A. PROPERTY :
The income and property of the APSI shall be applied solely towards the promotion of the objects of the Association as set forth in the Memorandum of Association and no portion thereof shall be paid or transferred, directly or indirectly, by way of dividend, bonus or otherwise however by way of profit, to the members of the APSI. Provided that nothing shall prevent the payment, in good faith, at reasonable and proper remuneration and out-of-pocket expenses to any officer or servant of the APSI or to any Members of the APSI, in return for any services rendered to the APSI.
B. TRUSTEE :
- A minimum of 2 and a maximum of 5 Trustees would constitute the Board of Trustees.
- Each Trustee will be appointed for a term of 5 years on the suggestion of the existing Trustees, with the approval of the Executive Council and the General Body.
- The Board of Trustees will elect a Chairman and an Executive Trustee.
- The Assets and the Properties of the APSI shall vest in the Trustees who shall execute declaration of trust with regard to any property vested in them.
- All the Instruments of investment would be signed by atleast 2 Trustees, one of whom would be the Executive Trustee. .
- The Trustees shall ensure that the assets of the APSI are duly invested and that its assets and property are duly safeguarded.
- The income from the asset shall be used as may have been decided by the General Body at the time of creating the assets from time to time. The income not remarked shall be transferred to the income of the APSI.
- A statement of account duly signed by the Trustees shall be included in the Annual statement of accounts of the APSI.
- The Board of Trustees shall meet atleast once in a year at the time of the National Conference.
- The Board of Trustees is authorized to take decisions by circular resolutions.
- Any member who has been a Trustee will be debarred from holding any elected office in the APSI thereafter.
- The Executive Trustee would be an Ex-officio member of the Executive Council and in his absence could be represented at the meeting of the Council by his nominee from among the Board of Trustees.