Section 1 – CONTRACTS
All contracts, deeds, and other legal instruments authorized by the Board of Directors to be entered into on behalf of the Corporation shall be executed by the President.
Section 2 – LOANS
No loans shall be contracted on behalf of the Corporation, and no evidences of indebtedness shall be issued in the name of the Corporation unless authorized by a two-thirds (2/3) majority of the Board of Directors. Such authority shall be confined to a specific instance.
Section 3 – DEPOSITS
All funds of the Corporation not otherwise employed shall be promptly deposited to the credit of the Corporation in such bank, trust company, credit union or other financial depository as the Board of Directors may direct.
Section 4 – SALARIES & COMPENSATION
No compensation shall be paid to any Officer or Director of the Corporation for services as an Officer or Director of the Corporation.
Section 5 – REIMBURSEMENTS OF EXPENSES
The Board of Directors may authorize the reimbursement of any Officer of Director or any other member of the Corporation for expenses incurred by such Officer or Director or member in the performance of that Officer’s or Director’s or member’s services to the Corporation. Such reimbursement shall not constitute compensation for services rendered.