Section 1. Contracts. Except as otherwise provided in these Bylaws, the Board of Trustees 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. Except as otherwise provided by law or in these Bylaws, 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 signed by such Officer, Officers, agent or agents of the Cooperative and in such manner as shall from time to time be determined by resolution of the Board of Trustees.
Section 3. Deposits; Investments. All funds except petty cash of the Cooperative shall be deposited or invested from time to time to the credit of the Cooperative in such bank or banks or in such financial securities or institutions as the Board of Trustees may select.
Section 4. Change in Rates. Written notice shall be given to the members and any regulatory body having jurisdiction not less than thirty 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. 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.
Section 6. Preferred Stock. The Board of Trustees shall be authorized to offer the issuance of Preferred Stock which shall bear cumulative dividends. Preferred Stock shall not have voting rights except in the event of default. In the event of default, Preferred Stockholders would be allowed to elect two members of the Board of Trustees. Preferred Stock shall be issued and be transferable without regard to eligibility or membership, and be redeemable on terms as determined by the Trustees. The Trustees shall determine the interest rate, time and amount of its issue. Dividends or principal on Preferred Stock shall at all times be senior or superior to any amounts returned to the members in patronage capital.