- Created: Saturday, 01 May 2010 17:01
- Last Updated: Tuesday, 20 May 2014 18:07
ARTICLE 10 Contracts, Checks, Deposits and Funds
The board of directors may authorize any officer or officers, agent or agents of the corporation, in addition to the officers so authorized by these bylaws, to enter into any contract or execute and deliver any such instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances. No officer or any other person shall be authorized to incur on behalf of the corporation any obligation or indebtedness, in excess of fifty dollars, without the prior approval of the board of directors, except for:
- The costs of printing, postage, and stenographic expenses of the corporation’s official publications, and
- Ordinary and necessary stationary and administrative supplies.
No personal liability whatever shall be incurred by any such officer or agent by reason of any act taken on behalf of the corporation if such act is properly authorized by the board of directors or these bylaws. Any officer or person who incurs any unauthorized obligation on behalf of the corporation shall personally indemnify the corporation against all liabilities and costs arising there from.
10.02. Checks, Drafts, etc.
All checks, 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 the treasurer and one other officer of the corporation, and by such other person or persons (if any) as shall from time to time be designated by resolution of the board of directors.
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, provided that such deposit is insured by an instrumentality of the United States government.
The 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.