LACNIC shall have a Fiscal Commission composed of three members. Members of the Fiscal Commission shall serve a three-year term of office, and one member shall be renewed each year. Members of the Fiscal Commission shall be eligible for reelection as long as they continue to meet eligibility criteria.
The Fiscal Commission has the following attributions and duties:
- to permanently control all books and accounting documentation, overseeing management, controlling the state of the cash flow and the existence of funds, bonds and stock, in accordance with the laws and Bylaws in force;
- to present suggestions to the Board of Directors, in relation to the responsibilities detailed in the item above;
- to pass judgment on the Annual Report, Inventory, General Balance Sheet and Expense and Income Account submitted by the Board of Directors for the consideration of the Ordinary Assembly at the end of each financial year;
- to summon an Ordinary Assembly should the Board of Directors fail to do so, having previously notified the Board of Directors fifteen days in advance;
- to request that an Extraordinary Assembly be summoned whenever it is deemed necessary, presenting the justification of the request before the "Dirección General de Registros, Asociaciones Civiles y Fundaciones" (General Bureau of Registries, Civil Associations and Foundations) should the Board of Directors refuse to comply with the request;
- to summon an Extraordinary Assembly, informing the Control Organ, should a members' request according to the provisions Article 14 be presented unsuccessfully;
- to oversee operations for the liquidation of LACNIC. The Fiscal Commission shall fulfill its functions without interfering with the regular administration of the organization:
- in case of third-party accusations, to investigate and resolve alleged incompatibilities of members of the Electoral Commission.
More information: Articles 20 and 27, Chapter V - LACNIC Social Bylaws