(a) The books and records of the Local shall be audited at least annually by a qualified accountant, and a copy of such audit shall be sent to the Union as soon as available. In addition, the books and records of the Local shall be audited by its Trustees at least four (4) times a year. The President and Financial Secretary of the Local shall send an official notice to the Secretary- Treasurer of the International Union informing him or her that the Local´s books and records have been audited and stating the condition of the books and records. This notice shall be witnessed by the Local´s Trustees. The Financial Secretary shall submit a report of such notice at each regular meeting of the Executive Board.

(b) Officers and members of the Local shall not be loaned funds of the Local, nor shall they use funds of the Local for purposes not related to the Local´s official activities.

(c) The funds of the Local and its subordinate bodies are to be held in trust for the benefit of the membership, and shall not be loaned, invested, or otherwise dealt with in a manner which inures to the personal profit or benefit of any officer or employee of the Local. The Local shall not invest in, or make loans to, any business enterprises; provided, however, that publicly traded securities of widely held corporations may be purchased so long as no individual holding is substantial enough to affect or influence the course of any employer´s decision.

(d) Local officers handling funds are to be bonded in an amount covering no less than one-half of the liquid assets of the Local as shown by its previous annual audit, but no less than $500 and no less than required by applicable federal law.

(e) All Local union records shall be retained for seven years in the Local union office.