Section 9.01. Deposit of Funds
The funds of the Association shall be deposited as the Board of Directors from time to time may determine.
Section 9.02. Checks, etc.
All checks, drafts, endorsements notes and evidences of indebtedness of the Association shall be signed by such Officer or Officers or agent or agents of the Association and in such manner as the Board of Directors from time to time may determine. Endorsements for deposits to the credit of the Association shall be made in such manner as the Board of Directors from time to time may determine.
Section 9.03. Loans
No loan or advance shall be contracted on behalf of the Association, and no note or other evidence of indebtedness shall be issued in its name, unless and except as authorized by the Board of Directors. Any such authorization may be general or confined to specific instances, and may include authorization to pledge, as security for loans or advances so authorized, any and all securities and other personal property at any time held by the Association.
Section 9.04. Contracts
No Contract other than in the ordinary course, may be entered into on behalf of the Association unless and except as authorized by the Board of Directors; any such authorization may be general or confined to specific instances.
Section 9.05. Transfer of Securities
A transfer of stocks, bonds, or other securities held in the name of or otherwise belonging to the Association may be sold or otherwise transferred only upon the signature of both the President (or, acting with the President’s power of attorney, the Vice-President) and the Executive Director.
Section 9.06. Fiscal Year
The fiscal year of the Association shall be the period January 1 to December 31.
Section 9.07. Maintenance of Records
The financial records of the Association shall be maintained by the Executive Director.
Section 9.08. Audit of Accounts
The Board of Directors may request an audit or financial review of accounts by an independent accountant at the end of each term of office or at such times as the Board of Directors shall determine.
Section 9.09. Distribution of Assests on Dissolution
In the event of the dissolution of the Association, any assets shall be distributed to such organization or organizations organized and operated exclusively for charitable, education, or scientific purposes as shall at the time qualify as an exempt organization or organizations under Section 501(c)(3) of the Internal Revenue Code, as the Board of Directors shall determine.
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