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41.- Financial Year, Annual Financial Report, Annual Management Report and Budget
41.1    The financial year of the NCAC shall start on 1January and end on 31December, except the first financial year which shall start from the date of adopting the Internal Rules and end on 31 December of the same year.

41.2    At least 15 (fifteen) calendar days prior to the date of the Annual General Assembly Meeting, the Executive Board shall send the following documents to each memberof the NCAC entitled to vote:
      a-    the audited annual financial report (including the balance sheet,
              statement of income and expenses, fund overview (committed,
              received, spent, balance), cash flow statement, statement of
              changes in equity, and fixed assets overview) of the NCAC in
              respect of the preceding financial year;
      b-     the auditor’s report with respect to the annual financial report;
      c-     the annual management report of the Executive Board consisting
              of a narrative review of developments and events affecting the
              NCAC during the year past and a preview of the coming year;
      d-     the annual budget for the NCAC for the then current financial
              year and the budget for the first quarter of the following financial
The annual financial report and the annual management report shall be signed by the Chairman of the Executive Board.
The General Assembly Meeting shall discuss the aforementioned documents and shall approve them following such amendments as may be necessary.
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