An officer's counter signature is required on checks over $10,000, excluding those payable to government entities.
2/6/04: Adopted preceding paragraph, officer's countersignature.
The current officers of the Club and the General Manager and Controller are authorized to sign checks, transfer funds and deposit funds on behalf of the Seattle Tennis Club at any bank, within the policy signing limits which are stated on the relevant signature cards.
Any two of the officers of the Club are authorized to act on behalf of the Seattle Tennis Club to borrow money, execute notes, grant security, negotiate items and perform further acts as necessary in the case of credits agreements and lines of credit with any bank.
Banking resolutions similar to the foregoing are ordinarily adopted each year at the Board's March or April meeting.
3/28/24: Approved.
Upon dissolution of the Club, the assets of the Club available for distribution pursuant to applicable law shall be distributed to the Active members,
with an equal amount being distributed to each membership (whether Single or Joint),
provided that, for the purpose of this sentence, any individual who was ever a Single or Joint Emeritus member
shall not be considered to be an Active member, notwithstanding a conversion to that class before dissolution.
Article I, Section 8
3/15/23: Bylaws amended to provide for distribution of assets on dissolution.
Emeritus members ... shall not be entitled to any distribution of assets upon the dissolution of the Club.
Article I, Section 5(e)
Net assets would be after discharge of (or provision for) known liabilities, and might exclude certain assets specified in RCW 24.03A.906.
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7/28/22: Chapter 229 approved by the Board.