Finance - Bylaws 30


Gifts, Contributions and Bequests.

Before becoming the property of SCYMF, each gift, bequest, devise, grant or contribution must be accepted by the Finance Committee.

Execution of Instruments.

Except as otherwise stated in these Bylaws, the Finance Committee 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 SCYMF, and such authorization may be general or confined to specific instances. Except as so authorized, or as in these Bylaws otherwise expressly provided, no officer, agent, or employee shall have any power or authority to bind the SCYMF by any contract or engagement or to pledge its credit or to render it liable for any purpose in any amount.

Bank Accounts.

The Finance Committee from time to time may authorize the opening and keeping of general and/or special bank accounts with such banks, trust companies or other depositories as may be selected by the Finance Committee or by any officer or officers, agent or agents of the SCYMF to whom such power may be delegated from time to time by the Finance Committee. The Finance Committee may make such rules and regulations with respect to said bank accounts, not inconsistent with the provisions of these Bylaws, as the Finance Committee may deem expedient.

Checks and Drafts.

All checks, drafts and other orders for the payment of money, notes, acceptances, or other evidences of indebtedness issued in the name of the SCYMF, shall be signed by such officer or officers, agent or agents, of the SCYMF, and in such manner, as shall be determined from time to time by resolution of the Finance Committee. Endorsements for deposit to the credit of the SCYMF in any of its duly authorized depositories may be made without countersignature by any officer or agent of the SCYMF to whom the Finance Committee, by resolution, shall have delegated such power, or by hand-stamped impression in the name of the SCYMF.


No loans shall be contracted on behalf of the SCYMF and no evidence of indebtedness shall be issued in its name unless authorized by or under the authority of a resolution of the Finance Committee. Such authority may be general or confined to specific instances. No loans may be made to any officer or Director of the SCYMF, directly or indirectly, except that reasonable advances of reimbursable expenses may be made in the discretion of the Finance Committee.

Sale of Securities.

The Finance Committee may authorize and empower any officer or officers, agent or agents, to sell, assign, pledge or hypothecate any and all shares of stock, bonds or securities, or interest on stocks, bonds or securities, owned or held by this SCYMF and any deposit certificates for stock, and any certificates representing any rights to subscribe for shares of stock. The SCYMF, however, shall not offer or sell any of its securities in violation of any State or Federal securities law registration or other requirement.


The Funds and property of the SCYMF, unless specifically otherwise provided by a deed, gift, bequest, devise, grant or contribution, may be invested in real estate, both improved and unimproved, in tangible or intangible personal property and/or in securities of one or more types as may be authorized by the SCYMF from time to time, without regard to the restrictions of the statutes regulating the investment of funds by trustees, fiduciaries or insurance companies.

Transactions to be approved by the business meeting.

Transactions involving the transfer (purchase, sale, gift) or pledge of an interest in real property or indebtedness exceeding 20% of the annual operating budget of the Yearly Meeting shall be brought forward for approval at a business meeting. The precise form of the transaction need not be approved by the business meeting.

Fiscal Year.

The fiscal year shall begin on January 1 and end on December 31.

Conflict of Interest.

No member may participate in approval or the signing of documents for a transaction if they or any member of their family have any conflict of interest, direct or indirect, in the transaction. If there is a conflict, the other committee members may acknowledge the conflict and proceed with approval and execution of the documents. As an alternative, the remaining members may ask for the approval of the Coordinating Committee and instructions for the execution of documents.