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BYLAWS OF THE EAST KAUAI WATER USERS' COOPERATIVE

A Hawaii Agricultural Cooperative (HRS Chapter 421)

 

TABLE OF CONTENTS

ARTICLE 8. CONTRACTS, LOANS, ETC.


8.01. Execution of Contracts. The Board of Directors may authorize any officer, employee or agent, in the name and on behalf of the Corporation, to enter into any contract or execute and satisfy any instrument, and any such authority may be general or confined to specific instances, or otherwise limited. In the absence of any action by the Board of Directors to the contrary, any two officers shall be authorized to execute such instruments on behalf of the Corporation.


8.02. Loans. The President or any other officer, employee or agent authorized by the Bylaws or by the Board of Directors may effect loans and advances at any time for the Corporation from any bank, trust company or other institutions or from any firm, corporation or individual and for such loans and advances may make, execute and deliver promissory notes, bonds or other certificates or evidences of indebtedness of the Corporation and, when authorized by the Board of Directors so to do, may pledge and hypothecate or transfer assets of the Corporation as security for any such loans or advances. Such authority conferred by the Board of Directors may be general or confined to specific instances or otherwise limited.


8.03. Checks, Drafts, Etc. All checks, drafts, and other orders for the payment of money out of the funds of the Corporation, and all notes or other evidences of indebtedness of the Corporation (collectively referred to as "Negotiable Instruments"), shall be signed on behalf of the Corporation in such manner as shall, from time to time, be determined by resolution of the Board of Directors. In the absence of such resolution, either the President or Treasurer shall be authorized to sign Negotiable Instruments not exceeding $5,000.00 in amount, and any two officers shall be authorized to sign Negotiable Instruments in excess of $5,000.00 in amount.


8.04. 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 an officer, employee or agent of the Corporation to whom such power may from time to time be delegated by the Board of Directors.

TABLE OF CONTENTS

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