Article IX. Contracts, Checks, Deposits and Gifts
Section 1. Contracts
The Board of Directors may authorize any officer or agent of the corporation in addition to the officers so authorized by these By-Laws to enter into any contract or execute and deliver any instrument in the name of the corporation and on its behalf.
Section 2. Checks, Drafts, and Orders
All checks, drafts, and orders for payment of money, notes or other evidences of indebtedness issued in the name of the corporation shall be signed by such officers or agents of the corporation and in such manner as shall from time to time be determined by resolution of the Board of Directors. In the absence of such determination by the Board, such instruments shall be signed by the Chair and countersigned by the Treasurer.
Section 3. Deposits
All funds of the corporation shall be deposited from time to time to the credit of the corporation in such FDIC banks, savings and loans, or other depositories that have a branch located within the Commonwealth as the Board may select.
Section 4. Gifts
The Board of Directors may accept on behalf of the corporation any contribution, gift, bequest, devise, or grant for any purpose of the corporation.
The Board of Directors may authorize any officer or agent of the corporation in addition to the officers so authorized by these By-Laws to enter into any contract or execute and deliver any instrument in the name of the corporation and on its behalf.
Section 2. Checks, Drafts, and Orders
All checks, drafts, and orders for payment of money, notes or other evidences of indebtedness issued in the name of the corporation shall be signed by such officers or agents of the corporation and in such manner as shall from time to time be determined by resolution of the Board of Directors. In the absence of such determination by the Board, such instruments shall be signed by the Chair and countersigned by the Treasurer.
Section 3. Deposits
All funds of the corporation shall be deposited from time to time to the credit of the corporation in such FDIC banks, savings and loans, or other depositories that have a branch located within the Commonwealth as the Board may select.
Section 4. Gifts
The Board of Directors may accept on behalf of the corporation any contribution, gift, bequest, devise, or grant for any purpose of the corporation.
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Copyright © 2009 - 2013 Mariana Islands Water Operator Assocaition
Last modified: 3/6/2013
Copyright © 2009 - 2013 Mariana Islands Water Operator Assocaition
Last modified: 3/6/2013