If your association’s Constitution does not prohibit raising fund from his office bearers then it is not illegal but it is recommended you have an agreement between the society and the office bearers to put this or record.
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Circumnavigator, lawyer and columnist and the man who divides his time between Singapore, Hong Kong and China. I believes that etiquette transcends nationality and race. 
In this column I will offer stylish advice to everyday questions on etiquette at work and at home and anything else that may be bothering you.