Execution of Instruments
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8 Execution of Instruments:
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8.1 Contracts, Conveyances, Etc.:
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| When the execution of
any contract, conveyance or other instrument has been authorized
without specification of the executing officers, the president or
any vice-president, and the secretary or assistant secretary, may
execute the same in the name and behalf of this Association and
may affix the Association seal thereto. The Board of Directors
shall have the power to designate the officers and agents who
shall have the authority to execute any instrument in behalf of
this Association.
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8.2 Loans:
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| No loans shall be contracted on behalf of the
Association and no evidences of indebtedness shall be issued in
its name unless authorized by action by the Board, which may be
general in nature, except that all loans from other than member
groups, directors, or related associations must first be
specifically authorized by resolution of the Board.
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8.3 Loans to Officers and Directors:
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| No loans shall be
made by the Association to its officers or directors.
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8.4 Check, Drafts, Etc.:
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| 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 such officer or officers, agent or agents, of the
Association and in such manner as is from time to time determined
by resolution of the Board.
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8.5 Deposits:
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| 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. |