33977, no worries... keep researching.. I'll point out Posted by AquamansScience, Wed Aug-06-08 01:34 PM
flags...
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Sea Merchants Merchandise Mercantille Bank...
or the purchase of something a 'sale' or 'sail'
ARTICLE XIV FISCAL MATTERS Sec. 1. CONTRACTS. The Board of Governors may authorize any officer or officers, agent or employees to enter into any contract or execute and deliver any instrument in the name of and upon behalf of the Association, and such authority may be general or confined to specific instances. Sec. 2. CHECKS AND DRAFTS. All checks, drafts or orders for the payment on money, notes or other evidences of indebtedness issued in the name of the Association, shall be signed by such officer or officers, agents or employees, and in such manner as shall from time to time be determined by resolution of the Board of Governors. In the absence of such determination and except as hereinabove provided, such instruments shall be signed by the Treasurer. Sec. 3. UNAPPROPRIATED FUNDS. The Board of Governors may authorize the Treasurer to invest unappropriated funds of the Association or such other funds as the Board of Governors may direct, in bonds of the United States; warsavings certificates of indebtedness issued by the Secretary of the Treasury of the United States; in shares or share accounts of Savings and Loan Associations organized under the laws of any State of the United States or Federal Savings and Loan Associations upon approval of said investments by the Board of Governors and Treasurer, the Secretariat shall purchase, monitor (the performance) and submit reports to the Board of Governors, the Executive Committee and the Treasurer in monthly financial reports and statements where such shares or share accounts are issued under and by virtue of the Federal 21 Savings and Loan Insurance Corporation or in certificates of deposits with maturities not to exceed six (6) months in national banks organized under the laws of the United States where such certificates of deposit are insured under and by virtue of the Federal Deposit Insurance Corporation. The Board of Governors elected and meeting at the close of each Annual Conference of the Association may direct the Treasurer elected at such Annual Conference to invest as stated herein such percentage of the surplus remaining from the prior fiscal year assets as they deem appropriate for the financial welfare of the Association. Such investments directed by the Board of Governors to be so invested shall become a part of a permanent fund of the organization and no part or parcel of the corpus of such fund shall be used for any expenses of any future fiscal year save only the interest from such funds. Provided, however, that accumulations in said fund may be used for future expenditures upon the vote of twothirds of the Board of Governors at any regular or called meeting. Sec. 4. GIFTS. The Board of Governors may accept upon behalf of the Association such contributions, endowments, gifts, grants, bequests or devices for the general purpose or for any special purpose of the corporation consistent with its charter. Sec. 5. BOOKS AND RECORDS. The Association shall keep correct and complete books and records of account, and shall keep minutes of the proceedings of the General Assembly, of the Board of Governors, of the Executive Committee, of the Standing Committees and such other minutes as may be appropriate. All books and records of the Association may be inspected by any member of the Association for any proper purpose at any reasonable time. Sec. 6. FISCAL YEAR. The period of the fiscal year of the Association shall be determined by the Board of Governors. Sec. 7. AUDIT. In addition to the annual financial report required to be furnished by the Treasurer preceding the Annual Conference the President, with the approval of the Board of Governors, may employ a certified public accountant to audit the books and records at any time. Copies of all audits shall be furnished promptly to each member of the Board of Governors. Sec. 8. BUDGET. The Board of Governors shall adopt an annual budget for the operations of the Association. No budget, however, shall be adopted or appropriations made unless the total of estimated revenues, income and funds available shall be equal to or in excess of such budget or proposed appropriations. Sec. 9. RIGHT TO INDEMNIFICATION. Each person who is threatened to be made a party to or is otherwise involved in any actual or threatened action, suit, or proceeding, whether civil, criminal, administrative, or investigative, or any other capacity while serving as a governor, officer, or agent, by reason of the fact that he or she is or was a governor or officer of the Association, whether the basis of such proceeding is alleged action in an official capacity as governor, officer, or agent, shall be indemnified and held harmless by the Association, to the full extent permitted by applicable law as then in effect, against all expense, liability, and loss (including attorney’s fees, judgments, fines and amounts to be paid in settlement) actually and 22 reasonably incurred or suffered by such person in connection therewith; provided, however, that the Association shall indemnify any such person seeking indemnification in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the board of governors of the Association. The right to indemnification conferred in this Section shall be a contract right and shall include the right to be paid by the Association the expenses incurred in defending any such proceeding in advance of its final deposition; provided, however, that the payment of such expenses in advance of the final disposition of a proceeding shall be made only upon delivery to the Association of an undertaking, by or on behalf of such governor or officer, to repay all amounts so advanced if it shall ultimately be determined that such governor or officer is not entitled to be indemnified under this section or otherwise. No indemnification is intended hereby, for any act of any governor or officer that is beyond the scope of his or her authority or which constitutes a crime or a personal tort.
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