financial policy

nteu is an amalgamation of

national tertiary education staff union and

national union of tertiary employees of south africa

[registration number LR2 / 6 / 2 / 610]

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The NATIONAL TERTIARY EDUCATION UNION is in the process of registration

FINANCIAL POLICY: GENERAL

1. Where a branch failed to pay any debt to National, subscriptions excluded, within 3 months of incurring the debt, such branch will be charged interest on the amount owing. The payment period and interest charged to be decided by CoC.

2. If a member of CoC is absent from a scheduled meeting or workshop, then that member’s branch must pay the National Account the relevant cost incurred. The relevant branch may submit representations to the next CoC meeting should it want to be exempted from such costs.

3. All actions taken by Chairpersons, whether legal or other which have financial implications for National, must first be cleared with NEC and approved by CoC.

4. Costs of telephone calls of NEC to be recoverable where incurred in the capacity as executive member of NEC.

5. Financial controls:

5.1 No cash cheques be written out by branches.

5.2 All cash withdrawals be authorised.

5.3 No blank cheques be signed by both parties.

5.4 No payments be made by branches without adequate supporting documents.