Common use of Administration of the Fund Clause in Contracts

Administration of the Fund. (a) The administration of the Fund shall be vested in an administrative committee consisting of three employers' representatives and three employees' representatives appointed by the Council or Regional Chamber. For each representative an alternate shall be appointed. (b) Two employers' representatives and two employees' representatives shall constitute a quorum and all matters shall be determined by a majority vote. (c) All expenses of administration shall be a charge against the Fund. (d) The Council or Regional Chamber shall appoint a public accountant or accountants whose remuneration shall be paid out of the Fund. The accounts shall be audited every year for the annual period ending 31