4.4 Chapter IV — Finance

4.4.1 Article 19 – Income and revenue

The Institute shall be financed:

• by the membership fees of its Members
• by donations and subsidies
• by royalties from publications, interests on funds, contributions and surplus from events such as Congresses, Conferences, Symposia, Workshops, and Tutorials, including funds arising from activities of subordinate bodies
• Research and development projects, as well as standardisation-related activities.

The General Assembly shall decide on the figures of annual membership fees for the ensuing year. It may accept donations and subsidies.

4.4.2 Article 20 – Assets

The Institute has no tangible founding assets.

Amongst its intangible assets it counts with its brand name and a prestige and professional credibility acquired along the preparatory years of the work of the ProRec centres. These assets are shared on an equal foot by the founding Members.

4.4.3 Article 21 – Annual budget

The General Assembly shall study and approve the annual Budget submitted by the Treasurer endorsed by the Executive Body.

The financial year shall match the calendar year, starting on 1st January, and ending on 31st December.

Accounts shall be validated by an accountant.

4.5 Chapter V — Amendments to the articles

4.5.1 Article 22 – Amendments to the articles

Any proposals for modification of these articles of the Institute shall be submitted to the Board at least three months in advance of the next ordinary meeting of the General Assembly.

The approval of proposals for amendments of the articles shall require a two thirds majority of Members.

4.6 Chapter VI — Dissolution

4.6.1 Article 23 – Duration

The Institute is established for an unlimited duration.

4.6.2 Article 24 – Dissolution

Any proposal for dissolution of the Institute shall not be accepted but if submitted to the Board by at least four Members.

The Board shall decide on an Extraordinary Meeting of the General Assembly to be convened, and bring such proposals to the notice of all members of the Institute with due comments and recommendations, at least two months in advance of the Extraordinary Meeting of the General Assembly at which it is be discussed.

An Extraordinary Meeting of the General Assembly meant to deal with the dissolution of the Institute requires the effective attendance of at least two thirds of its Members. If this quorum is not reached at the first attempt, another meeting is convened without need for any quorum.

The approval of proposals for dissolution shall require a two thirds majority of attending Members.

In case of dissolution, the General Assembly shall decide by the same majority on the method of liquidation of the Institute, the disposal of its assets, and the designation of a liquidation commission.

4.6.3 Article 25 – Liquidaton commision

The General Assembly shall appoint a Liquidation Commission to distribute the assets, as well as to take care of any debt or liability. The provisions of the Liquidation Commission shall be deemed mandatory for all Members and other affected parties.

In the event of dissolution of the Institute, or as contributions to a financial loss in any one financial year, no Member shall be hold liable to pay a sum in excess of an amount equivalent to twice his annual membership fees to the Institute.