SECTION 1. CONTRACTS. Except as otherwise provided in these by-laws, 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 and on behalf of the Cooperative, and such authority may be general or confined to specific instances.
SECTION 2. CHECKS, DRAFTS, ETC. All checks, drafts, or other orders for the payment of money and all notes, bonds, or other evidences of indebtedness issued in the name of the Cooperative shall be issued by such officer or officers, agent or agents, employee or employees of the Cooperative and in such manner as shall from time to time be determined by resolution of the board.
SECTION 3. DEPOSITS. All funds of the Cooperative shall be deposited from time to time to the credit of the Cooperative in such bank or banks as the board may select.
SECTION 4. CHANGE IN RATES. So long as the Cooperative is indebted to the United States or any instrumentality thereof, written notice shall be given to the Administrator of the Rural Utilities Service, Department of Agriculture, United States of America not later than ninety days prior to the date upon which any proposed change in the rates charged by the Cooperative for electric energy becomes effective.
SECTION 5. FISCAL YEAR. Unless the board determines otherwise by resolution, the fiscal year of the cooperative shall begin on the first day of January of each year and end on the thirty-first day of December of the same year.