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Bylaws of the Board of Trustees

Article VIII

Contracts, Loans, Checks and Deposits

Section 1 Contracts:

The Board may authorize, the President or other University Officers to prepare proposals for contracts with any person, firm or other entity, sign contracts between the Board and any such person, firm or other entity, execute bonds and undertakings required for the faithful performance of such contracts and deliver vouchers and receipts in connection therewith.

Section 2 Loans:

No loans shall be contracted on behalf of the Board and no evidence of indebtedness shall be issued in its name unless authorized by the Board.

Section 3 Checks, Drafts, Etc.:

All checks, drafts, or other orders for the payment of money, bills of lading, warehouse receipts, obligations, bills of exchange or insurance certificates shall be signed or endorsed by such Officer or Officers, agent or agents of the Board and in such manner as shall be determined by resolution of the Board from time to time.

Section 4 Deposits and Accounts:

All funds of the University, not otherwise employed, shall be deposited from time to time in general or special accounts in such banks, trust companies or other depositories as the Board may select, or as may be selected by an Officer or Officers, agent or agents of the Board to whom such powers may from time to time be delegated by the Board and under such restrictions or terms or conditions as the Board may prescribe. For the purpose of deposit and for the purpose of collection for the account of the University, checks, drafts, and other orders for the payment of money which are payable to the order of the University may be endorsed, assigned and delivered by any Officer or agent of the Board.

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