Responsibilities of the Executive Officer Sample Clauses

Responsibilities of the Executive Officer. 5.4.1 For purposes of this Agreement the powers or duties delegated to the Executive Officer may be sub-delegated to an official of the Company. 5.4.2 The Parties acknowledge and accept that the Executive Officer of the Company is responsible for the financial management of the Company. This responsibility includes implementing and monitoring the Company's annual budget and ensuring – 5.4.2.1 that resources are used effectively, 5.4.2.2 full and proper financial records are kept, including the monthly reconciliation of all revenue received and accounts to be paid; 5.4.2.3 the development and maintenance of appropriate expenditure management systems; 5.4.2.4 that a monthly income and expenditure report is submitted to the NMBMM by the 15th of the following month; 5.4.2.5 that audited financial statements, approved by the board of directors, are submitted to the NMBMM by 31 August annually; 5.4.2.6 that a tax clearance certificate is submitted to the NMBMM annually; 5.4.2.7 that an updated list of the Company members, is submitted to the NMBMM by 31 January annually; 5.4.2.8 that appropriate control systems are maintained; 5.4.2.9 that unauthorised, irregular or Fruitless and Wasteful Expenditure is prevented; 5.4.2.10 that disciplinary or other legal proceedings are instituted when required; 5.4.2.11 that its Annual General Meeting be advertised, by inter alia, publishing a notice in at least two daily newspapers circulating in the SRA; and 5.4.2.12 that within two months after the Annual General Meeting was held, the Executive Officer will report to the NMBMM.