13. SOURCES OF INCOME OF THE ASSOCIATION- MODALITY OF OPERATIONS REGARDING INCOME, EXPENDITURES AND BORROWING – DETERMINATION OF DUES AND SHARES OF CONTRIBUTION

13.1 Sources of Income

• Annual dues,
  
  
• Members’ shares of participation and contribution
  
  
• Income from such activities as balls, entertainment events, concerts, seminars, panel discussions, trade fairs, lotteries, competitions, exhibitions and the like,
  
  
• Donations and contributions,
  
  
• Other sources of income.
  
  

13.2 Determination of Dues and Shares of Contribution

Association members shall be obligated to equally pay the membership fee to be designated by the General Assembly. The expense contribution shares shall be fairly allocated and paid divided equally to the number of representatives which shall be set in accordance with the IMS market shares of the member companies.

13.3 Management of Income and Expenditure Processes

The income of the Association shall be collected by issuing receipts, and expenditures made using disbursement documents.In case income is collected through banks, the transaction records of the banks will serve as a receipt.

Receipts and disbursement documents shall be retained for five years. Receipts utilized for collection of income shall be printed by decision of the Board of Directors.

Individuals to collect payments on behalf of the Association shall be designated by a decision of the Board of Directors, and will have documents of authorization issued in their name.

Receipts, invoices, bills and documents of disbursement shall be retained for 5 years.Disbursements for expenditures shall be made against invoices or bills. When these documents are not available, a disbursement document will be issued and signed by the person making the payment.

13.4 Borrowing Procedure of the Association

When the need for borrowing arises for whatever reason, the Board of Directors shall summon all members to a meeting. The Association may incur a debt if at least two thirds of the registered members attending this meeting reach an agreement on the purpose, amount, and repayment conditions of the debt, and authorize the Board of Directors.