Section 6. Contracts and Obligations

Except as authorized by the Board of Directors, all contracts and obligations of the Corporation shall be co-signed by the Treasurer and President. No person shall obligate the Corporation beyond the limits of items in the approved budgets without specific authority of the Board of Directors.

All expenditures of the Corporation, in excess of $100, shall be voted on and approved by a majority of the Board of Directors.

Board members shall read and respond to RSWNY, Inc. related business (e-mail or telephone) on a regular basis and vote the deadline requested.

ARTICLE VIII

MISCELLANEOUS

Section 1: Compensation

No part of the net earnings of RSWNY, Inc. will be used for the benefit of any corporate member, Director, or private individual except that reasonable compensation may be paid for services rendered to or for the Corporation after two-thirds approval of the entire Board of Directors.

Section 2: Dissolution

a.   In the event of dissolution of RSWNY, Inc., all of RSWNY, Inc. remaining assets will, after necessary expenses, be distributed to another GLBTI non-profit organization exempt under the Internal Revenue Code Section 501©(3) or corresponding provisions of any subsequent federal tax laws, subject to the approval of a Justice of the Supreme Court of the State of New York.

b.   No corporate member, director, officer, or private individual will be entitled to share in the distribution of any of the corporate assets on dissolution of the Corporation.

Section 3: Signatories

a.     The President and Treasurer will be empowered to co-sign checks on behalf of Rainbow Seniors of Western New York, Inc. (RSWNY, Inc.).

b.     In the absence of either the President or Treasurer, a third signatory will be authorized to co-sign checks on behalf of RSWNY, Inc.

c.     All loans must be approved by the Board of Directors and presented to the members in attendance at the next regularly scheduled meeting.

d.     Once approved all loans must be co-signed by the President and Treasurer.

Section 4: Conduct of Meetings

a.     Membership meetings

1)    At all regular meetings of the membership, the President of RSWNY, Inc. (Vice President, in the President’s absence) shall preside and shall follow the agenda as determined by the Board of Directors.