Resolution 3 of 2014

The Council had been prudent in managing its finances, recording its unqualified audit report for the fourteenth consecutive year. Notwithstanding, the time had come for the Council to review its levy fee, given the increase in demand for its services and the depreciation of the value of the current membership contribution, which has remained unchanged, since inception.

The net present value of this levy, is now worth half its original amount, thus rendering it difficult to sustain the statutory obligations of the Council, in the long term. Hence the signing of Resolution 3 of 2014.