Every member shall be bound by the provisions of the Memorandum of Association of the Confederation, and these bye-laws, the provisions of the Travancore cochin Literary, Scientific and Charitable Societies Registration Act, 1955 (Act 22 of 1955) and by all rules, regulations, Bye-laws and decisions from time to time made or taken by the meeting of the General Body or by the Executive Committee of the Confederation. The property and income of the Confederation shall be applied solely towards the promotion of the objectives of the Confederation, as set forth in the Memorandum of Association and no portion thereof shall be paid or transferred, directly or indirectly by way of bonus, dividend or otherwise howsoever by way of profit to members of the Confederation, provided, nothing herein contained shall prevent the payment in good faith or remuneration to or the reimbursement of any officer or employee of the Confederation or any person for any service rendered or expenses previously authorized and actually incurred for the purpose of the Confederation.