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SECTION 3, DISBURSEMENTS. No disbursement of funds of this association shall be made except by checks drawn by the treasurer and countersigned by the president. Except when issued for salaries, pensions, and other fixed charges, the exact amount of which has previously been determined by the Board of Trustees or the members, no check shall be issued until the claim to which it relates has been approved by the Board of Trustees. SECTION 4, DEPOSITS. All money belonging to this association shall be deposited to the credit of the association in such banks, trust companies, or other depositories as the Board of Trustees may designate. SECTION 5, INVESTMENTS. The funds of this association may be invested by the Board of Trustees in such income- paying properties and securities as may be authorized by law. ARTICLE IV. MEMBERSHIP. SECTION 1, AGE REQUIREMENT. Any regular active member of the Ramsey Fire Department, who is under the age of 42 years, shall be eligible to apply for membership in the association. SECTION 2, APPLICATIONS. Applications for membership may be made at any regular or special meeting of the Board of Trustees. The application shall be accompanied by a membership fee of $25.00 and then laid over for one month for consideration. During this time, the Board of Trustees shall conduct an investigation to determine if the applicant, due to some medically determinable physical or mental impairment or condition, would constitute for the association a predictable and unwarranted risk of liability for benefits at an earlier than minimum age specified for receipt of a service pension. If no such impairment or condition exists, the Board of Trustees shall appoint the applicant to membership in the association. SECTION 3, ANNUAL DUES. All members shall pay the sum of $25.00 per annum as dues. Dues shall be payable at the time of the regular annual meeting. Any member failing to pay annual dues within 30 days after the date of the regular annual meeting shall be mailed a written notice of his/her delinquency by the secretary of the association. If the dues are not paid within 30 days after this notice is mailed, his/her membership in this association shall automatically terminate. Any members so dropped may be reinstated upon payment of the delinquent dues and a fine of $10.00, but the application for reinstatement shall first be approved by the Board of Trustees. SECTION 4, EXPULSION OR RESIGNATION FROM MEMBERSHIP. Expulsion, resignation, or not meeting the by-law requirements of the Ramsey Fire Department shall terminate the membership of the member so resigning, expelled or removed; provided, however, that any member who has served for at least the minimum number of years required by Article VII of these by-laws for vesting of pensions rights as an active member of the Ramsey Fire Department, shall retain his/her membership in this