|
Standing or temporary committees may be appointed by the Board of Directors from
time to time and the Board of Directors may from time to time invest such
committees with such powers as it may see fit, subject to such conditions as may
be prescribed by such Board. An Executive Committee may be appointed by
resolution passed by a majority of the full Board of Directors. It shall have
and exercise all of the authority of the Board of Directors, except in reference
to recommending amendment of the Articles of Incorporation, adopting a plan of
merger of consolidation, recommending the sale, lease or exchange or other
disposition of all or substantially all the property and assets of the
Association otherwise than the usual and regular course of business,
recommending a voluntary dissolution or a revocation thereof, or amending the
Bylaws. All committees so appointed shall keep regular minutes of the
transactions of their meetings and shall cause them to be recorded in books kept
for that purpose in the office of the Association. The designation of any such
committee and the delegation of authority thereto, shall not relieve the Board
of Directors, or any member thereof, of any responsibility imposed by law. The
Board shall establish, by duly enacted resolution(s), and procedures for notice,
addressing, and security required for Board action electronically pursuant to
Section 3.12.
|