Terms of Reference
1. The Committee shall be established by the Board and shall make recommendations on the dispersal and management of bequests.
2. The Committee shall consist of no less than three and no more than 5 suitably experienced Trustees who shall not be involved in the direct management of the Society.
3. Members of the Committee shall be appointed for an initial term of three years after which time they may seek re-appointment for a further term. After a total of 6 years they may not seek re- appointment. A Chairman will be appointed by the committee members.
4. Any conditions set by the benefactor of each bequest shall be recorded and followed to the satisfaction of the benefactor’s executors / agents.
5. The Committee may make recommendations on both the disposal of funds and the investment of funds should projects worthy of support not be immediately forthcoming. If there is no immediate requirement then they should investigate investment opportunities.
6. Members shall not have any financial or personal interest in any of the items under discussion (see conflicts of interest below). A Register of Declarations of Interest will be established and a declaration made at each meeting.
7. Members shall:
– act in the interest of the Society and the benefactor.
– seek, in good faith, to ensure that the Committee operates in a manner that is consistent with its objects or purposes.
– act with care and diligence that is reasonable to expect of a person who is managing the affairs of another person, and to ensure that the Society complies with the provisions relevant legislation.
8. The Committee shall meet (either face to face or virtually) as necessary and at least once per year.