Section 1. Contracts and Expenditures. The Board may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the association and such authority may be general or confined to specific instances. The Board may authorize an outlay of funds to the maximum limit of 10,000 dollars in an emergency. All other major expenditures require approval by two-thirds (2/3) vote of a quorum of the membership. The Board will propose, for the approval of the membership, an annual budget for administration, maintenance of roadway easements, and operations, maintenance, and improvements to the water system.

Section 2. Loans. No loans shall be contracted on behalf of the association and no evidence of indebtedness shall be issued in its name unless authorized by a resolution of the Board. Such authority may be general or confined to specific instances. No loans shall be made by the association to its officers or directors unless first approved by two-thirds (2/3) vote of a quorum of the membership.

Section 3. Checks, Drafts, etc. 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 such officer or officers, agent or agents, of the association and in such manner as is from time to time determined by resolution of the Board.

Section 4. Deposits. All funds of the association not otherwise employed shall be deposited from time to time to the credit of the association in such banks, trust companies or other depositories as the Board may select.