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32.1

The funds of the Association shall be constituted as follows:

32.1.1

The balance of the funds available as certified in the accounts of the Association last approved by the members in general meeting shall constitute the General Reserves of the Association.

32.2

The Directors may apply the sums standing to the credit of the General Reserves and of the Operating Funds for any of the purposes for which the General Reserves are maintained or Operating Funds contributed or received or, whenever the Directors consider this to be in the interests of the Association, for any different purposes and the Directors may so apply those sums, even though payments are made in respect of any different Policy Year from that from which such sums originated.

32.1.2

Any funds of the Association not comprised in the General Reserves shall constitute the Operating Funds of the Association.

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