SOUTHERN AFRICAN DEVELOPMENT COMMUNITY CHAPTER TEN FINANCIAL PROVISIONS ARTICLE 28 THE BUDGET 1. The budget of SADC shall be funded by financial contributions made by Member States, and such other sources as may be determined by the Council. 2. Member States shall contribute to the budget of SADC based upon a formula agreed upon by the Summit. 3. The Executive Secretary shall cause to be prepared, estimates of revenue and expenditure for the Secretariat, and submit them to the Council, not less than three months before the beginning of the financial year. 4. The Council shall approve the estimates of revenue and expenditure before the beginning of the financial year. 5. The financial year of SADC shall be determined by the Council. ARTICLE 29 EXTERNAL AUDIT 1. The Council shall appoint external auditors and shall fix their fees and remuneration at the beginning of each financial year. 2. The Executive Secretary shall cause to be prepared and audited annual statements of accounts for the Secretariat and submit them to the Council for approval. ARTICLE 30 FINANCIAL REGULATIONS The Executive Secretary shall prepare and submit to the Council for approval financial regulations, standing orders and rules for the management of the affairs of SADC. CHAPTER ELEVEN IMMUNITIES AND PRIVILEGES ARTICLE 31 1. SADC, its institutions and staff shall, in the territory of each Member State, have such immunities and privileges as are necessary for the proper performance of their functions under this Treaty, and which shall be similar to those accorded to comparable international organisations. 2. The immunities and privileges conferred by this Article shall be prescribed in a Protocol. Consolidated text of the Treaty of the Southern African Development Community, as Amended - 21 -