The Board shall have power to make investments of the funds of the Corporation and to change the same, and may from time to time sell any part of the securities of the Corporation or any rights or privileges that may accrue thereon. Any officer of the Corporation or such other person or persons as the Board may designate may execute and deliver on behalf of the Corporation proxies on the stock owned by the Corporation, appointing persons to represent and vote such stock at any meeting of the stockholders, with full power of substitution, and to alter and rescind such appointments.

Any officer of the Corporation or member of the Board or any other person or persons, designated by the Board shall have authority to execute such form of transfer and assignment as may be customary or necessary to constitute a transfer and assignment as may be customary or necessary to constitute a transfer of stocks, bonds, or other securities standing in the name of or belonging to the Corporation. A corporation or person transferring any such stocks, bonds, or other securities pursuant to a form of transfer or assignment so executed shall be fully protected, and shall be under no duty to inquire whether or not the Board has taken action in respect thereof.

The Board shall, pursuant to the provisions of the Nonprofit Mutual Benefit Corporation Law, have power to transfer assets received for specific purposes to a corporate trustee, which shall be a bank or trust company. Upon such transfer, the Board shall be relieved of all liability for the administration of such assets as long as the corporate director administers them. Such corporate directors shall pay, at least semi-annually, the net income of such assets, which may include so much of the realized appreciation of principal as the corporate director may deem prudent, to the Corporation for the use and application to the specific purposes for which such assets were received by the Corporation.


Contracts, Checks, etc.

The Board may authorize any officer or officers, in the name or on the behalf of the Corporation, to enter into any contract or execute and deliver any instrument, or to sign checks, drafts, endorsements, notes, or other evidences of indebtedness of the Corporation, and such authority may be general or confined to specific instances, and unless so authorized by the Board or by the By-laws of the Corporation, no officer shall have power or authority to bind the Corporation by any contract or engagement or to render it pecuniary liable for any purpose or for any amount.



No loan shall be contracted on behalf of the Corporation and no negotiable paper shall be issued in its behalf unless authorized by the vote of the Board. When so authorized by the Board, any officer of the Corporation may affect loans and advances at any time for the Corporation from any bank, trust company, or other institution, or from any firm, corporation, or individual. Such authority may be general or confined to specific instances.

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This page is current as of Friday, May 20, 2005 at 5:12 PM.