Regulation 3 Pooling of financial resources by the CSCI and the CHAI

(1)

The CSCI and the CHAI^f1 may enter into arrangements under section 120(4) of the Act for the pooling of financial resources if the two conditions prescribed in paragraphs (2) and (3) are met.

(2)

The first condition is that the CSCI and the CHAI have entered into an agreement specifying—

(a)

the purposes for which the pooled resources (referred to below as “the pooled fund”) are to be used;

(b)

the contributions that they are each to make to the pooled fund;

(c)

any staff, goods, services or accommodation that either of them is to provide in connection with the arrangements;

(d)

the duration of the arrangements, and how the arrangements are to be reviewed, varied or terminated; and

(e)

how the pooled fund is to be managed and monitored, including provision for one of the CSCI or the CHAI (“the host partner”) to be responsible for the preparation of accounts for the pooled fund and for arranging the audit of those accounts.

(3)

The second condition is that the host partner has appointed an officer to be responsible for submitting to the CSCI and the CHAI quarterly reports, an annual return about the income of, and expenditure from, the pooled fund, and such other information specified by the CSCI or the CHAI as will assist the CSCI or the CHAI (as the case may be) in monitoring the effectiveness of the arrangements.

Annotations

Footnotes

f1: See section 148 of the Act for the definition of “the CHAI”.