ARTICLE 15: FINANCIAL YEAR - ANNUAL ACCOUNTS

Article 15.1

The financial year of the Organization starts on 1 January and ends on 31 December of each year. The first financial year starts on the date of incorporation of the Organization and ends on 31 December 2015.

Article 15.2

The Board shall prepare the annual accounts of the Organization in accordance with the Act and implementing legislation (as amended from time to time). The annual accounts shall be presented to the Annual Meeting for approval within six months following the closing of the financial year and, to this end, must be communicated to the Members at least thirty days prior to the date of such meeting.

Article 15.3

The Board may appoint one or several auditors to audit the financial position of the Organization and its accounts. The selection shall be made outside of the Members. The mandate of the auditor(s) is for one year and can be renewed by the Board. The auditor(s) shall report annually to the Board.

Article 15.4

If at any time the Organization would be required pursuant to applicable law to appoint a statutory auditor, a statutory auditor (commissaire) shall be appointed by the Board for a renewable term of three years among the members of the (Belgian) Institute of Statutory Auditors (l’Institut belge des réviseurs d’entreprises). If a statutory auditor is so appointed, the preceding subclause 3 shall cease to apply. The auditor(s) shall report annually to the Board.