| The Guild's Benevolent Fund |
| 19. THE GUILD'S BENEVOLENT FUND In 1987 the Guild established the SAGMJ Benevolent Fund (also described as the "Ben Fund") with its own Constitution. Copies of this separate Constitution are available to members of the Guild of Motoring Journalists on request. A summary of the main points of that Constitution can be expressed thus: 19.2.1 The purpose of the Ben Fund is to provide relief to members of the Guild, former members, or closely related people. The Ben Fund is administered entirely by Trustees appointed by the Guild Committee. The anonymity of individual recipients of relief from the Fund is protected at all times. The Fund derives its income from donations, proceeds of functions, bequests and levies on the Guild's membership recommended by the Guild Committee and approved by Guild Members. At no time will Guild income flow from the Guile to the Ben Fund, and payments from the Ben Fund to Guild members, former members or closely related people will only be to provide relief from distress as reflected in the purpose of the Ben Fund. Funds available for investment may only be invested with registered financial institutions as defined in Section 1 of the Financial Institutions (Investment of Funds) Act, 1984, or in securities listed on a licensed stock exchange as defined in the Stock Exchange Control Act, 1985 (Act no. 1 of 1985). The accounts of the Ben Fund are audited by a separate firm of auditors appointed by the Trustees in consultation with the Guild Committee. Copies of the Fund's audited accounts are tabled annually with the Committee and are available on request to Members of the Guild. The Ben Fund may be dissolved if at least two-thirds of the voting Members of the Guild in good standing voting at a General Meeting convened for the purpose, are in favour. Should the Ben Fund ever cease to operate, be dissolved, or be liquidated, the remaining assets will be given or transferred to another organisation with objectives similar to those of the Fund and which is itself exempt from income tax in terms of Section 10 (01)(cB)(i)(ff). The winding up processes will not in any way be used as an opportunity to distribute funds or profits or assets to members or any other persons, except to those who had already qualified for disbursements in terms of the Ben Fund's Constitution prior to dissolution. |
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