Agenda - 10-09-2007-6b - Laserfiche WebLink

Browse Search

3~ intention to initiate a vote to remove. Article V Duties of the Board of Directors Section 1. Management of Business. The Board of Directors will have general supervision and control of the Corporation's affairs and will make all rules and regulations not inconsistent with North Carolina law or with the Corporation by-laws for the management of the business, guidance of agents of the Corporation, and supervision of employees/contractors. This includes the power to levy a fee for any service provided by the Corporation to its members, provided the exact fee is approved by a majority vote of the Corporation membership at any regular or special membership meeting before it goes into effect. The Board of Directors has the authority to promulgate an ethical code of conduct to regulate the activities of members. The Board of Directors must maintain proper records .of all business. Section 2. Employees/Contractors. The Board of Directors may employ or authorize the employment of employees/contractors as deemed necessary and to set compensation at a fair market value for the services rendered. Section 3. Bonds and Insurance. The Board of Directors may require officers, agents, and employees/contractors charged by the Corporation with responsibility for the custody of any of its funds or negotiable instruments to give adequate bonds. Such bonds, unless cash security is given, shall be furnished by a responsible bonding company and approved by the Board of Directors, and the cost thereof will be paid by the Corporation. The Board of Directors will provide for the adequate insurance of the Corporation's property or property stored by the Corporation, and not otherwise adequately insured. The Board of Directors will provide adequate liability insurance to cover activities of the Board of Directors and potential accidents to all employees and the public. Section 4. Checks and Drafts. All checks, drafts, or orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the Corporation will be signed by the Treasurer. The Board of Directors may authorize the Market Manager or any Market Member representative to sign any check, draft, etc. on behalf of the Corporation. Such authority may be general or confined to specific instances. Section 5. Contracts. The Board of Directors may authorize any officer oremployee/contractor of the Corporation to execute and deliver a contractual instrument in the name of the Corporation. Such activity may be general or confined to specific instances. Section 6. Gifts. The Board of Directors may accept on behalf of the Corporation any contribution, gift, or bequest for the general purpose or any special purpose of the Corporation. Section 7. Audits. From time to time and at leastonce a year, the Board of Directors will review the Corporation's financial records. The Treasurer will deliver an annual written statement on the Corporation's financial affairs. At least once each year the Board of Directors may secure the services of a competent and disinterested public auditor or accountant and submit a written report based on the fndings to the Corporation's membership.