Office
6. An Elected Trustee shall cease to hold office on ceasing to be a member of the Union, or on reaching the age of 65, or when so decided by an Annual General Meeting.
7. In consideration of their services the Elected members shall each be paid an honorarium of £50 annually and such expenses as they may be entitled to claim in accordance with Clauses 26, 27, 29 & 30 of this Rule.
8. Notwithstanding anything to the contrary contained within this Rule, the three Elected members of the former Trustee Company elected in accordance with the Rules of the National Union of Railwaymen shall be deemed to be Trustees appointed in accordance with the provisions of this Rule until such time as any of their offices is vacated at which time it shall be filled in accordance with the provisions of this Rule.
Income and Expenditure
9. Each Branch shall, within 21 days after the close of each half year, remit to Head Office the balance of contributions received from each member, less any deductions authorised by Rule 10, Clauses 17 and 21 which monies shall be allocated as follows:
(a) with the exception of Political Fund contributions, all of the sum remitted shall be credited to the General Fund or other appropriate Fund;
(b) in the case of members who contribute to the Political Fund all such monies contributed shall be credited to the Political Fund.
10. The General Fund shall be utilised for the payment of the Union’s expenses (other than expenses chargeable to the Political Fund), including contributions, payments, transfers of money or funds authorised by the Rules and the provision of benefits (and, if necessary, in the opinion of the National Executive Committee, Orphan Fund Benefit).
11. Every expenditure authorised under the Union’s Rules or by resolution of the Annual General Meeting, or the National Executive Committee, shall be a sufficient warrant to the Trustees to issue cheques, but the Trustee Committee shall ensure that all such expenditure has been properly applied and shall from time to time examine the securities and invested funds to ensure their safe deposit.
Investment Expenditure or Sale of Property
Regards any movement of investment expenditure or sale of property, the signatures of the General Secretary (or, in his absence, the Senior Assistant General Secretary), the President and a member of the Trustee Committee are required to validate any sale.
12. All withdrawals from the bank shall be made by cheque, signed in such manner as the Trustee Committee shall from time to time, by resolution, determine in accordance with the directions received from the National Executive Committee.
13. The Trustee Committee shall have power to authorise investment of any Union monies in their custody in:
(i) any stock, share, bond, mortgage or other security quoted on a recognised stock exchange, or in
(ii) any freehold, leasehold or other interest in land and buildings, or in
(iii) any stock, fund or security upon which trust monies may be legally invested.
14. The Trustee Committee may enter into any stipulations, upon or after taking any security, to the effect that the principal monies secured, or part thereof, or such principal monies and the interest thereon shall be paid by installments extending over any period which the Trustee Committee thinks fit or shall not be called in during any such period, subject to such conditions as may be determined by the Trustee Committee.
15. On taking a security upon any hereditaments the Trustee Committee may, and not withstanding any rule or statute limiting the amount to be advanced by the Trustee Committee, advance to an employee of the Union any sum not exceeding 95% of the value of the hereditaments at the time of making such advance, such value to be ascertained by the valuation of a surveyor. There shall be a ceiling figure for the sum which may be advanced to an individual, which amount shall be fixed by the Trustee Committee from time to time.
16. The Trustee Committee may vary or transfer any investments held by them into, or for, any other or others of the nature authorised, and may also, if necessary, obtain a temporary loan from the Union’s bankers on the security of the Union’s investment.
17. The several powers of these Clauses shall be exercised subject to such regulations as may from time to time be made in relation thereto by the Annual General Meeting or the National Executive Committee.
18. The General Secretary shall ensure that an annual Financial Statement is prepared in which is given a detailed account of all the Union’s investments, including income from dividends and interest earned.
19. In addition to the General Fund there shall be the following funds:
(a) the Orphan Fund, supported as provided for in Rule 21;
(b) the Political Fund, supported as provided for in Rule 23.
20. The Union’s Superannuation Funds shall be supported by contributions made from Union Funds in such manner and such amount as may be determined by any relevant agreements entered into by the Union. Such contributions and any supplementary payments shall be made from such Fund as may be determined by the National Executive Committee.
Deficiency in Funds
21. If at any time there should be a deficiency in the Funds of any one or more of the Special Funds in these Rules referred to (other than the Political Fund), having regard to the claims upon that Fund, the National Executive Committee may resort to the General Fund or any other Special Fund to meet such deficiency, and may direct any portion of such other fund or funds to be transferred to such deficient fund for the purpose.
Statement and Audits
22. A statement shall be presented regularly to the Trustee Committee showing the amount received into the Union’s Funds since the preceding meeting, the amounts deposited or withdrawn from the bank, the balance at the bankers and at Head Office, and a list of all claims awaiting payment. These statements shall be filed and recorded.
Officers Cash Books
23. The Trustee Committee is empowered to examine the cash books kept by the General Secretary and the Assistant General Secretaries who shall render an account of all monies entrusted to them.
Yearly Audit Report to AGM
24. The accounts of the Union shall be audited each year by a firm of Chartered Accountants to whom the General Secretary shall produce all relevant books and documents required or requested in order to ensure a complete examination of the Union’s accounts. The Accountant shall prepare an annual report for submission to the Annual General Meeting.
25. All monies received from the members of the Union, whether for contributions or otherwise, shall be applied only in the manner prescribed in these Rules. The General Secretary shall have power to institute legal proceedings for the recovery of the Union’s funds and to secure the punishment of any person or persons who received Union funds by imposition or who, contrary to these Rules, misapplied or withheld such funds.
Delegates and Committee Members’ Expenses
26. Delegates and Committee members appointed to attend Conferences sanctioned by the National Executive Committee shall receive expenses on the basis of a daily attendance rate plus a subsistence allowance for travelling and lodging allowance when required to lodge or, at the discretion of the General Secretary, at rates agreed from time to time by the National Executive Committee.
27. Where free travel is not provided, representatives shall be reimbursed for their actual expenditure on fares. When circumstances necessitate, travel by air or sea may be authorised by the General Secretary. Under special circumstances and, only when authorised by the General Secretary beforehand, payment for standard class sleeping accommodation may be allowed, but special circumstances shall not include ordinary weekend travel to and from home.
Representatives Within Recognised Machinery
28. Representatives of bodies in recognised Machineries of Negotiation shall receive reimbursement of any lost earnings plus a subsistence allowance for travelling, and lodging allowance when required to lodge. Secretaries of bodies in recognised Machineries of Negotiation shall receive payment as agreed by the National Executive Committee from time to time for each days work performed in their homes. The number of days allowed for such work shall be determined at the discretion of the General Secretary.
Deduction of Payment by Employer
29. If an employer makes payment when travelling or lodging, the amount so paid shall be deducted from the claim.
30. The actual times of the commencement and the termination of the meeting must be shown when claims are submitted. Payment will not be made unless full and correct details of the claim are given on the claim application form.
31. The General Secretary shall delegate to the Senior Assistant General Secretary the responsibility for dealing with all exceptional cases involving hardship (including fog, breakdown, etc., resulting in delay), in accordance with the circumstances arising. The Senior Assistant General Secretary shall also be responsible for checking and signing vouchers, and for all questions of interpretation arising there from, including definition of “suitable trains” or other means of transport.