Auditing Commission

Auditing Commission

Contact e-mail: [email protected]
Extract from the Bylaws of Racing Club AC regarding the Auditing Commission:

SECTION No. 97: The Auditing Commission shall be formed by five Permanent and three Deputy members, who shall serve for the term established by the applicable regulation (section 7 of the Executive Order No. 13871/53), which shall apply automatically for the cases in which the term of office of the members of the Auditing Commission changes to the same of the Board´s. Three permanent members and two deputy members shall be elected for the majority and two permanent members and one deputy member shall be elected by the minority of the votes that each candidate got.

SECTION No. 98: There shall not be any hierarchy among the members of the Auditing Commission. However, they shall choose one Secretary among them.

SECTION No. 99: In case of resignation, death or inability of any member of the Auditing Commission, the respective deputy member shall occupy such vacancy. The term of office of the members of the Auditing Commission shall be revoked pursuant to the provisions of Section No. 70, second paragraph. Moreover, the provisions of Section No. 75 of these Bylaws shall also be applicable.

SECTION No. 100: In the first meeting of the Auditing Commission, the members shall lay down its own internal regulations, which shall be notified to the Board. The Auditing Commission shall gather when the quorum of four of its members is met, making decisions by simple majority. The decisions may be reconsidered reaching the same majority.

SECTION No. 101: If, notwithstanding the incorporation of the Deputy members, the Auditing Commission remained with less members than necessary or with leaderless, the Board shall call for elections for its formation.

SECTION No. 102: The elections for the formation of the Auditing Commission shall be called within fifteen days after the moment it remained leaderless.

SECTION No. 103: The duties and powers of the Auditing Commission are the following:
a) To examine the books and documents of the Club, whenever it is deemed appropriate and at least once every two months. In such moment, the Board is bound to send the Auditing Commission a bimonthly trial balance sheet. The Auditing Commission shall make its observations within thirty days from the date of receipt, since. At the expiration of such term, the balance sheet shall be deemed approved by the Auditing Commission;
b) To audit the investment of the funds of the club, ensuring that they are used under the provisions of the Bylaws;
c) To intervene and express its opinion regarding the calculation of Resources and the Budget of Expenses for each fiscal year;
d) To give notice to the Board of any irregularity in the books, in investments or in the handling of funds that it may have been aware of. Failure by the Board to adopt the corresponding measures shall cause the Auditing Commission to request the Board to call for an Extraordinary Meeting. Should the Board refuse to do so, the Auditing Commission shall give notice to the Direction of Legal Entities;
e) To take part in the meetings of the Board, with no right to vote.
f) To meet at least once a month, pursuant to the internal regulations that may be passed.

SECTION No. 104: In order to be a member of the Auditing Commission, the members shall fulfil the same requirements than the ones required to become a member of the Board. At least, two Certified Accountants, one for the majority and one for the minority, shall be members of the Board, pursuant to Section No. 97.

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