Section 1. Fiscal Year.
The fiscal year shall be the
calendar year unless changed by the Board of Directors by
resolution.
Section 2. Checks.
All checks or demands for money and
notes of the Sub-Association shall be signed by any one of the
following officers: President, Vice-President, Secretary or
Treasurer, or by such officer or officers or such other person or
persons as the Board of Directors may from time to time designate.
The Board of Directors, by resolution, may require more
than one signature.
Section 3. Fidelity Bonds for Officers.
All officers, and
all employees of the Sub-Association and any contractor handling
or responsible for Sub-Association funds shall be bonded in such
amount as may be determined by the Board of Directors, provided
that such bonds are available at standard rates. The premiums on
Such bonds shall be paid by the Sub-Association. The amount of
such bonds shall not be less than the total funds held by the
Sub-Association from time to time, or the aggregate of three
months' assessments from all Members plus all reserves,
whichever is greater.
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