3.01.14 – Approval & Execution - Contracts
The SSO, or in this individual’s absence an approved Board signing officer, shall be the Society’s signatory of all contracts, documents or instruments that are required to be executed in the day to day affairs of operating and managing the Park, with the exception of contracts, documents or instruments:
1. That relate to Article 15 “Borrowing Powers” of the Society’s bylaws; or
2. That would result in an unbudgeted:
a. expenditure in excess of $15,000; or
b. commitment by the organization to an amount in excess of $50,000
3. That contractually commits the Society to a term beyond five (5) years.
4. That commits the Society to anything related to real property outside of the existing park.
In the above exceptions the SSO will seek Board approval prior to execution.