About NACTEI| Bylaws: Article VII


Article VII: Corporate Records, Contracts, Loans, Checks, and Deposits

Section 1. Contract. The Board of Directors may by written resolution authorize any officer or agent of the corporation to enter into any contract or execute or deliver any instrument in the name of, and on behalf of, the corporation. Such authority may be general or confined to specific instances.

Section 1a. Sponsor Fees. The Executive Director is authorized to contract with sponsors for various activities of the conference. Approved levels are: break sponsor; meal sponsor; reception sponsor. This is a sponsor fee not an exhibit fee.

Section 2. Loans. No loans shall be contracted on behalf of the corporation and no evidence of indebtedness shall be issued in its name unless authorized by written resolution of the Board of Directors. Such authority may be general or confined to specific instances.

Section 3. Checks and Drafts. All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or agent of the corporation in such manner as shall from time to time be determined by written resolution of the Board of Directors.

Section 4. Deposit. All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, savings and loan Associations, trust companies, or other depositories as the Board of Directors may select.

Section 5. Corporate Records. The Secretary of the corporation shall maintain the corporate record books which shall contain the originals of the Articles of Incorporation, these Bylaws, and the Minutes of all members’ and Board of Directors’ meetings, together with copies of the Notice given or the Waivers of Notice received by the corporation. In addition, the Secretary shall hold the corporate seal and the unissued membership certificates if authorized by the Board of Directors.

Section 6. Corporate Seal. The corporation shall have a corporate seal consisting of a circle, the center containing the words "CORPORATE SEAL", and around the circumference the name of the corporation and the words "NONPROFIT CORPORATION".

Section 7. Inspection Rights. The members shall have the right, either in person or by agent, to inspect the corporate books at any reasonable time upon the giving of three (3) days written notice.

Section 8. Annual Financial Report. Within 60 days after the end of the corporation’s fiscal year, which shall commence on the first day of January in each year and conclude on the last day of the following December. The Treasurer of the corporation shall prepare and mail to members of the Board of Directors an annual financial report which report shall list in summary form all receipts and expenses of the corporation for the prior year. Said report shall also include a then-current list of all corporate assets and liabilities. (Revised 05/07/2014)

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