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FINANCIAL MATTERS
7.1 Grants.
The Board of Directors may prospectively or retroactively authorize any officer or agent to make any grants, contributions or otherwise render financial assistance in the name and behalf of the Corporation.

7.2 Execution of Contracts.
The Board of Directors, except as otherwise provided in these by-laws, may prospectively or retroactively authorize any officer or agent in the name and on behalf of the Corporation to enter into any contract or execute and satisfy any instrument. Any such authority may be general or confined to specific instances.

7.3 Loans.
The Board of Directors may prospectively or retroactively authorize the President or any other officer or agent of the Corporation to do the following with respect to loans:

  • 7.3.1
    To effect loans and advances at any time for the Corporation from any bank, trust company or other institution, or from any firm, corporation or individual.

  • 7.3.2
    For such loans and advances as described in paragraph 7.3.1 of this Article VII to make, execute and deliver promissory notes, bonds or other certificates or evidences of indebtedness of the Corporation.

  • 7.3.3
    When authorized to do so, to pledge and hypothecate or transfer any securities or other property of the Corporation as security for any such loans or advances as described in paragraph 7.3.1 of this Article VII.

  • 7.3.4
    Such authority conferred by the Board of Directors as found in section 7.3 of this Article VII may be general or confined to specific instances. No loans shall be made by the Corporation to any director or officer thereof.

7.4 Checks, Drafts, etc.
All checks, drafts and other orders for payment of money out of the funds of the Corporation, and all notes and other evidences of indebtedness of the Corporation shall be signed on behalf of the Corporation in such manner as shall from time to time be determined by the Board of Directors; such instruments shall be signed by the Treasurer and countersigned by the President of the Corporation or the Secretary of the Corporation.

7.5 Deposits.
The funds of the Corporation not otherwise employed shall be deposited from time to time to the order of the Corporation in such banks, trust companies or other depositories as the Board of Directors may select or as may be selected by any one or more officers or agents of the Corporation to whom such power may from time to time be delegated by the Board of Directors.

7.6 Voting of Securities Held by the Corporation.
Stocks and other securities owned by the Corporation may be voted as the Board of Directors shall specify. In absence of any direction by the Board of Directors, such stocks and securities shall be voted as the President shall determine.

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

7.8 Fiscal Year.
The fiscal year of the Corporation shall be determined by resolution of the Board of Directors.

7.9 Property and Monies.
All properties and monies belonging to the Corporation shall be property of the membership as a whole and no individual member shall be deemed to have any separate interests therein. All such properties and monies shall be used to further the purposes of the Organization as the Board of Directors may direct.

7.10 Dissolution of Assets.
Upon the dissolution of this Corporation, its assets remaining after payment, or provision for payment, of all debts and liabilities of this Corporation shall be distributed to the Suzuki Association of the Americas or to such organization(s) organized and operated exclusively for religious, charitable, educational and scientific purposes as shall at the time qualify as an organization(s) exempt from federal income taxation under Section 501(c)(3) of the Code, or to the federal government, or a state or local government for a public purpose, as determined by the board of directors. Any such assets not so disposed of shall be disposed of by a court of competent jurisdiction of the county in which the principal office of the corporation is then located, exclusively for such purposes or to such organization or organizations as said court shall determine that are organized and operated exclusively for such purposes, provided that such organization(s) are exempt from federal income taxation under Section 501(c)(3) of the Code.