Common use of Bank Accounts and Investment of Funds Clause in Contracts

Bank Accounts and Investment of Funds. (a) The Board of Directors shall open and maintain, on behalf of the Company, a bank account or accounts in a federally insured bank or savings institution as it shall determine, in which all monies received by or on behalf of the Company shall be deposited. All withdrawals from such accounts shall be made upon the signature of such Person or Persons as the Board of Directors may from time to time designate. (b) Any funds of the Company which the Board of Directors may determine are not currently required for the conduct of the Company's business may be deposited with a federally insured bank or savings institution or invested in short-term debt obligations (including obligations of federal or state governments and their agencies, commercial paper, certificates of deposit of commercial banks, savings banks or savings and loan associations) as shall be determined by the Board of Directors.