19E - CMD ANNUAL REPORT - Laserfiche WebLink

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ARTICLE XI. EXECUTION OF INSTRUMENTS, DEPOSITS AND FUNDS SECTION 1. EXECUTION OF INSTRUMENTS The Board of Directors, except as otherwise provided in these Bylaws, may by resolution authorize any officer or agent of the Corporation to enter into any contract or execute and deliver any instrument in the name of and on behalf of the Corporation, and such authority may be general or confined to specific instances. Unless so authorized, 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 or in any amount. SECTION 2. CHECKS AND NOTES Except as otherwise specifically determined by resolution of the Board of Directors, or as otherwise required by law, all checks, drafts, promissory notes, orders for the payment of money, and other evidence of indebtedness of the Corporation shall bear the signatures of two officers of the Corporation. SECTION 3. DEPOSITS AND INVESTMENTS (a) All funds of the Corporation shall be deposited to the credit of the Corporation in such banks, trust companies, or other depositories as the Board of Directors may select or as may be selected by any officer of the Corporation to whom such power has been delegated by the Board, provided said banks, trust companies or other depositories are insured by the Federal Deposit Insurance Corporation or such United States Government agency charged with insuring such funds; and for the purpose of such deposit, any officer or employee to whom such power may be delegated by the Board may endorse, assign or deliver checks, drafts and other orders for the payment of money which are payable to the order of the Corporation. (b) All investments of the Corporation shall only be made to the credit of the Corporation in such banks, trust companies, or other depositories as the Board of Directors may select or as may be selected by any officer of the Corporation to whom such power has been delegated by the Board, provided said banks, trust companies or other depositories are insured by the Federal Deposit Insurance Corporation or such United States Government agency charged with insuring such funds. SECTION 4. GIFTS The Board of Directors may accept on behalf of the Corporation any contribution, gift, bequest, or devise for the charitable or public purposes of this Corporation. No gift, donation, bequest or contribution to the Corporation shall be deemed to have been accepted until acted upon affirmatively by the Board of Directors. 28 19E-42