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ARTICLE VIII - CONTRACTS, LOANS, ORDERS FOR PAYMENT, DEPOSITS

A. Contracts

The Board of Directors may authorize any Officer, Officers or employee to enter into any contract or execute and deliver any instrument in the name of and on behalf of the Association, and such authority shall be confined to specific instances.

B. Loans

No loans shall be contracted on behalf of the Association and no evidence of indebtedness shall be issued in it's name unless authorized by a resolution of the Board. Such authority may be confined to specific instances.

C. Orders For Payment

All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Association, shall be signed by the Treasurer, after BOD approval, except those expenses associated with normal operating costs.

D. Deposits

All funds of the Association not otherwise employed shall be deposited from time to time to the credit of the Association in such banks, trust companies or other depositories as the Board may select. Specific authority is granted to open both savings and checking accounts in the corporate name as the Board may authorize.

E. Financial Audits

The Treasurer shall deliver the financial records of the Association to an independent accounting firm for audit at the end of their term, regardless of when that term may end.