The Corporation shall not become a member of or purchase stock in any other organization without an affirmative vote of the members at a duly held meeting, the notice of which shall specify that action is to be taken upon such proposed membership or stock purchase, provided, however that the Corporation may upon the authorization of the Board of Trustees, purchase stock in or become a member of any corporation or organization organized on a non-profit basis for the purpose of engaging in or furthering the cause of area wide rural telecommunication services; or the Board of Trustees may authorize the purchase of stock in local corporations organized for the purpose of furthering the industrial development or civic improvement of the area which is certificated by the Public Service Commission as the service area of the rural telecommunications corporation; or the Board of Trustees may authorize the purchase of stock in building and loan associations or other savings institutions, insured by an agency of the federal government, for the purpose of investing currently unused funds of the Corporation.
Any member or trustee may waive in writing any notice of a meeting required to be given by these Bylaws. The attendance of a member or trustee at any meeting shall constitute a waiver of notice for such meeting by such member or trustee, except in case a member or trustee shall attend a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been lawfully called or convened.
The Board shall have power to make and adopt such rules and regulations, not inconsistent with law, the Articles of Incorporation, or these Bylaws, as it may deem advisable for the management of the business and affairs of the Corporation, and shall conduct all meetings of the Board and members, regular or special, under parliamentary procedure wherein Robert’s Rules of Order will prevail.
The Board shall cause to be established and maintained a complete accounting system which, among other things, and subject to applicable laws and rules and regulations or any regulatory body, shall conform to such accounting systems as may from time-to-time be designated by the Administrator of RUS of the United States of America.
The Board shall also after the close of each fiscal year cause to be made a complete audit of the accounts, books, and financial condition of the Corporation as of the end of such fiscal year.
