Engineers Association Social Responsibility Fund Regulation

Regulation No. 7 of 2013

Engineers Association Social Responsibility Fund Regulation

Article 1: Regulation name and effect

This Regulation shall be cited “Engineers Association Social Responsibility Fund Regulation of 2013” and it shall come into force as of the date on which it is published in the official gazette.

Article 2: Definitions

The following words and expressions, wherever stated herein, shall have the meanings given to them below unless the context implies otherwise:

Law: the Engineers Association Law.

Association: Engineers Association.

Board: the Association Board.

Central Body: the Association Central Body.

Fund: Engineers Association Social Responsibility Fund established by virtue of the provisions hereof.

Social services: the financial airs and loans provided by the Fund to the Association members and their families, and the contribution to the developmental projects of the local community and the financial and in kind aids offered by the Fund to the local community individuals.

Article 3: Fund objectives

  1. A Fund shall be established in the Association and named “Social Responsibility Fund” having the following objectives:
    1. To provide social services to the Association members and their families to secure decent lives for them.
    2. To provide local community services in cooperation with both public and private sectors within the Fund’s abilities and within the Association vision of its social responsibilities.
  2. The Fund’s shall be situated in the Engineers Association or any other place as may be selected by the Board.

Article 4: Fund Management

  1. The Fund shall be managed by the Board. A committee shall be formed for this purpose and it shall be headed by a Board member and membered by six of the Association General Assembly members.
  2. In its first meeting, the Committee shall elect from its members a Deputy Head and a Secretary.

Article 5: Fund Community meetings

The Committee shall meet at least once a month upon an invitation made by its Head or Deputy Head if the former is absent. The meeting will be quorate in presence of four members including the Head or Deputy Head. It shall take its recommendations unanimously or by the majority of the attending members’ votes; and if the votes are tied, the Head of the meeting shall have the casting vote.

Article 6: Fund Committee missions

The Committee shall review the affairs in relation to the Fund and it shall make its recommendations in respect thereof to the board including the following:

  1. The Fund’s general policy and financial policy.
  2. Expenses spending and rights restoration.
  3. Studying the applications made by the applicants for benefiting from the Fund and clarifying the extent of meeting the conditions by them.
  4. Suggesting the social services programs within the Fund’s objectives framework.
  5. Suggesting the Fund instructions.
  6. Following up the Board resolutions in relation to the Fund.
  7. Studying the Fund draft budget of the next financial year and the concluding account of the previous financial year.
  8. Any missions assigned to it by the Board in accordance with the provisions hereof.

Article 7: Fund Committee membership loss

The Committee member loses his membership upon a resolution made by the Board if he misses three of its meetings in a row with no acceptable excuse, and the Board shall have the right to appoint a replacement for him for the remaining period of his membership term.

Article 8: Fund’s financial resources

The Fund’s financial resources consist of the following:

  1. The allotments made by the Board on an annual basis from the Association Fund within its budget.
  2. Donations and gifts offered to the Fund, provided they are approved by the Council of Ministers if they are from a non-Jordanian source.
  3. The amounts generated by the Murabaha contracts concluded by and between the Association Pension Fund and its members.
  4. The Fund’s money investment revenues.
  5. Any other resources approved by the Board in conformity with the Association Law and Regulations.

Article 9: Expenditures

The Fund expenditures shall be as follows:

  1. The services decided by the Board to be provided to the Association members and their families.
  2. The services decided by the Board to be provided to the local community.
  3. The administrative expenses of the Fund operations.

Article 10: Expenditure conditions

  1. The financial resources set forth in Clause A of Article 8 of this Regulation may only be used for the social services provided by the Fund to the Association members and their families.
  2. The Fund’s expenditures may not, in any financial year, exceed its revenues; and the Fund’s expenses allocated for the local community services may not exceed 50% of its revenues of that year.

Article 11: Fund’s money and accounts

  1. The Fund’s money shall be kept and invested as may be deemed suitable by the Board in consistency with the Islamic Sharia provisions.
  2. The Fund’s accounts and records are subject to auditing by the legal accountant approved by the Association and the financial and accounting instructions and principles adopted by the Association.
  3. The Financial Department of the Association shall keep and regulate the Fund accounts and investments.
  4. The Fund’s financial year shall begin on the 1st day of January of each year and shall end on the 31st day of the same year.
  5. The Board shall present the administrative report of the Fund to the Association Central Body in its ordinary meeting for approval.
  6. The Board shall present Association financial report to the Association Central Body in its ordinary meeting for approval.

Article 12: Fund’s rights and liabilities

The money of the social services account outstanding in the Association shall go to the Fund to which the rights and liabilities incurred by that account shall be transferred.

Article 13: Fund dissolution and liquidation

The Fund may only be dissolved and liquidated upon a resolutions made by the General Assembly upon a recommendation made by the Central Body in an extraordinary meeting to be held for this purpose.

Article 14: Regulation provisions enforcement

The Board shall make the instructions necessary to enforce the provisions hereof including:

  1. Social services instructions.
  2. Local community services instructions.

All rights reserved ©2018. For Jordanian Engineers Accossiation.

Developed by ULTIMIT Advanced Turnkey Solutions