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• <br /> 32 <br /> Section 11. Duties of Officers May be Delegated. In case of <br /> the absence of any officer of the corporation or for any other <br /> reason that the Board may deem sufficient, the Board may delegate <br /> the powers or duties of such officers to any other officer or to <br /> any Director. <br /> Section 12. Compensation of Officers. The compensation, if <br /> any, of the officers of the corporation shall be fixed at a <br /> reasonable amount from time to time by the Board of Directors, and <br /> no officer shall be prevented from receiving such compensation by <br /> reason of the fact that the officer is also a Director of the <br /> corporation. The Board of Directors may delegate to any officer <br /> who has been given power to appoint subordinate officers or agents, <br /> as provided in Section 3 of this Article, the authority to fix the <br /> salaries or other compensation of any such officers or agents so <br /> appointed. <br /> ARTICLE VI <br /> Contracts, Loans, Deposits. Checks, Drafts. Etc. <br /> Section 1. Contracts. Except as otherwise provided in these <br /> by-laws, the Board of Directors may authorize any officer or <br /> officers, agent or agents to enter into any contract or to execute <br /> or deliver any instruments on behalf of the corporation, and such <br /> authority may be general or confined to specific instances. In the <br /> absence of any action by the Board of Directors to the contrary, <br /> the President of the corporation shall be authorized to execute <br /> such instruments on behalf of the Corporation. <br /> Ra12\1255090-006\0047496.06\10-07-94 23 <br />