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Property and Income

Examples of Good Practices

  • Law on Non-governmental Organizations (Official Gazette of the Republic of Montenegro, no. 27 of July 29, 1999)


    Article 29

    The remainder of the property of a non-governmental organization which ceases to work shall be distributed to other humanitarian or non-governmental organizations, in accordance with the decision of the organization’s competent  organ. 
    However, if the competent organ of an organization fails to render such a decision before the organization is abolished from the registry, the Government of Montenegro, following the Ministry of Justice’s recommendation, shall decide on the distribution of the remainder of the property within 30 days from the organization’s abolishment from the registry.

     

  • Law on Associations and Foundations (published in the Official Gazette of the Republic of Srpska, no. 52 of October 17, 2001)

    THE PROPERTY OF ASSOCIATIONS AND FOUNDATIONS

    Article 35

    The property of an association or foundation may consist of voluntary gifts and contributions of some monetary value, financial assets allocated from the state budget or customs, subventions and contracts concluded with natural and legal persons, revenue from interests, dividends, profits on capital, rents, fees and similar sources of passive revenue, revenue acquired in the course of fulfilling the goals and activities of the association or foundation, membership fees and other revenues acquired through lawful utilization of the organization’s assets and property. 
    An association and foundation shall dispose of their property in accordance with law and the statute.

    Article 36

    The use and disposal of the property of an association or foundation shall be supervised by an organ of the association or foundation designated in the statute. 

    Article 37

    An association or foundation shall keep business records and shall prepare financial reports in accordance with the law.

    Article 38

    The bodies of an association or foundation shall manage the property of the association or foundation with a diligence of a prudent common person. If an association or foundation engages in economic activities in accordance with the provisions of this Law, the members of the management board shall manage the property used for such activity with a diligence of a prudent businessperson.
    A member of the organ of an association or foundation may not vote on issues in which his/her financial interests, or the financial interests of his/her spouse or relative, either by blood or by marriage up to the third degree, may conflict with the financial interests of the association or foundation.
    Legal transactions referred to in the previous paragraph must be concluded at market price, or under conditions that are more favorable for the association or foundation.

     

  • Law of the Republic of Armenia on Public Organizations (adopted on December 4, 2001)


    Article 17. Property of the Organization

    1. The organization's property comes from membership fees; grants; donations; from activities carried out in the manner prescribed by the law, and from other sources not prohibited by the law, including foreign ones.
    2. Property devolved to the organization, by proprietary rights, by the founders of the organization and its members, as well as all property obtained through other sources shall be considered as the property of the organization.
    The organization shall possess, use and manage its property for the fulfillment of and according to its statutory goals, in the manner prescribed by its charter and the law.
    The founders and members of the organization do not have proprietary rights over the property devolved to the organization (including membership fees). They do not bear responsibility for the liabilities of the organization, and the organization does not bear responsibility for the liabilities of its members.
    3. The property of an organization shall not be distributed among its founders and members.

     

  • Law no. 8788, dated May 7, 2001 on Non-profit Organizations [Albania]

     

    Article 21 - Remuneration of the members of the highest decision-making organ

    Members of the highest decision-making organ, as a rule, exercise their function without compensation.
    Non-profit organizations, respecting the principle of the best interest of the organization, depending on its conditions, the number and duration of its meetings, may reimburse the expenses and compensate members of the highest steering body for participation in its meetings.
    They are also compensated in cases when they perform specified duties.

    Article 23 - Remuneration of Persons Who Participate in the Highest Executive Organ and of Employees of the Non-Profit Organization

    A member or members of the highest executive organ and the employees of the non-profit organization earn wages, compensation and reimbursement for expenses incurred during the exercise of their duties and competencies.

     

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