BYE-LAW 7.            FINANCE 

(a) Management and Control

The Council and the Executive Committee (as the case may be) shall have control of the funds and property of World Rugby, and without limiting the generality of the foregoing the Council shall have the power to fix from time to time the amount of the subscription to be paid to World Rugby by a Member Union and Member Association.

(b) Funds and Securities

Funds, securities and other property belonging to or at the disposal of World Rugby may be invested in any property or class of security or securities without any restriction whatsoever and shall be made in the names of nominees or the name of a nominee company as may from time to time be decided by the Council or the Executive Committee (as the case may be). The nominees or nominee company (as the case may be) shall have the custody of all securities and documents of title relating to the investments but such investments nevertheless remain at the disposal of World Rugby acting by the Council or the Executive Committee (as the case may be).

(c) Property

Without limiting the generality of the foregoing World Rugby acting by the Council (or the Executive Committee to the extent permitted by the memorandum and articles of association of World Rugby Limited) shall have power to hold purchase or take on lease or licence any real or personal property and shall have power to authorise the sale, exchange, lease, mortgage, charge or other disposition of or dealing with any such property.

(d) Borrowings

The Council or the Executive Committee (to the extent permitted by the memorandum and articles of association of World Rugby Limited) shall have power on behalf of World Rugby to raise or borrow any sum or sums of money with or without security for any purpose which it considers necessary to further the objects of World Rugby and to secure the repayment of the same by mortgaging or charging any of World Rugby’s property.

(e) Subscriptions

(i)  World Rugby’s income shall accrue from the subscriptions paid by Member Unions and Member Associations, from World Rugby’s investments and securities, and from any other income source.

(ii) Member Unions and Member Associations shall contribute on 1 January of each year a membership subscription which amount will be determined by Council at its Interim Meeting.

(f) Audited Accounts

Audited accounts of World Rugby and of its associated entities where required shall be made up to the 31st December in each year and shall be signed by the Chair and the Chief Executive Officer.

(g) Accounting Records

Accounting records shall be opened and kept by a qualified person in such detail as to enable World Rugby's income, expenditures and balance sheet to be properly prepared, analysed and audited.

(h) Bank Account

A bank account shall be opened in the name of World Rugby and the bank shall be authorised to honour all cheques, transfers or other orders of payment drawn on such account if signed according to the foregoing:

(i) by any two of the Chief Executive Officer, the Head of Finance, the Chair or Vice-Chair and for amounts not higher than £2,000; or

(ii) by two of the above persons excluding the Head of Finance for amounts in excess of £25,000.

The Chief Executive Officer and Head of Finance shall be authorised to open additional bank accounts for members of the World Rugby Group as considered necessary provided such action is in accordance with the authority delegated by the Executive Committee.

(i) Expenses

(i) Expenses include travel fares as well as reasonable expenses for accommodation, subsistence and communication while attending meetings.

(ii) Travel expenditures when on Council business will be on the basis of “Business or Executive Class” in the case of air travel exceeding eight hours travel time and on the basis of “economy” fare for other travel. The Chief Executive Officer has discretion to deviate from the eight-hour policy on a case by case basis. Other expenses may be claimed in accordance with the expenses policy of World Rugby.