Agenda - 11-05-2003-9a - Laserfiche WebLink

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10 ARTICLE VIII CONTRACTS, LOANS, CHECKS, AND DEPOSITS Section 1, Contracts, The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances, All such contracts shall be in accordance with the annual budget approved by the Board of Directors at its Annual Meeting. Section 2, Loans, No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors.. Such authority may be general or confined to specific instances, Section 3, Checks and Drafts, All checks, drafts or other orders for the payment of money, issued in the name of the corporation, shall be signed by such officer or officers, agent or agents of the corporation and in such manner as shall from time to time be determined by resolution of the Board of Directors. Section 4, Deposits, All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such depositories as the Board of Directors may select, ARTICLE IX GENERAL PROVISIONS Section 1. Seal, The corporate seal of the corporation shall consist of two concentric circles between which is the name of the corporation and in the center of which is inscribed SEAL; and such seal, as impressed on the margin hereof, is hereby adopted as the corporate seal of the corporation. Section 2. Waiver of Notice. Whenever any notice is required to be given to any Director by law, by the charter or by these Bylaws, a waiver thereof in writing signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be equivalent to the giving of such notice. Section 3. Fiscal Year, The fiscal year of the corporation shall be the calendar year, from January 1st to December 31st. Section 4. Amendments, After thirty (30) days written notice to all Directors, and subject to the approval requirement stated herein, these Bylaws may be amended or repealed and new Bylaws may be adopted by the affirmative vote of a two-thirds majority of the Board of Directors present and voting at any Regular, Annual or Special Meeting duly and properly called, The notice of any such meeting shall include notice that a vote to amend or repeal the Bylaws (as the case may be) shall be taken at such meeting and a copy of the proposed change, Provided, no amendment of these By-laws shall be effective unless and until it is approved in writing by a majority of the then sitting Board of County Commissioners for Orange County, North Carolina.