individual account, separate from all other accounts of the State Organization, and shall be designated as the Life Member Per Capita Fund.  The principal and all interest earned on the Fund shall be retained in that Fund and the moneys therein shall be used only to pay the annual per capita for each Life Member.  This per capita shall be transferred out of this fund into the District Administration account, the State Administration account, the International Convention Fund account, and the State Convention Fund account at the same time and in the same amounts as the per capita annual tax set forth in this Article VIII, Section 1.(a).

SECTION 2.  The State Secretary/Treasurer shall establish special account books for:

             (1) District Administration

             (2) State Administration

             (3) Virginia Lions’ Bland Memorial Music
                   Scholarship Fund

            (4) International Convention Fund

            (5) State Convention Fund

            (6) Special Campaign Fund

            (7) Life Member Per Capita Fund

  The State Secretary/Treasurer shall have control of all such special accounts and funds thus established and the disbursements thereof by checks, subject to the approval of the Council of Governors; all checks drawn shall be valid upon signature of the State Secretary/Treasurer, countersigned by one of the District Governors (preferably by the Council Chairman).

            Any funds in excess of normal operating needs may be deposited/invested in any U.S. Government, or agency thereof, obligation or U.S. insured interest-bearing accounts for investments.  Any funds so invested shall require the same signatures as required for check writing procedures.

            The Council of Governors may, at its discretion, authorize use of prior years’ accumulated State Administration funds in fiscal years when revenue from State per capita annual tax is insufficient to meet state administrative expenses. 

  Interest on the activity funds included in this Section 2 shall be credited to the respective activity fund on which the interest was earned.

SECTION 3.  The State Secretary/Treasurer shall give surety bond in such amount as may be determined by