Description

The income and property of the Institute, when so ever derived, shall be applied solely towards the promotion of the objects of the Institute as set forth in this memorandum of association; and no portion thereof shall be paid or transferred, directly or indirectly, by way of dividend, bonus or otherwise howsoever, by way of profit to members of the Institute. Provided that nothing herein shall prevent in the payment in good faith of reasonable and proper remuneration to any officers or servants of the Institute, or to any member of the institute, in return for any services rendered to the institute, nor prevent the payment of interest on money borrowed from any member of the Institute, or reasonable and proper rent for premises demised or let by any member to the Institute; nor prevent any member (not being a member of the Council of Management)

Keywords