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1. The financial period of the Organization shall be two years.
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2. The financial year shall be from 1 January to 31 December.
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3. The budget shall be financed by the contributions of the Members according to a method
of apportionment to be determined by the Assembly, based on the level of economic
development of and the importance of tourism in each country, and by other receipts
of the Organization.
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4. The budget shall be formulated in euros. The currency used for payment of contributions
shall be the euro or any other currency or combination of currencies stipulated by
the Assembly. This shall not preclude acceptance by the Secretary-General, the extent
authorized by the Assembly, of other currencies in payment of Members’ contributions.
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5. A General Fund shall be established. All membership contributions made pursuant to
paragraph 3, miscellaneous income and any advances from the Working Capital Fund shall
be credited to the General Fund. Expenditure for administration and the general programme
of work shall be paid out of the General Fund.
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6. A Working Capital Fund shall be established, the amount of which is to be fixed by
the Assembly. Advance contributions of Members and any other budget receipts which
the Assembly decides may be so used, shall be paid into the Working Capital Fund.
When required, amounts therefrom shall be transferred to the General Fund.
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7. Funds in trust may be established to finance activities not provided for in the budget
of the Organization which are of interest to some member countries or groups of countries.
Such Funds shall be financed by voluntary contributions. A fee may be charged by the
Organization to administer these Funds.
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8. The Assembly shall determine the utilisation of gifts, legacies and other extraordinary
receipts not included in the budget.
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9. The Secretary-General shall submit the budget estimates to the Council at least three
months before the appropriate meeting of the Council. The Council shall examine these
estimates and shall recommend the budget to the Assembly for final examination and
approval. The Council's estimates shall be sent to Members at least three months before
the appropriate session of the Assembly.
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10. The Assembly shall approve the budget by years for the succeeding two-year financial
period and its annual apportionment, as well as its administrative accounts for each
year.
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11. The accounts of the Organization for the last financial year shall be transmitted
by the Secretary-General to the auditors and to the competent organ of the Council.
The auditors shall report to the Council and to the Assembly.
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12. The Members of the Organization shall pay their contribution in the first month of
the financial year for which it is due. Members shall be notified of the amount of
their contribution, as determined by the Assembly, six months before the beginning
of financial years in which the General Assembly is held and two months before the
beginning of the other financial years. However, the Council may approve justified
cases of arrears due to different financial years existing in different countries.
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13. A Member which is in arrears in the payment of its financial contributions to the
Organization's expenditure shall be deprived of the privileges enjoyed by the Members
in the form of services and the right to vote in the Assembly and the Council if the
amount of its arrears equals or exceeds the amount of the contributions due from it
for the preceding two financial years. At the request of the Council, the Assembly
may, however, permit such a Member to vote and to enjoy the services of the Organization
if it is satisfied that the failure to pay is due to conditions beyond the control
of the Member.
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14. A Member withdrawing from the Organization shall be liable for assessments on a pro rata basis up to the time the withdrawal becomes effective.
In calculating the assessments of Associate and Affiliate Members, account shall be
taken of the different bases of their membership and the limited rights they enjoy
within the Organization.
DONE at Mexico City on 27 September 1970.