Rule 14-207. Finances.

(a) Annual licensing fees. The annual licensing fees to be paid each year by all members of the Bar shall be fixed by the Board with prior Supreme Court approval.

(b) Budget. The Board shall prepare a budget which shall be published for comment prior to final adoption. The Board shall adopt the budget at its first regular meeting following the reorganization meeting. No obligations shall be incurred unless within the limits of the budget and within the scope of the authorized objectives of the Board.

(c) Section dues.

(c)(1) Sections of the Bar may, with the approval of the Board, charge an annual membership fee in order to obtain the commitment of members to section activities and to provide revenue to carry out the purposes of the section. The amount of such membership fees shall be fixed by the section subject to the approval of the Board.

(c)(2) Funds raised by sections from membership fees shall be held by the Bar as separately identifiable funds of the sections, and disbursed to the sections as needed, to carry out the functions of the sections. Such funds shall not revert to the general Bar fund at the end of the budget year, but shall continue to be held as a separately identifiable fund.

(d) Disbursements.

(d)(1) Funds of the Bar shall be disbursed only in accordance with the provisions of law and by these Bylaws, and at the direction of the Board.

(d)(2) Checking accounts shall be maintained with banks to be designated by the Board in such amounts as the Board shall determine.

(d)(3) No check shall be drawn on the funds of the Bar except as authorized by the Board.

(d)(4) Checks under the amount of $1,000 can be signed by any one of the members of the Executive Committee or by the executive director. Checks over the amount of $1,000 shall bear the signatures of any two members of the Executive Committee or any one member of the Executive Committee and the executive director, except that there shall be a revolving-fund account for day-to-day operating needs, which can be signed by any one of the members of the Executive Committee or by the executive director. The size of the revolving-fund account shall be designated annually by the Board and can be revised at any time by Board action.

(e) Investment of funds. Funds of the Bar shall be invested at the direction of the Board.