Agenda - Council - 12/11/1990 - Laserfiche WebLink

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receive tt~e same by the Board of Trustees. The Treasurer shall not be responsible for the failure of such investments property made in accordance with the provisions of these By-laws but only for the safekeeping of the securities. The Treasurer shall, prior to entering upon the duties of this office, give a good and sufficient surety bond conditional upon the faithful pedormance of h=s/her duties, in an amount equat to at least 10% of the assets of the Association. The bond amount need not exceed $500,000. Such band shall be filed with the City Finance Director and shall be paid from the Association's special fund. The Treasurer shall make out and deliver to the Secretary a receipt for all monies received by the Treasurer whether paid through the Secretary or not. The Treasurer shall furnish to the Secretary such information as he/she may require to pedorm the duties of his/her office and perform such other duties as usually pertain to his/her office. A~'E~CLE, ~ AL[LOO~AT~©~ OF SECTION 1. FUNDS All money received from the Association shall be kept in two separate funds. SECTION 2. GENERAL FUND The funds received by this Association from dues, donations, fines, initiation fees and entertainments shall be kept in a General Fund and may be disbursed upon a majority vote of the membership or of the Board of Trustees for any purpose reasonably suited to promote the welfare of the Association and its members. SECTION 3. SPECIAL FUND All funds received by this Association from any tax sources and other money which may be directly donated or transferred to said fund, shall be kept in a separate account on the books of the Treasurer known as the Special Fund and shall be disbursed only for the following purposes: A. Benefit Payments Per M.S.424A.05 RELIEF ASSN. BY-LAWS Page I I I I I I i I I ]! I I I I I I I I I