Article VII

ARTICLE VII – CONTRACTS, CHECKS AND DEPOSITS

Section 7.01 – Contracts. Except as otherwise provided by law or these Bylaws, the Board of Trustees may authorize any cooperative officer, agent or employee to enter into any contract or execute and deliver any instrument in the name and on behalf of the cooperative, and such authority may be general or confined to specific instances.

Section 7.02 – Checks, Drafts, Etc. All checks, drafts or other orders for the payment of money, and all notes, bonds or other evidences of indebtedness, issued in the name of the cooperative, shall be signed or countersigned by such officer, agent or employee of the cooperative and in such manner as shall from time to time be determined by resolution of the Board of Trustees.

Section 7.03 – Deposits: Investments. All funds except petty cash of the cooperative shall be deposited or invested from time to time to the credit of the cooperative in such bank or banks or in such financial securities or institutions as the Board of Trustees may select.

Together We Save