Chapter IV: Founding assets and budgetary system

• Chapter I: Name and statutory scheme
• Chapter II: Governing bodies and administration
• Chapter III: On partners: requirements and admission procedure and types
• Chapter IV: Founding assets and budgetary system
• Chapter V: On the modification of the statutes
• Chapter VI: On the dissolution of the associations and application of the net assets
• Chapter VII: Final dspositions

CHAPTER FOUR

FOUNDING ASSETS AND BUDGETARY SYSTEM

Article 37

The initial assets of the Association come to ONE THOUSAND EUROS (1,000.- euros.) which have been paid by the founding partners.

Article 38

The economic resources provided by the Association for the development of the Association’s activities, shall be as follows:

a) The initial fee.
b) The periodical fees agreed.
c) The products of the goods and rights that correspond to it, as well as grants, legacies and donations it may receive legally.
d) The revenue the Association obtains through licit activities that the Management Board agrees to carry out, always within the statutory aims.

The associative and financial year shall be on an annual basis and shall end on 31st December every year.

The profits obtained by the association, derived from carrying out economic activities, including the provision of services, must be exclusively directed at meeting its aims, without the possibility under any circumstances of it being shared out between the associates or their spouses or persons who live with them with a similar close relationship, or among their relatives, or their gratuitous transfer to natural or legal persons for lucrative purposes.