Section 1. Execution of Instruments. Except as in these By-Laws
otherwise provided, the Board of Directors may authorize any officer or
officers, agent or agents, to enter into any contract or execute and deliver
any instrument in the name of and on behalf of the corporation, and such
authorization may be general or confined to specific instances. Except
as so authorized, or as in these By-Laws otherwise expressly provided,
no officer, agent, or employee shall have any power or authority to bind
the corporation by any contract or engagement or to pledge its credit
or to render it liable for any purpose in any amount.
Section 2. Bank Accounts. The Board of Directors may authorize the opening and keeping of general and/or special bank accounts with such banks, trust companies or other depositories as may be selected by the Board or by an officer or officers, agent or agents of the corporation to whom such power may be delegated by the Board.
Section 3. Checks and Drafts. All checks, drafts or other orders for the payment of money, notes, acceptances, or other evidences of indebtedness issued in the name of its corporation shall be signed by such officer or officers, agent or agents, of the corporation, and in such manner, as shall be determined by resolution of the Board of Directors. Endorsements for deposit to the credit of the corporation in any of its duly authorized depositories may be made without counter-signature, by the president or any vice-president/president elect, or the treasurer or by any other officer or agent of the corporation to whom the Board of Directors, by resolution, shall have delegated such power, or by hand-stamped impression in the name of the corporation.
Section 4. Loans. No loans shall be contracted on behalf of the corporation and no evidence of indebtedness shall be issued in its name. No loans may be made to any officer or director of the corporation, directly or indirectly, except that reasonable advances of reimbursable expenses may be made at the discretion of the president or, in the case of the president, as determined by the Board of Directors.
Revised: April 2000
