ARTICLE 13 – FINANCIAL MATTERS Back
13.1 Every member of the Executive Committee who has, directly or indirectly, any interest in a contract or transaction to which CTAM is, or is to be, a party, other than as a member of CTAM, shall declare his/her interest in such contract or transaction.
13.2 Except for reasonable expenses officers, committee members, and other members volunteering their time shall not generally be remunerated for their activities on behalf of CTAM.
13.3 Every officer or other person undertaking any action or liability on behalf of CTAM, either within the scope of his/her office or with the express authority of CTAM shall be indemnified and saved harmless out of the funds of CTAM from and against:
1) any and all costs, charges, and expenses sustained or incurred in relation to the affairs of CTAM, and
2) any and all costs, charges, damages, and expenses sustained or incurred with respect to any action, suit, or proceeding brought against her/him for any act or thing done or permitted by him/her in the execution of her/his duties, unless such costs, charges, damages, or expenses are occasioned by her/his own willful neglect or default.
13.4 The property and assets of CTAM shall belong to CTAM as an entity; shall not constitute the property of any individual, and no member shall have any claim upon the property and assets of CTAM on ceasing to be a member or at any time thereafter.
13.5 In the event of the dissolution or wind-up of CTAM, all assets shall be assigned to a successor organization of academic staff at the JOD. Should a successor organization not exist at the time of dissolution or wind-up, the assets shall be transferred to a person or corporation designated by the Executive Committee as trustee. The trustee shall pay all liabilities and hold all remaining assets on terms and conditions established by the Executive Committee pending the establishment of a successor organization. Should no successor organization be established within two years of wind-up of CTAM, any remaining assets of CTAM shall be turned over to the University Medical Group. Back