Article XIV – Financial Transactions

Section 1. Contracts. Except as otherwise provided in these By-Laws, the Board may authorize any Officer or Officers, agent or agents, employee or employees, or any combination, to enter into contracts or execute and deliver any instrument in the name and on behalf of the Cooperative, and such authority may be general or confined to specific instances.

Section 2. Checks, Drafts, Etc. All checks, drafts or other orders for the payment of money, and all notes, bonds or other evidence of indebtedness issued in the name of the Cooperative shall be signed by such Officer or Officers, agent or agents, employee or employees of the Cooperative, or any combination, and in such manner as shall from time to time be determined by resolution of the Board.

Section 3. Deposits. All funds of the Cooperative shall be deposited from time to time to the credit of the Cooperative in such bank(s) or financial institution(s) as the Board may select.

Section 4. Change in Rates. Written notice shall be given to the Administrator of Rural Utility Service of the United States of America not less than 90 days prior to the date upon which any proposed change in the monthly rates charged by the Cooperative becomes effective for any Service that requires such notice to be provided to the Administrator of the Rural Utility Service.

Section 5. Fiscal Year. The fiscal year of the Cooperative shall begin on the first day of January of each year and shall end on the thirty-first day of December of the same year.

Section 6. Gifts. The Board of Directors may accept on behalf of the Corporation any gift, bequest, device, or other contribution for the purposes of the Corporation on such terms and conditions as the Board of Directors shall determine.