5.3. ERMUSR 05-11-2004 - Laserfiche WebLink

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each committee of the Corporation shall report to the Board in person at least annually on the activities and status of such committee. SECTION 7 AFFILIATIONS WITH OTHER ORGANIZATIONS The Corporation may formally or informally affiliate itself with other national, regional, state, or local associations, trade groups, or other organizations, whose goals and objectives support and compliment those of the Corporation. Any such affiliations shall be determined or approved only by the affirmative vote of a majority of the directors present and entitled to vote at a duly held meeting of the Board of Directors of the Corporation. SECTION 8 FISCAL MANAGEMENT 8.1 Fiscal Year. The fiscal year of the Corporation shall end on December 31. 8.2 Books and Records. The Corporation shall keep at its registered office, correct and complete books of account, minutes of proceedings and meetings of the Board of Directors, and minutes, if any, of meetings of committees of the Board. 8.3 Financial Statements. At the close of each fiscal year, the Corporation shall prepare financial statements containing a balance sheet and a full and correct statement of the financial affairs of the Corporation for the fiscal year, all in accordance with generally accepted accounting principles. The Corporation shall cause its books and records to be audited and the Board shall select a firm of certified public accountants or other independent auditors for such purpose. The audited financial statements and report of auditor thereon shall be submitted to the Board for its consideration and approval. 8.4 Execution of Corporation Documents. With the authorization of the Board of Directors, all notes and contracts shall be executed on behalf of the Corporation by the President or by any other parties designated by appropriate resolution of the Board of Directors. All checks and other drafts shall be executed on behalf of the Corporation by the President, the Treasurer, or any other parties designated by appropriate resolution of the Board of Directors. 8.5 Fidelity Bonds. The Board of Directors may require that all officers and employees of the Corporation having custody or control of the corporate funds furnish adequate fidelity bonds. The Corporation shall pay the premiums on such bonds. 8.6 Indemnification. The Corporation shall indemnify a person made or threatened to be made a party to a civil, criminal, administrative, arbitrative, or investigative proceeding by reason of the former or present official capacity of the person, and shall pay or reimburse such person's expenses in advance of final disposition of a proceeding, all in accordance with the provisions and requirements of Minnesota Statutes Section 317A.521, as amended. The