Adelphi Recreation, Incorporated
(As amended and approved at the annual meeting on November 20, 2002)
ARTICLE IX - PROPERTY AND FINANCES
Any obligation or expenditure of the corporate assets in excess of $500. requires the prior approval of the Board.
Real property may not be conveyed or assigned except after approval of a majority of the dues-paying shareholders present and voting at a meeting specially called for the purpose.
The funds of the corporation shall be deposited only in financial institutions operating in accordance with the laws of the State of Maryland and whose deposits are insured by either FDIC or FSLIC.
All funds of the corporation shall be deposited in such qualified depository or depositories as the Board of Directors may from time to time by written resolution designate, and shall be so deposited within 72 hours of their receipt; provided, however, that receipts in the aggregate of $100 or less need not be deposited more often than once each week.
All disbursements of funds of the corporation shall be made by checks signed by any two of the following officers, one of whom is bonded: treasurer, vice-president, and president; provided, however, that the Board of Directors may by resolution provide for the establishment and replenishment of a petty cash fund of not exceeding $100 for postage and for defraying expense items of the corporation in amounts of $50 or less.
The Board of Directors will secure the faithful performance of at least two of the officers listed in Section 5 above, one of whom shall be the treasurer, by means of an adequate fidelity bond.
Other than directed in Section 6 of Article VII, the funds of the corporation may be invested only in obligations of the United States Government or up to the insured amount in savings and loan associations insured by an agency of the United States Government. They may not be loaned to or invested with any officer, director or shareholder of the corporation or to or with any other person, agency or government instrumentality.
The accounts of the corporation shall be audited annually by a method to be specified by the Board of Directors. The written and signed report of this audit is to be reviewed by the Board within 60 days after the audit is completed and copies presented to shareholders present at the annual meeting.