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Page 5 of 6
5. Financial matters 5.1 As per the Statute, the School can be involved in the following: purchase, lease, exchange, hire or otherwise acquire any interest in land, buildings, easements, privileges, concessions or movable and immovable property of any kind or tenure, necessary or convenient for carrying out the object of the School; and to construct, provide, maintain, repair and alter any buildings, works, stores, plants and things which may from time to time be deemed requisite for any of the purposes of the School; and also to sell, lease, borrow, mortgage, dispose of, turn to account, or otherwise deal with the whole or any part of the property and rights of the School, To receive and accept donations, endowments and gifts of money, land, buildings, stock, funds, shares, securities and any other property of any organization, whether incorporated or not, carry on work similar to any work being carried on by the School and provided these donations, etc., do not carry provisions contrary to this Statute and/or the By-Laws, nor which have the effect of limiting the international and independent nature of the School. In particular, the School is entitled to enter in (semi-)contractual relations with other/related legal entities (in the realm of sponsoring, recreational activities et al.) only and in so far as (a) it brings the school assets and profits and no liabilities; and (b) it is in line with the general goals and principles of the School. 5.2 Checks, Drafts, etc. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the School shall be signed by such Board members or agents of the School and in such manner as shall from time to time be determined by resolution of the Board. 5.3 Deposits. All funds of the School not otherwise employed shall be deposited from time to time to the credit of the School in such banks, trust companies or other depositaries as the Board may select. 5.4 Financial Year. The financial year of the school runs from August 1 through July 31. 5.5 Non-Profit Status. The School is foremost a non-profit institution, but in order to be fully operational it shall be registered with the Lao authorities as a private limited company. The School does not contemplate pecuniary gain or profit, incidental or otherwise, and no part of its net earnings shall inure to the benefit of its Members, Board, officers or other private persons, except that the School may pay reasonable compensation for services rendered and make payments in furtherance of its purposes. 5.7 Dissolution/Termination. Should the School be terminated and dissolved, any assets remaining after payment of all just debts and obligations shall be transferred primarily to the Parents as a refund for that current year’s fees and contributions to the capital fund. Thereupon, any balance (if any) shall be made available to a Lao PDR based non-profit, charitable, educational or scientific association that is engaged in educational activities, preferably an international school.
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