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13 <br />January 27, 2011 draft <br />10.11. Duties of Officers May Be Delegated. In case of absence of any officer of the <br />Association or for any other reason that the Board may deem sufficient, the Board may delegate the <br />powers or duties of such officer to any other officer or to any Director for the time being, provided a <br />majority of the entire Board of Directors concurs therein. <br />10.12. Bonds. Any or all officers and agents, respectively, shall, if required by the Board of <br />Directors, give bonds for the faithful discharge of their duties in such sums and with such surety as the <br />Board of Directors shall determine. <br />ARTICLE XI -CONTRACTS, LOANS, CHECKS AND DEPOSITS <br />11.1. Contracts. The Board of Directors may authorize any officer or officers or agent or agents <br />to enter into any contract or execute and deliver any instruments in the name and on behalf of the <br />Association, and such authority may be general or confined to specific instances. Specific approval by <br />the Board of Directors shall be required before any officer enters into any contract the total value of <br />which is over $10,000.00. <br />11.2. Loans. Except for loans that are incurred iti the ordinary course of business, no loans shall <br />be contracted on behalf of the Association and no evidences of indebtedness shall be issued in its name <br />unless authorized by a resolution of the Board of Directors. Such authority may be general or limited to <br />specific instances. <br />11.3. Checks and Drafts. All checks, drafts or other orders for the payment of money, notes or <br />other evidences of indebtedness issued in the name of the Association shall be signed by such officer(s) <br />or agent(s) of the Association and, ' in such manner as shall from time to time be determined by <br />resolution of the Board of Directors. <br />11.4. Deposits. All funds of the_Association not otherwise employed shall be deposited from <br />time to time to the credit of the Association in such banks, trust companies or other depositaries as the <br />Board of Directors may select. <br />ARTICLE XII -INDEMNIFICATION <br />In the event that the Association purchases directors and officers insurance or other similar <br />insurance, the Association shall to the fullest extent permitted by the Nonprofit Act up to the limits of <br />its insurance coverage indemnify all. persons whom it may indemnify pursuant thereto so long as such <br />persons have conducted themselves in good faith and reasonably believed their conduct not to be <br />opposed to the Association's best interests. <br />The Association may purchase and maintain insurance on behalf of any person, who is or was a <br />director, trustee, officer, employee or agent of the Association who, while a director, trustee, officer, <br />employee or agent of the Association is or was serving at the request of the Association as a director, <br />trustee, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, <br />trust, employee benefit plan or other enterprise, against liability asserted against or incurred by him or <br />her in that capacity or arising from his or her status as such, whether or not the Association would have <br />the power to indemnify him or her against the same liability under the Nonprofit Act. <br />{A0076878. DOC}{A0076878. DOC}{10 <br />