Irish Aubrac Cattle Breed Society Limited

XIII. XIII. INCOME AND PROPERTY

78. INCOME AND PROPERTY
The income and property of the Society, whensoever derived, shall be applied solely towards the
promotion of the objects of the Society as set forth in these rules and no portion thereof shall be paid
or transferred directly or indirectly, by way of dividend, bonus or otherwise howsoever by way of
profit, to the members of the Society.
Provided that nothing herein shall prevent the payment, in good faith, of reasonable and proper
remuneration to any officer or servant of the Society, or to any member of the Society in return for
any services actually rendered to the Society, nor prevent the payment of interest at a rate not
exceeding 5 percent, per annum on reasonable and proper rent for premises demised or let by any
member of the Society, nor prevent the Society from purchasing cattle at reasonable and proper prices
from any member for use at any artificial insemination station or otherwise for the benefit of members
nor the gratuitous distribution among or sale at a discount to members of any publications, whether
published by the Society or otherwise, relating to any of its objects as set forth, nor prevent any
member who may be a successful exhibitor at any such show as is mentioned in Rule 4(f) from
receiving as such exhibitor any prize, medal or other recognition which may, under the regulations
affecting the said show, be awarded to such member, nor prevent the Society repaying to any member
all or any of the out-of-pocket expenses reasonably and properly incurred by such member in or about
the exhibition of cattle at any show approved for this purpose by the Society; but so that no member
of the Council of the Society shall be appointed to any salaried office of the Society or any office of
the Society paid by fees and that no remuneration or other benefit in money or money’s worth shall
be given by the Society to any member of such Council except repayment of out-of-pocket expenses
and interest at the rate aforesaid on money lent or reasonable and proper purchase monies for
premises demised or let by him to the Society, or reasonable and proper purchase monies for any
cattle at any time sold by him to the Society for use at any artificial insemination station or otherwise
or any prize, medal or other recognition to which he may become entitled as an exhibitor at any such
show as aforesaid; provided that the provision last aforesaid shall not apply to any payment to any
company of which a member of the Council may be a member, and in which such member shall not
hold more than one hundredth part of the capital, and such member shall not be bound to account
for any share of profits he may receive in respect of any such payment.

XIV. NOTICES OF MEETINGS ETC

79. NOTICE OF MEETING
Every member shall be taken to have due notice of every meeting, resolution or other matter of which
notice is required by the Rules of the Society to be given or served, on notice thereof being posted or
sent to the registered address of such member or published in newspapers as the case may be.
80. NOTICE TO JOINT SHAREHOLDERS
All notices shall, with respect to any shares to which persons are jointly entitled, be given to the joint
owner who is named first in the register, and notice so given shall be sufficient notice to all holders of
such shares.

XV. INDEMNITY

81. INDEMNITY
Each Council Member, Herd Book Secretary, Secretary or other officer or employee of the Society shall
be fully indemnified by the Society against liability and against all expenses reasonably incurred or
paid by him in connection with any debt, claim, action, demand, suit, proceeding, judgement, decree,
liability or obligation of any kind in which he/she becomes involved as a party or obligation by virtue
of his/her being or having been a Council Member, Herd Book Secretary, Secretary or other officer of
employee of the Society and against amounts paid or incurred by him/her in the settlement thereof
except where any of the foregoing is attributable to any negligence of wilful default on his/her part.

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