5.1 Contracts

The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instruments in the name of and on behalf of the Association, and that authority may be general or confined to specific instances. A Director or officer of the Association shall not be disqualified by his/her office from dealing or contracting with the Association either as a vendor, purchaser, creditor, debtor or otherwise. The fact that any Director or officer, or any firm of which any Director is a member, officer or director, is in any way interested in any transaction or contract shall not make the transaction or contract void or voidable, or require the Director or officer of the Association to account to the Association for any profits there from if the transaction or contract is or shall be authorized, ratified or approved by vote of a majority of a quorum of the Board of Directors excluding the interested Director.

5.2 Loans

No loans shall be contracted on behalf of the Association and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. That authority may be general or confined to specific instances. No loans shall be made by the Association to its Members, officers or Directors.

5.3 Handling of Funds

All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Association shall be signed by the officer or officers, agent or agents of the Association and in the manner as shall from time to time be determined by resolution of the Board of Directors. All funds of the Association not otherwise employed shall be deposited from time to time to the credit of the Association in the banks, trust companies or other federally insured depositaries as the Board of Directors may select. The Association shall establish the necessary funds or accounts to properly provide for the operation and maintenance of the Property. Overall superintendence of these funds shall be the responsibility of the Treasurer of the Association. The Treasurer shall administer the Association's accounts in such a way that the funds are secure and that signature cards at the various institutions containing the funds are current.