ICARC Bylaws

ARTICLE VIII - CONTRACTS, LOANS, CHECKS, DEPOSITS AND FUNDS

 Section 8.1. Contracts.

    The Board may authorize any officer or officers, agent or agents of the Corporation, in addition to the officers so authorized by These Bylaws, 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.

Section 8.2. Loans.

    No loans shall be contracted on behalf of the Corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board. Such authority may be general or confined to specific instances.

Section 8.3. Checks, Drafts, etc.

    All checks, drafts or orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Corporation, shall be signed by such officer or officers, agent or agents of the Corporation and in such manner as shall from time to time be determined by resolution of the Board. In the absence of such determination by the Board, such instruments shall be signed by the President or the Treasurer.

Section 8.4. Deposits.

    Funds of the Corporation shall be deposited from time to time to the credit of the Corporation in such banks or other depositaries as the Board may select, with the exception that the Treasurer may hold in cash an amount of $100.00 or less for purposes approved by the Board.

Section 8.5. Gifts.

    The Board may accept on behalf of the Corporation any contribution, gift, bequest or devise consistent with the objectives of the Corporation.

Section 8.6. Loans to or Guarantees for Directors and Officers.

     The Corporation shall not lend money to or guarantee the obligation of a director or officer of the Corporation.

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Last updated June 11, 2004 by KØCF