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<br />I' <br /> <br />~l <br /> <br />e <br /> <br />6.12 Committee Actions. All actions of Committees shall be subject to review <br />and ratification by the Executive Committee or the Board of Trustees. <br /> <br />ARTICLE 7 - EXECUTION OF INSTRUMENTS. LOANS <br />AND DEPOSITS OF CORPORATE FUNDS <br /> <br />7.1 Contracts. The Board of Trustees may authorize any officer or officers, <br />agent or agents, to enter into any contract or execute and deliver any instrument in the <br />name of and on behalf of the foundation, and such authority may be general or confined <br />to specific instances. <br /> <br />7.2 Loans. No loans shall be contracted on behalf of the foundation and no <br />evidences of indebtedness shall be issued in its name unless authorized by a resolution <br />of the Board of Trustees. Such authority may be general or confined to specific <br />instances. <br /> <br />. <br /> <br />7.3 Checks, Drafts, etc. All checks, drafts or other orders for the payment <br />of money, notes or other evidences of indebtedness issued in the name of the <br />foundation, shall be signed by such officer or officers, agent or agents of the foundation <br />and in such manner as shall from time to time be determined by resolution of the Board <br />of Trustees. The Board of Trustees from time to time shall by resolution designate the <br />persons authorized to execute the checks, drafts and other instruments of disbursement <br />of the foundation as well as to execute loans and other instruments for borrowing funds. <br />Such resolution shall require for any expenditure of $2,500.00 or more the signatures of <br />at least two persons, at least one of whom shall be a member of the Executiye <br />Committee of the foundation. <br /> <br />7.4 Deposits. All funds of the foundation shall be deposited to the credit of <br />the foundation in such banks, trust companies or other depositaries as the Board of <br />Trustees may select. <br /> <br />7.5 Loans to Trustees. The foundation shall not lend money to, or guarantee <br />the obligations of, any officer or Trustee of the foundation. <br /> <br />7.6 Sales, Transfer, etc., of Securities. The preSident and vice president, <br />the treasurer and such other person or persons as the Board of Trustees may from time <br />to time authorize shall each have full power and authority on behalf of the foundation to <br />sell, transfer, endorse, and assign any securities owned by or held in the name of the <br />foundation, and may make, execute and deliver in the name of the foundation any <br />instruments that may be appropriate to effect any such sale, transfer, endorsement or <br />assignment, subject to prior approval of the Board of Trustees. <br /> <br />7.7 Facsimile signatures. The Board of Trustees may authorize the use of <br />facsimile signatures or other electronic media signatures on any instrument. If any officer <br />whose facsimile signature has been placed upon any form of instrument shall have <br />ceased to be such officer before an instrument is issued, such instrument may be issued <br />with the same effect as if such person has been such officer at the time of its issue. <br />