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<br />section 15. Executive Committee. The Executive Committee <br />shall consist of the officers of the Board, to serve at the <br />pleasure of the Board. The President of the Board of Directors <br />shall be Chairperson of the Executive Committee. During the <br />intervals between meetings of the Board of Directors, the <br />Executive Committee shall possess and may exercise all of the <br />powers of the Board of Directors to manage the business affairs <br />of NSAC, except to the extent specifically limited by and <br />reserved by the Board of Directors from time to time; provided, <br />the Executive Committee shall not have the power to authorize the <br />expenditure of funds by NSAC or the incurring of any obligation <br />on behalf of NSAC which, with respect to anyone transaction with <br />anyone third party, involves the purchase or sale of goods or <br />services, lease or rental of property to or by NSAC or the <br />borrowing by or to NSAC, regardless of the time over which such <br />sum is payable or receivable. In no event shall the Executive <br />Committee be granted or exercise any power or authority exceeding <br />that of the Board of Directors. The Executive Committee shall <br />have no power or authority with respect to amendment of the <br />Articles of Incorporation or the By-Laws of NSAC, adopting an <br />agreement of merger or consolidation, the dissolution of NSAC, or <br />the sale, lease or exchange of NSAC's property or assets. All <br />actions by the Executive Committee shall be reported to the Board <br />of Directors at its meeting next succeeding such action, and <br />shall be subject to revision and alteration by the Board, <br />provided that no vested rights of third parties shall be affected <br /> <br />7 <br />