Announcement
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| Section 1. | The Board of Directors shall decide all matters pertaining to the finances of the Local League and shall place all income including auxiliary funds, in a common league treasury, directing the expenditure of same in such manner as will give no individual or team advantage over those in competition with such individual or team. |
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| Section 2. | The Board shall not permit the contributions of funds or property to individual teams but shall solicit same for the common treasurer of the Local League, thereby to discourage favoritism among teams and to endeavor to equalize the benefits of the Local League. |
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| Section 3. | The Board shall not permit the solicitation of funds in the name of Little League Baseball unless all of the funds so raised be placed in the Local League treasury. |
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| Section 4. | The Board shall not permit the disbursement of Local League funds for other than the conduct of Little League activities in accordance with the rules and policies of Little League Baseball, Incorporated. |
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| Section 5. | No Director, Officer or Member of the Local League shall receive, directly or indirectly any salary, compensation or emolument from the Local League for services rendered as Director, Officer or Member. |
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| Section 6. | All moneys received, including Auxiliary Funds shall be deposited to the credit of the Local League bank account and all disbursment shall be made by check. All checks shall be signed by the Local League Treasurer and such other Officer or Officers or person or persons as the Board of Directors shall determine. |
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| Section 7. | The fiscal year of the Local League shall begin on the first day of August and shall end on the last day of July. |
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| Section 8. | DISTRIBUTION OF PROPERTY UPON DISSOLUTION. Upon dissolution of the Local League and after all outstanding debts and claims have been satisfied, the Members shall distribute the property of the Local League to such other Federally Incorporated entity maintaining an objective similar to that set forth herein, which are or may be entitled to exemption under Section 501 (c) (3) of the Internal Revenue Code or any future corresponding provision. |
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