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Section 8.1 Contracts. Consistent with the purpose of the Authority, the Board may authorize the President to enter into any contractor to execute and: deliver any instrument in the name of and on behalf of the Authority, and such authorization may be general or confined to specific instances. The Board may enter into an employment contract with the President. Section 8.2 Loans. No loans shalt be contracted.on behalf of the Authority and no evidences of indebtedness shall be issued ih its name unless authorized by a resolution of the Authority Board. Such authority may be general or specific in nature and scope. Notwithstanding the foregoing, no loan, guaranty; or other form of security shall be made or provided by the Authority to or for the benefit of any of its Board members, Officers, employees, or agents. . Section 8.3 Check, Drafts, Orders: All checks; drafts, or :orders for the payment of money, notes, or other evidences'of indebtedness issued in the name of the Authority, shall be signed by.the President and the Authority's Director of Finance and any other person as designated by a duly adopted resolution of the Authority Board. 3®ction 8.4 Deposits: All funds of the Authority shall be deposited promptly, or no longer than 3 days after receipt of such tunds; to the credit of the Authority in depository. institutions that have been designated and approved by duly adopted resolutions of the Authority Board. ~~ Section Say Gifts. The Authority may accept on behalf of the Authority any contribution, gift, bequest or devise for any purpose of the Authority. Section 8.6 Statutory Cpmpliance. Ali matters of fiscal control and administration shall be handled in accordance with the applicable requirements of Chapter 159 of the Genera! Statutes of Norlh Carolina. ARTICLE.9 ' GENERAL PROVISIONS Section 9.1 Seal. The corporate seal of the Authority shall consist of two concentric circles between which is the name of the Authority and in the center which is inscribed SEAL; and such seal, in the form approved and adopted by. the Authority Board, shall be the corporate seal of the. Authority. Section 9.2 Amendments. Except as may be otherwise provided by the North Carolina Nonprofit Corporation Act, these Bylaws may, be amended or repealed and new Bylaws may be adopted by the Authority Board. The Authority shall provide at least five (5) working days written hotice of any meeting of Directors at which an amendment to the Bylaws is to be .voted upon, and such notice shall state that the purpose, or ohe of the purposes, of the meeting is to consider a proposed amendment to the Bylaws and shall contain or be .accompanied by.a cppy or summary of the amendment or state the general nature of the amendment. Any amendment to the Bylaws shall be .approved by a majority of the Board Members in office at the time that such amendment is adopted. Section 9.3 Fiscal Year. The fiscal year of the Authority shall be July 1 to June 30. Section 8.4 Nondlacriminatfon. The Authority, the Authority Board, the Officers, tha Committees of the Board and the Staff of the Authority shall comply with all federal, state and local regulations prohibiting discrimination. ARTICLE 10 QUARTERLY REPORTS; AUDITS 1' ' L