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representatives or have a material financial interest, is not void or voidable because the Board <br />members or directors or the other organizations are parties or because the Board members or <br />directors are present at the meeting of the Board or a committee at which the contract or transaction <br />is authorized, approved or ratified, if: <br />(1)The contract or transaction was, and the person asserting the validity of the contract or <br />transaction sustains the burden of establishing that contract or transaction was, fair and <br />reasonable as to the Corporation at the time it was authorized, approved or ratified; or <br />(2)The material facts as to the contract or transaction and as to the Board members’ or <br />directors’ interest are fully disclosed or known to the Board or a committee, and the Board <br />or committee authorizes, approves, or ratifies the contract or transaction in good faith by a <br />majority of the Board or committee, but the interested Board member or directors shall not <br />be counted in determining the presence of a quorum and shall not vote. <br />Section 6.3 For the purposes of Section 6.2: <br />(1)A Board member does not have a material interest in a resolution establishing the <br />compensation of the Board member or establishing the compensation of another Board <br />member as a Board member, Executive Board member, employee or agent of the <br />Corporation, even though the first Board member is also receiving compensation from the <br />Corporation; and <br />(2)A Board member has a material financial interest in each organization in which the Board <br />member, or the spouse, parents, children and spouses of children, brothers and sisters and <br />spouses of brothers and sisters of the Board members, or any combination of them have a <br />material financial interest. <br />ARTICLE VII <br />FINANCE <br />Section 7.1 Any dues, contributions, grants, bequests or gifts made to the Corporation <br />shall be accepted or collected only as authorized by the Board. <br />Section 7.2 All funds of the Corporation shall be deposited to the credit of the <br />Corporation under such conditions and in such banks as shall be designated by the Board. <br />Section 7.3 All contracts, checks and orders for the payment, receipt, or deposit of <br />money, and access to securities of the Corporation shall be as provided by the Board. <br />Section 7.4 The annual budget of grant activity, estimated income, income expense and <br />capital expense shall be approved by the Board. The Board must approve the budget and all <br />expenditures must be within budget. Any major change in the budget must be approved by the <br />Board or the Executive Board. <br />Section 7.5 Title to all property shall be held in the name of the Corporation.