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Contracts, Checks, Deposits and Funds
Section
1. Contracts. The Board of
Directors may authorize any Officer agent or agents of the
Corporation, in addition to the officers so authorized by these
by‑laws, to enter into any contract or execute and deliver any
instrument in the name of and on behalf of the Corporation, and such
authority may be general or confined to specific instances.
Section
2. Checks, Drafts, etc. All
check, drafts or orders for the payment of money, notes or other
evidences of indebtedness issued in the name of the Corporation,
shall be signed by such Officer or Officers, agent or agents of the
Corporation and in such manner as shall from time-to-time be
determined by resolution of the Board of Directors. In the absence
of such determination by the Board of Directors, such instruments
shall be signed by the Treasurer and countersigned by the President
or President-Elect of the Corporation.
Section
3. Deposits. All funds of the
Corporation shall be deposited from time-to-time to the credit of
the Corporation in such banks, trust companies or other depositories
as the Board of Directors may select.
Section
4. Gifts. Board of Directors may accept on behalf of the Corporation any
contribution, gift, bequest or devise for the general purposes or
for any special purpose of the Corporation.
Section
5. Reserve Fund. The Board of
Directors shall establish a reserve fund with a minimum balance of
$3,000 for the purpose of meeting any emergency needs that may come
before the Corporation. Any expenditures from this reserve account
shall be presented to the Board of Directors and voted on by the
Board before funds may be spent. All accounting from this fund will
be reported at each business session.
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