By-Law I – Reserve Fund

1. There shall be a fund known as “The Reserve Fund of The Winnipeg Teachers’ Association”, hereinafter referred to as the “Reserve Fund”.
2. The Reserve Fund shall consist of such sums as The Winnipeg Teachers’ Association Council may, from time to time, allocate to the Fund.
3. The amount of the Reserve Fund shall not exceed at any time, an amount greater than 125% of the previous year’s audited expenditures.
4. The purpose of the Reserve Fund shall be.

a) to make loans or grants to the General Fund of the WTA for special projects.
b) to make grants to the General Fund of the WTA in emergencies.

 

5. The Reserve Fund shall be administered by the Finance Committee of the WTA.
6. The monies in the Reserve Fund shall be placed in accounts or investments which are non-speculative in nature.
7.
a) The Finance Committee of the WTA shall make provision for disbursement only upon a motion of Council.
b) Any proposed expenditure from the Reserve Fund shall require one month’s notice of motion.
c) A two‑thirds majority of Council members registered as being present shall be required for authorization of such an expenditure.
8. The signing officers for the Reserve Fund shall be the same as those authorized to sign for the WTA General Fund.
9. All monies and securities of the Reserve Fund shall be deposited in one or more of chartered banks, or Trust Companies, or credit unions, or such other financial institutions as may be determined by Council from time to time, to the order of the “Reserve Fund of The Winnipeg Teachers’ Association”.
10. The Treasurer of the WTA shall ensure that:

a) Full and complete records and receipts, disbursements and investments on account of the Reserve Fund are kept.
b) A financial report on the Reserve Fund is prepared for submission to the annual meeting of the WTA Council and at such other times as may be required by the Finance Committee or the WTA Executive.
c) Books and vouchers of the Reserve Fund are submitted to the auditor of the WTA before the end of each financial year and at such other times as the WTA Executive or Council may direct.