Bylaws - Article VI
Section 1: Endorsement of Documents; Contracts
Subject to the provisions of applicable law, any note, mortgage, evidence of indebtedness, contract, conveyance, or other instrument in writing and any assignment or endorsement thereof, executed or entered into between the corporation and any other person, when signed by the President, or the Vice President plus one other officer, shall be valid and binding on the corporation in the absence of actual knowledge on the part of the other person that the signing officers had no authority to execute the same. Any such instruments may be signed by any other person or persons and in such manner as from time to time shall be determined by the Board, and, unless so authorized by the Board, 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 for any purpose or amount.
Section 2: Finances
All funds shall be deposited in the Association checking account. All checks disbursing Association funds shall bear the signature of the Treasurer. Checks exceeding $1000 shall also be signed by one of the following: the President, Vice President, or Secretary.
All ventures that may incur new financial obligations or potential liability for the Association shall be approved by the Board and shall be specifically authorized by the Board before the Treasurer may make disbursement.
Whenever the cash balances of the Association are deemed to be in excess of actual needs for the immediate future, the Board may authorize the investment of any surpluses. Such investments shall be made in the name of the Association with the authority for making deposits and withdrawals vested in the Treasurer. The Board is further empowered to authorize loans or donations to other cooperating associations for the purpose of furthering their educational work therein, when deemed advisable.
Petty cash funds may be established in amounts and for purposes as set by the Board. Reimbursement to such petty cash funds may be made at any time by request to the Treasurer and subject to valid receipts provided to the Treasurer documenting all expenditures made against the fund.
Section 3: Annual Report to Members
The annual report to members referred to in and to the extent permitted by the California Nonprofit Public Benefit Corporation Law is expressly dispensed with, but nothing in these bylaws shall be interpreted as prohibiting the Board of Directors from issuing annual or other periodic reports to the members of the Association as they consider appropriate. However, the Treasurer shall provide to the Board, within 60 days following the close of the financial year, a report containing the following information in reasonable detail:
The Treasurer shall make the report available to directors upon request and shall present the report at the first regular Board Meeting following its completion. The Treasurer shall also make the report available in a timely manner to any member requesting it.