Orange County NC Website
Browse       Search
33 <br /> Section 2. Loans. No loans shall be contracted on behalf of <br /> the corporation and no evidences of indebtedness shall be issued in <br /> its name, unless and except as authorized by the Board of <br /> Directors. Any officer or agent of the corporation thereunto so <br /> authorized may effect loans or advances for the corporation and for <br /> such loans and advances may make, execute, and deliver promissory <br /> notes, bonds, or other evidences of indebtedness of the <br /> corporation. Any such officer or agent, when thereunto so <br /> authorized, may mortgage, pledge, hypothecate, or transfer as <br /> security for the payment of any and all loans, advances, <br /> indebtedness, and liabilities of the corporation any real property <br /> and all stocks, bonds, other securities, and other personal <br /> property at any time held by the corporation, and to that end, may <br /> endorse, assign, and deliver the same, and do every act and thing <br /> necessary or proper in connection therewith. Such authority may be <br /> general or confined to specific instances. <br /> Section 3. Deposits. All funds of the corporation shall be <br /> deposited from time to time' to the credit of the corporation in <br /> such banks or trust companies or with such bankers or other <br /> depositories as the Board of Directors may select, or as may be <br /> selected by any officer or officers, agent or agents of the <br /> corporation to whom such power may from time to time be given by <br /> the Board of Directors. <br /> Section 4. Checks, Drafts, Etc. All notes, drafts, <br /> acceptances, checks and endorsements or other evidences of <br /> indebtedness shall be signed on behalf of the corporation in such <br /> Ra12\R55090-006\0047496.06\10-07-94 2 4 <br />