Article VI - Legal Documents

 

Section 1.0 - Contracts: The Board of Directors may authorize any officer or agent of the Association to enter into contract or execute and deliver any instrument in the name of the Association, and such authority may be general or restricted, and may be limited to a maximum sum established by the Board of Directors.

Section 2.0 - Checks, Drafts, Etc.: All checks, drafts, and other orders for the payment of money, notes, or other evidence of indebtedness issued in the name of the Association, shall be signed by the Treasurer and one other Board member. At each regular and special meeting of the Board of Directors, the Treasurer shall report each financial transaction that has occurred since the previous Board meeting.

Section 3.0 - Deposits: All funds of the Association shall be deposited on a timely basis to the credit of the Association in a bank selected by the Board of Directors.

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