The Executive Council shall direct and manage the affairs and property of the SIBN subject to the provisions of the Rules. The Executive Council may appoint sub-Committee or sub-Committees and may delegate any of its powers to any such sub-Committee. The Executive Council may in addition, delegate any of its power to its member or such other person or persons or bodies as it may appoint or constitute from time to time for efficient working of the SIBN. All such sub-Committee or persons shall be in the exercise of powers delegated to them by the Executive Council and in the transaction of the business conform to any direction that may be given to them by the Executive Council and subject thereto may regulate their proceedings as they deem fit.
1. Executive Council Meetings:
The Executive Council shall meet as often as the business of the SIBN may require but at least 6 times a year. At every meeting of the Executive Council presence of five of the Executive Council members shall constitute a quorum. A meeting of the Executive Council at which a quorum is present shall be competent to exercise all or any of the powers or discretion vested in or exercisable by the committee not withstanding any vacancy in the body.
2. General Body Meetings:
The General Body meetings comprising of all members shall be held at least twice a year. Quorum for such meetings shall be 1/3 of the registered members as on date.
3. Annual General Body Meeting:
The annual General Meeting of the SIBN shall be held in the month of April each year. Fifteen days notice shall be given for the meeting and for this purpose a written notice shall be posted to each member three weeks prior to the meeting date. Only registered Members attached to the SIBN shall be entitled to attend the annual General Body meeting of the SIBN. Annual report and audited accounts of the committee for the preceding year will be presented at the meeting. The business of the annual General Body meeting shall be: to receive the Annual Report, receive the Audited Accounts, appoint auditors and fix their remuneration and to receive the proposed budget expenditure.
4. Extraordinary General Body Meeting:
In case the activities of SIBN are severely affected due to extraordinary circumstances, any one of the Members associated with the SIBN, with the support of 10% of such members can request the CCO to convene a General Body meeting. The General Secretary shall be obliged to convene the General Body meeting within one month of the request giving a notice of fifteen days. The quorum for such General Body meeting shall be 40% of the registered members as on date. The General Body in the meeting under such circumstances shall take appropriate decisions with the support of simple majority.
The President shall carry out all his duties in consonance with the provisions of the Rules, the Resolutions of the General Body Meeting of Registered Members and work under the guidance of the Executive Council of the SIBN, the Patron, and the Vice Patron. The President shall plan, and implement activities to fulfil the manifesto laid down by the Constitution under the aforesaid guidelines prescribed and ensure smooth functioning of the SIBN in accordance with its objectives and framework.
The VP shall carry out all his duties and functions in conformity with the provisions of the SIBN charter. He shall assume all powers of President in his absence. He shall also nominate, coordinate, conduct and supervise the activities of the Sectorial Committees. He shall have meeting with Heads / coordinators of the Sectorial Committees at least once in month.
The General Secretary shall be responsible for the conduct of all correspondence and office work of the SIBN and submit them to the Executive Council at regular intervals; he shall maintain a register of all classes of members attached to the SIBN and their addresses; he shall normally attend all meetings of the Executive Council and shall have the business there at correctly and fully recorded, reported and passed by the Executive Council and he shall generally conduct the ordinary business of the SIBN and shall refer to the Executive Council any matters of importance requiring urgent decisions.
The Treasurer of the SIBN shall prepare a budget of expenditure for each financial year by end of February and submit it to the Executive Council of the SIBN for approval. Subsequently, the budget as approved by the Executive Council will be presented to the General Body at the annual meeting for their approval during the General Body Meeting. The Treasurer shall be responsible for maintaining proper books of accounts for all sums of money received and expended and the assets and liabilities of the SIBN. Audited Expenditure reports and accounts of the SIBN including balance sheets shall be presented to the Executive Council for approval at the Annual General Meeting.
The Executive Council is free to constitute sectoral committees comprising of 2 or more Members to give focused attention to specific areas identified for furtherance of bilateral economic cooperation between India and Saudi Arabia.
The financial year of SIBN will commence on the first day of April of each year and end on the last day of March in the following year.
The revenue of the SIBN shall be from Yearly Membership Fees, Contributions from its members & associates, sponsorship and fund rising events. The SIBN shall strictly conduct its business solely for the purpose of the objectives defined in the Bye-Laws and will remain as a non-profit making organization. The revenue of the SIBN shall form a general fund of SIBN and all its properties and income and effects of whatsoever kind are vested in the SIBN (through the Consulate General of India, Jeddah in the Kingdom of Saudi Arabia). Under no circumstances whatsoever shall any such property, income, revenue or effects of the SIBN derived howsoever be paid or transferred directly or indirectly, by way of dividend or bonus or otherwise by way of profit to any of the members of the SIBN.
Books of Accounts
The Executive Council shall keep proper books of accounts with respect to –
1. All sums of money received and spent as authorized by the Executive Council and the matters in respect of which receipts and expenditure takes place.
2. The assets and liabilities of the SIBN. Under such circumstances as of closing down the activities of the SIBN, the Consulate General of India in Jeddah shall take charge of all the assets and liabilities of the SIBN and undertake actions as deem fit for the disbursement.
The accounts of the SIBN shall be operated jointly by one member from each of the following units:
UNIT 1 comprising of one official from the Consulate General of India, Jeddah, who would be designated as the Chief Coordinating Officer (CCO) by the Vice-Patron and UNIT 2 comprising of the General Secretary/Treasurer of SIBN. The accounts shall be in the name of “Saudi-Indian Business Network, Consulate General of India, Jeddah” and the accounts may be maintained with any of the internationally recognized banks operating in KSA as decided by the Executive Council. No payment of the money or funds of the SIBN shall be made except under the expressed sanction of the Executive Council and all cheques shall be compulsorily signed by any two of the authorized signatories.
Interactions With Trade-Related Bodies. The SIBN shall endeavour to establish good working relations with similar bodies within the GCC countries as well as Chambers of Commerce, Export Promotion Councils (EPCs) and Industry Associations in India and Saudi Arabia.
2. The SIBN would be free to enter into an MOU or any other form of agreement with trade related bodies or EPCs mentioned above if such an arrangement could give further boost to economic and business cooperation between India and Saudi Arabia. However, all such agreements would have to be approved by the Patron and/or Vice-Patron.