ARTICLE XVII

PROPERTY AND FUNDS

 

17.1    Rights to Property and Funds.  All property and funds shall be in the name of the Association.  No member, firm, or any other corporation shall have any right in or to any property or funds of the Association.  No Regular member shall, upon his or her withdrawal or expulsion from the Association, be entitled to receive an interest in any of the assets of the Association.

 

17.2    Limitation on Liabilities.  No Regular member, officer, agent or employee of this Association shall be personally or otherwise liable for any of the debts, liabilities, and/or obligations of this Association.

 

17.3    Contracts.  The Board of Directors may authorize any officer or officers, or agent of the Association, in addition to the officers so authorized by these Bylaws, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the Association, and such authority may be general or confined to specific instances.

 

No Regular member shall be empowered to contractually bind the Association or incur debt in its name unless authorized to do so by the Board of Directors.

 

17.4    Checks.  All checks, draft or 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, or agents of the Association and in such manner as shall from time to time be determined by resolution of the Board of Directors.

 

17.5    Deposits.  All funds of the Association shall be deposited, from time to time, to the credit of the Association in such banks or other depositories as the Board of Directors may select.

 

17.6    Contributions, Gifts.  The Board of Directors may accept, on behalf of the Association, any contribution, gift, bequest, or devise for the general purposes or for any special purpose of the Association.

 

17.7    Distribution of Association Assets.  No person shall be entitled to share in the distribution of, and shall not receive, any of the corporate assets on dissolution of the Association.  In the event of dissolution of this Association, its assets remaining after payment of, or provision for payment of, all debts and liabilities of the Association shall be distributed to a nonprofit organization having the same purpose as this Association.