Article 7. Final Transactions

ARTICLE VII. FINAL TRANSACTIONS

 

SECTION I. CONTRACTS

                The Board shall, by specific resolution, authorize any Officer to enter into any contract or execute and deliver any instrument in the name or in behalf of the Association.

 

SECTION 2. DEPOSIT OF FUNDS

                All funds of the Association shall be deposited to the credit of the Association in such bank(s) as the Board may designate. The Association, through its treasurer and president, shall maintain an automatic savings/current account for its operating expenses; and time deposits for idle funds.

                Separate accounts must be established for specific funds meant for specific projects or purposes.  A Reserve Fund established as seed money and to be used only as starting fund at the beginning of the calendar year may be utilized for the early months in operation with the intent that whatever amount was borrowed from the Reserve Fund shall be returned immediately as soon as practicable.  This fund should be placed in a separate savings account and distinct from the Operation Fund.  (As amended 29 January 2010)

 

SECTION 3. SIGNING OF CHECKS

                All checks, drafts or other orders of payment of money, and all notes, bonds or other evidences of indebtedness issued will be signed jointly by the treasurer and the president and or another officer or director authorized by the Board to serve as alternate signatory in the event the treasurer or president is unable to sign.

 

SECTION 4. INDEPENDENT AUDITOR

                The Board may engage the services of an external auditor to audit the bank accounts and financial condition of the Association, and submit an annual audited financial statement to be included in the treasurer's report to members at its annual meeting