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Show -i-'L'iICljia /I BORROJING, DEPOSITS, AUDITS, FINANCIAL REPORTS TO MEMBERS Section 5.01, Borrowing, etc. No officer, agent or employee of the corporation shall have any power or authority to borrow money on its behalf, to pledge its credit, or to mortgage or pledge its real or personal property, except within the scope and to the extent of the authority delegated by resolution adopted by a three-fourths majority of the Board of Trustees. Authority may be given by the Board for any of the above purposes and may be general or limited to specific instances. Section 5.02. Deposits. All funds of the corporation shall be deposited from time to time to the credit of the corporation in such banks or other depositaries as the Board of Trustees may approve or designate, and such funds may be withdrawn only upon checks or other instruments signed by such persons as may be authorized by the Board. Section 6.03. Annual Audit. The accounts of the corporation shall be audited at least once in each calendar year by an independent accountant selected by the Board of Trustees. Section 6,04. Financial Reports to Members, At each annual meeting of members the Board of Trustees shall make or cause to be made a report with respect to the finances of the corporation, such report to include information with respect to gifts received and grants made by the corporation. ARTICLE VII AMENDMENTS Any or all of the provisions of the By-Laws of the corporation may be amended, altered or repealed by vote of a three-fourths majority of the Board of Trustees at any regular or special meeting duly convened after notice to the Trustees giving a summary of the proposed amendment; provided that within 10 days after the adoption of any such amendment, alteration or repeal "oj the Board of Trustees, written notice thereof shall be given to each Class A and Class 3 Member. 9 |