Membership Bylaws - Article X
Financial Transactions
SECTION 10.1
Contracts.
Except as otherwise provided in these bylaws, the Board of Directors
may authorize any officer or officers, agent or agents to enter into any contract
or execute and deliver any instrument in the name and on behalf of the Cooperative,
and such authority may be general or confined to specific instances.
SECTION 10.2 Checks, Drafts, etc.
All checks, drafts
or other orders for the payment of money, and all notes, bonds or other evidences
of indebtedness issued in the name of the Cooperative shall be signed by such officer
or officers, agents, employee or employees of the Cooperative and in such manner
as shall from time to time be determined by resolution of the Board of Directors.
SECTION 10.3 Deposits.
All funds of the Cooperative
shall be deposited from time to time to the credit of the Cooperative in such bank
or banks as the Board of Directors may select.
SECTION 10.4 Change in Rates.
Written notice shall
be given to the administrator of the Rural Electrification Administration of the
United States of America not less than ninety days prior to the date upon which
any proposed change in the rates charged by the Cooperative for electric energy
becomes effective.
SECTION 10.5 Fiscal Year.
The fiscal year of the
Cooperative shall begin on the first day of January each year and shall end on the
thirty-first day of December of the same year.