—(1) The financial year of the Union shall be the financial year of the Polytechnic.
(2) All fees and subscriptions shall be paid by a member of the Union directly to the Bursar of the Polytechnic.
(3) Any income of the Union shall be paid by the Financial Secretary to the Bursar for credit to the appropriate account.
(4) All bills of expenditure of the Union and any of its committees, properly incurred in accordance with any budget approved by the Council, shall be submitted to the Financial Secretary.
(5) All such bills shall be signed by the Financial Secretary and countersigned by the President of the Union and the Principal’s nominee in the Union’s Finance Committee and submitted to the Bursar for payment.
(6) The Union and its committees shall not operate any bank account.
(7) The Polytechnic’s auditor or such other auditor as may be appointed annually by the Principal in consultation with the Auditor-General shall be the auditor of the Union’s accounts.
(8) The fees for the audit of the Union’s accounts shall be paid from the Union’s funds.
(9) Any application for special or supplementary grants to any of the Union’s committees shall be presented by the Financial Secretary to the Council and submitted thereafter by the Council to the Board for approval.
(10) All committees of the Council shall, before making any collection on behalf of the Union, obtain the approval of the Executive Committee and the Board.
(11) All funds collected shall be paid by the Financial Secretary to the Bursar for credit to the appropriate account.