Article XI - Financial Activities


  1. No funds shall be raised or solicited on behalf of OASLTA without the consent of the executive board and/or members.

  2. The executive board may authorize any officer, agent, in addition to the president to enter into any contract or execute and deliver any instrument in the name of and on behalf of OASLTA.  Such authority may be general or confined to specific instances, but unless so authorized by the executive board, or expressly authorized herein, no officer, agent, or employee shall have any power or authority to bind OASLTA by any contract or engagement or to pledge its credit to render it liable financially in any amount for any purpose.   

  3. No loans or contracts of any kinds shall be contracted on behalf of ASLTA unless specifically authorized by the executive board.

  4. All checks, drafts, and other orders for the payment of money out of the funds of OASLTA, all notes or other evidences of indebtedness of OASLTA, shall be signed on behalf of the OASLTA in such manner as shall from time to time determined by resolution of the executive board or as expressly authorized herein.

  5. All funds of OASLTA not otherwise employed shall be deposited from time to time to the credit of OASLTA in such banks, trust companies, or other depositories as the executive board may from time to time select.

  6. The executive board may accept on behalf of OASLTA any contributions, gifts, bequest, or devise for the general purpose or for any special purpose of OASLTA with the notification to the membership. Any accounts held by OASLTA shall be subject to backup withholding by the financial institution in compliance with the current tax regulation.