Charter of Boao Forum for Asia
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Chapter Five BFA Funds: Asset Management and Usage
Article 31 The Sources of the Funds
1. Membership fees;
2. Participation fees;
3. Donations;
4. Government grants;
5. Income from events and services within the business scope of BFA;
6. Interests of BFA financial resources; and
7. Other income.
Article 32 Use of Funds
All the funds of BFA shall be used pursuant to BFA's missionand shall be in line with the business scope set forth in this Charter and related regulations.
Article 33 Financial Management
1. BFA shall comply with internationally accepted accounting principles and accounting rules of the host country, and shall ensure that the financial books and records are legal, accurate and complete.
2. Each year there shall be an audit of the BFA accounts by an internationally recognized auditing firm.
3. Insurance, welfare and other employment benefits of BFA staff shall be in compliance with applicable regulations of the host country.
Chapter Six Amendments to the Charter
Article 34 Procedure to Amend the Charter
1. Any amendment to the Charter shall be submitted by the Secretariat to the Board of Directors for their review and shall be approvedby the GMM.
2. Amendments to the Charter shall come into effect upon adoption by the GMM.
Chapter Seven Dissolution
Article 35 Procedure for Dissolution
BFA shall be dissolved through the following procedures:
1. A resolution to dissolve BFA shall be adopted by the Board of Directors and submitted to the GMM;
2. A resolution to dissolve BFA, in accordance with the resolution adopted by the Board of Directors, shall be adopted by the GMM; and
3. Registrar of the host country shall be informed of the resolution of the GMM.
Prior to the dissolution of BFA, a liquidation committee shall be established, in compliance with international practice and applicable laws and regulations of the host country, for the purpose of liquidating all of the assets and liabilities of BFA.
Residual assets, if any, after payment of all debts and refund of membership fees, shall be contributed to, or disposed of in activities related to the vision of BFA under the supervision of the Registrar.
Chapter Eight Supplementary Provisions
Article 36 Supplementary Rules and Regulations
Matters not specified in this Charter will be formulated in relevant rules and regulations. After its adoption by the Board of Directors, the rules and regulations shall come into effect.
Article 37 Language
The official working languages of BFA shall be English and Chinese.
Article 38 Interpretation
The authority to interpret provisions of the Charter shall rest upon the Board of Directors.
Article 39 Effective Date
This Charter shall come into effect as of the date it is approved by the GMM of BFA at Bo'ao, Hainan Province, PRC on April 08, 2010
