Article 15. ANNUAL REPORT

  1. The Association year shall run concurrent with the calendar year.
  2. The Board has a duty to keep accounts of the Association's assets and liabilities in such a way that it is possible at any time to ascertain its rights and obligations from these accounts.
  3. The Board shall submit its annual report at the Annual General Assembly held within six months of the end of the financial year, unless this period is extended by the Members.
  4. To account for its management activities in the preceding financial year, submitting a balance sheet and a statement of income and expenditure. On expiry of this period, each Full member has the right to demand these accounts from the Board of Directors.
  5. Adoption of the annual financial statements by the Full members in Annual General Assembly shall serve to discharge the Board of Directors and the Executive Director from liability for its management activities in the relevant Association year.
  6. The Board has a duty to keep the documents referred to in paragraphs 2 and 3 for a period of ten years.

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