03-27-1990 PTRC Meeting Minutes - Laserfiche WebLink

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A i 3.9) Compensation - The compensation of all officers, agents or Srepresentatives of the Corporation, shall be fixed by the Board or Directors, shall be reasonable in amount for the services rendered, and the fact that any officer, agent or representative of the Corporation is a member of the Board of Directors shall not preclude him or her from receiving compensation appropriate to the value of his or her services or from voting on a resolution providing for the same. 3.10) Officers Shall Not Lend Corporate Credit- Except as authorized by the Board of Directors, no officer of this Corporation shall sign or endorse in the name or on behalf of this Corporation, or in his or her official capacity, any obligations for the accommodation of any other party or parties, nor shall any check, note, bond, stock certificate or other security or thing of value belonging to this Corporation be used by any officer or director as collateral for any obligation other than valid obligations of this Corporation. ARTICLE 4. FINANCIAL AND PROPERTY MANAGEMENT 4.1) Fiscal Year - The fiscal year of the Corporation shall end on December 31 of each year. 4.2) Audit of Books and Accounts - The books and accounts of the Corporation_ shall be audited at such times as may be ordered by the Board of Directors. • 4.3) Contracts - The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the Corporation for the consideration that the Board of Directors deems expedient. 4.4) Checks - All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the Corporation shall be signed by the treasurer or such other 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 of Directors. 4.5) Deposits - All funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation in such banks, trust companies, or other depositories as the Board of Directors may select. ARTICLE 5. CORPORATE SEAL 5.1) Corporate Seal - The corporate seal shall have inscribed thereon the name of the Corporation and the words "Corporate Seal" and, when so directed by the Board of Directors, a duplicate of the seal may be kept and used by the secretary or treasurer or by any assistant secretary or assistant treasurer. 6.