Artikel 23

1. Based upon the strategy set out by the Caribbean Council of Ministers of Postal Affairs, the Conference shall fix the maximum amount of the Union’s expenditure and the principles governing the expenditure for each year up to and including that of the next ordinary meeting of the Conference.
2. Contributions to the Union shall be assessed in US$ (United States dollars) but may be paid in any convertible currency.
3. For the purposes of meeting the expenses of the Union, members shall pay an annual contribution of a sum agreed by the Conference.
4. If the limits approved by the Conference prove to be insufficient to ensure the satisfactory operation of the Union, these limits may be exceeded after consultation with the full membership and the prior approval of the Management Board.
5. Members shall pay their contributions to the Union’s expenditure in advance or in two installments. The contributions shall be paid to the Secretariat not later than the first day of January and the first day of July of the financial year to which they relate. After that date, the amounts shall be chargeable with interest in favor of the Union at the rate of 5% per annum.
6. Member Countries whose total contributions are more than two years in arrears shall forfeit the right to vote until such time as they have liquidated their debts or until such time as they have entered into a debt repayment plan with the Secretariat.
7. A reserve fund maintained by budget surplus and voluntary contributions shall be established to provide against temporary shortfalls in financing or to meet special contingencies, as decided by the Management Board.
8. The Union’s financial year shall be a calendar year.