BYLAWS OF AAAII
Artcle 7 -TRANSACTIONS OF THE CORPORATION
The Board of Director may authorize any officer or agent of the Corporation to enter into a contract or execute and deliver any instrument in the name of and on behalf of the Corporation. This authority may be limited to a specific contract or it may extend to any number and type of possible contracts and instruments.
All funds of the Corporation shall be deposited to the credit of the Corporation in banks, trust companies, or other depositories that the Board of Directors selects.
The Board of Directors may accept on behalf of the Corporation any contribution, gift, bequest or devise for the general purpose or for any special purpose of the Corporation. The Board of Directors may make gifts and give charitable contributions that are not prohibited by the Bylaws, the articles of incorporation, state law, and any requirements for maintaining the Corporation’s federal and state tax status.
The Corporation shall not make any loan to a director or officer of the Corporation. A member, director, officer or committee member of the Corporation may lend money to and otherwise transact business with the Corporation except as otherwise provided by the Bylaws, articles of incorporation, and all applicable laws. Such a person transacting business with the Corporation has the same rights and obligations relating to those matters as other people transacting business with the Corporation. The Corporation shall not borrow money from or otherwise transact business with a member, director, officer or committee member of the Corporation unless the transaction is described fully and legally binding instrument and is in the best interest of the Corporation. The Corporation shall not barrow money from or otherwise transact business with a member director, officer, or the committee member of the Corporation without full discloser of all relevant facts and without the approval of the Board of Directors or members, not including the vote of any person having a personal interest in the transaction.
As long as the Corporation is in existence and except with the prior approval of the Board of Directors or the members, no member director, officer or committee member of the Corporation shall:
1. Do any act in violation of the Bylaws or binding obligation to the Corporation.
2. Do any act with the intention of harming the Corporation or any of its operations.
3. Do any act that would make it impossible or unnecessarily difficult to carry on intended or ordinary business of the Corporation.
4. Receive an improper personal benefit from the operation of the Corporation.
5. Use the assets of the Corporation, directly or indirectly, for any purpose other than caring on the business of the Corporation.
6. Wrongfully transfer of dispose of the Corporation property, including intangible properties such as good will.
7. Use the name of the Corporation (or any substantially similar name) or any trademark or trade name adopted by the Corporation, except on behalf of the Corporation in ordinary course of the Corporation’s business.
8. Disclose any of the Corporation business practices, trade secrets, or any other information not generally known to the business community to any person not authorize to receive it.