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ARTICLE 8. CONTRACTS, LOANS, ETC.
8.01. Execution
of Contracts. The Board of Directors may authorize any officer, employee
or agent, in the name and on behalf of the Corporation, to enter into any
contract or execute and satisfy any instrument, and any such authority may
be general or confined to specific instances, or otherwise limited. In the
absence of any action by the Board of Directors to the contrary, any two
officers shall be authorized to execute such instruments on behalf of the
Corporation.
8.02. Loans.
The President or any other officer, employee or agent authorized by the
Bylaws or by the Board of Directors may effect loans and advances at any
time for the Corporation from any bank, trust company or other institutions
or from any firm, corporation or individual and for such loans and advances
may make, execute and deliver promissory notes, bonds or other certificates
or evidences of indebtedness of the Corporation and, when authorized by
the Board of Directors so to do, may pledge and hypothecate or transfer
assets of the Corporation as security for any such loans or advances. Such
authority conferred by the Board of Directors may be general or confined
to specific instances or otherwise limited.
8.03. Checks, Drafts,
Etc. All checks, drafts, and other orders for the payment of money
out of the funds of the Corporation, and all notes or other evidences of
indebtedness of the Corporation (collectively referred to as "Negotiable
Instruments"), shall be signed on behalf of the Corporation in such manner
as shall, from time to time, be determined by resolution of the Board of
Directors. In the absence of such resolution, either the President or Treasurer
shall be authorized to sign Negotiable Instruments not exceeding $5,000.00
in amount, and any two officers shall be authorized to sign Negotiable Instruments
in excess of $5,000.00 in amount.
8.04. Deposits.
The funds of the Corporation not otherwise employed shall be deposited from
time to time to the order of the Corporation in such banks, trust companies
or other depositories as the Board of Directors may select or as may be
selected by an officer, employee or agent of the Corporation to whom such
power may from time to time be delegated by the Board of Directors.
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