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This excerpt taken from the MEMY DEF 14A filed Jun 13, 2007. Controls and Procedures
Procedures for Complaints. The Audit Committee shall establish procedures for (i) the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters; and (ii) the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters. Related-Party Transactions. The Audit Committee shall review all related party transactions on an ongoing basis, and unless pre-approved by the Board of Directors, all such transactions must be pre-approved by the Audit Committee. A “related party transaction” shall be a transaction required to be disclosed pursuant to SEC Regulation S-K, Item 404. Additional Powers. The Audit Committee shall have such other duties as may be delegated from time to time by the Board of Directors. This excerpt taken from the MEMY 10-K filed Apr 2, 2007. Item 9A. Controls and Procedures. Evaluation of disclosure controls and procedures Based on their evaluation as of December 31, 2006, our Chief Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) were effective to ensure that the information required to be disclosed by us in this Annual Report on Form 10-K was recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and Form 10-K. Change in internal control over financial reporting There were no changes in our internal control over financial reporting during the quarter ended December 31, 2006 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Limitations on the effectiveness of controls Our disclosure controls and procedures are designed to provide reasonable, not absolute, assurance that the objectives of our disclosure control system are met. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within a company have been detected. This excerpt taken from the MEMY DEF 14A filed Jun 28, 2005. Controls and Procedures
Procedures for Complaints. The
Audit Committee shall establish procedures for (i) the receipt, retention and treatment of complaints received by the Company regarding accounting,
internal accounting controls or auditing matters; and (ii) the confidential, anonymous submission by employees of the Company of concerns regarding
questionable accounting or auditing matters.
Related-Party Transactions. The
Audit Committee shall review all related party transactions on an ongoing basis, and all such transactions must be approved by the Audit Committee. A
“related party transaction” shall be a transaction required to be disclosed pursuant to SEC Regulation S-K, Item 404.
Additional Powers. The Audit
Committee shall have such other duties as may be delegated from time to time by the Board of Directors.
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