ARTICLE 13
Reserve Fund
| 13.01 | The purpose of the Reserve Fund is to meet significant expenditures which were not foreseen at the time the annual budget was approved. |
| 13.02 | The management and investment of the Reserve Fund shall be under the jurisdiction of the Executive. |
| 13.03 | Expenditures from the Reserve Fund may be authorized either by a 2/3 majority of the Officers of the Executive Committee or by a majority of the Directors present at the Annual General Meeting. |
| 13.04 | Contributions to the Reserve Fund shall be at the discretion of the Executive of ACER-CART. |
| 13.05 | The Reserve Fund shall not exceed twice the amount of the current year’s budget. |
| 13.06 | The Reserve Fund shall be not less than fifty percent (50%) of the current operating budget. |
| 13.07 | Investment of Reserve Fund money shall adhere to the Terms of Reference of the Reserve Fund. |
| 13.08 | An annual financial report of the Reserve Fund activities shall be presented to the Annual General Meeting. |