Laserfiche WebLink
61 <br />officer or to any Director for the time being, provided a majority of the entire Board <br />of Directors concurs therein. <br />Section 12. Salaries of Officers. No officer of the corporation shall <br />receive a salary for his /her services as such officer if he /she is also a Director of <br />the Corporation. The salaries of the officers of the corporation, other than such <br />officers as may be directors of the corporation, shall be fixed from time to time by <br />the Board of Directors, except that the Board of Directors may delegate to any <br />officer who has been given power to appoint subordinate officers or agents, as <br />provided in Section 3 of this Article IV, the authority to fix the salaries or other <br />compensation of any such officers or agents appointed by him /her. <br />ARTICLE V <br />Contracts, Loans, Deposits, Checks, Drafts, Etc. <br />Section 1. Contracts. Except as otherwise provided in these By -Laws, <br />the Board of Directors may authorize any officer or officers, agent or agents to <br />enter into any contract or to execute or deliver any instrument on behalf of the <br />corporation, and such authority may be general or confined to specific instances. <br />Section 2. Loans. No loans shall be contracted on behalf of the <br />corporation and no evidence of indebtedness shall be issued in its name, unless <br />and except as authorized by the Board of Directors and by the Board of <br />Commissioners of Lee County. Any officer or agent of the corporation thereunto <br />so authorized may effect loans or advances for the corporation and for such loans <br />and advances may make, execute and deliver promissory notes, bonds, or other <br />evidences of indebtedness of the corporation. Any such officer or agent, when <br />thereunto so authorized, may mortgage, pledge, hypothecate or transfer as <br />security for the payment of any and all loans, advances, indebtedness and <br />liabilities of the corporation any real property and all stocks, bonds, other <br />securities and other personal property at any time held by the corporation, and, to <br />that end, may endorse, assign and deliver the same, and do every act and thing <br />necessary or proper in connection there with. Such authority may be general or <br />confined to specific instance. By granting approval for the contracting of loans or <br />for the issuance of evidences of indebtedness, neither the Board of <br />Commissioners of Lee County nor the County of Lee shall be deemed in any way <br />to have assumed said obligation or in any way to be obligated to pay the same, <br />and the same shall in no way constitute obligations of the County of Lee or said <br />Board of Commissioners. <br />Section 3. Deposits. All funds of the corporation shall be deposited <br />from time to time to the credit of the corporation in such banks or trust companies <br />or with such bankers or other depositories as the Board of Directors may select, or <br />7 <br />