Article 5. – Contracts, Checks, Deposits And Funds
Section 5.1. Execution of Instruments.
The Board of Directors, except as otherwise provided in these Bylaws, may by resolution authorize any officer or agent of the Corporation 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. Unless so authorized, no officer, agent, or employee shall have any power or authority to bind the Corporation by any contract or engagement or to pledge its credit or to render it liable monetarily for any purpose or in any amount.
Section 5.2. Execution of Papers, Checks, Drafts, and Similar Documents.
Except as otherwise specifically determined by resolution of the Board of Directors, or as otherwise required by law, checks, drafts, promissory notes, orders for the payment of money and other evidence of indebtedness of the Corporation with a value of less than One Hundred Dollars ($100) shall be signed by the President, Treasurer or Vice President. Checks, drafts, promissory notes, orders for the payment of money and other evidence of indebtedness in excess of One Hundred Dollars ($100), shall require the signatures of two (2) or more of the above-listed officers and a special resolution of the Board of Directors.
Except as the Directors may generally or in particular cases authorize the execution thereof in some other manner, all deeds, leases, transfers, contracts, bonds, notes, checks, drafts and other obligations made, accepted or endorsed by the Corporation shall be signed by the President or by the Treasurer. Any recordable instrument purporting to affect an interest in real estate, executed in the name of the Corporation by two (2) Officers/Directors; the President and an Vice President or the Treasurer and the Secretary, who may be not be one and the same person, shall be binding on the Corporation in favor of a purchaser or other person relying in good faith on such instrument notwithstanding any inconsistent provisions of the Articles of Incorporation, Bylaws, resolutions or votes of the Members.
Section 5.3. Receipt, Deposits and Disbursement of Funds.
All funds of the Corporation shall be deposited from time to time to the credit of the Corporation in such bank or banks, trust companies or other depositories, to include other corporations, firms, or individuals as the Board of Directors may select by resolution.
The Board of Directors may designate such other officer or officers who in addition to or instead of the President or Treasurer shall be authorized to receive and receipt for all monies due and payable to the Corporation from any source whatever, to endorse for deposit checks, drafts, notes, or other negotiable instruments, and to give full discharges and receipts therefore.
Section 5.4. Gifts and Contributions.
The Board of Directors may accept on behalf of the Corporation any contribution, gift, bequest, or devise for the general purposes or for any special purpose of the Corporation. Such contributions, gifts, bequests, or devises shall be in conformity with the laws of the United States, the State of Arizona, and any other relevant jurisdiction.