Article XI. Financial Transactions

Section 1. Contracts

Except as otherwise provided in these Bylaws, the Board may authorize any officer(s) or agent(s) to enter into any contract 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 evidences of indebtedness issued in the name of the Cooperative, will be signed by such officer(s), agent(s), or employee(s), of the Cooperative and in such manner as will, from time to time, be determined by resolution of the Board. Facsimile or electronic signatures may, upon authorization by the Board, be utilized.

Section 3. Fiscal Year

The fiscal year of the Cooperative will begin on the 1st day of January of each year and end on the 31st day of December of the same year.