Article VII: Contracts, Loans, Checks, Deposits, Expense Reimbursements, Indemnification, and Appropriation for Annual Expenses
The Board may authorize any officer or officers, or designated agent or agents, to enter into any contract or execute or deliver any instrument in the name and on behalf of the University, and such authority may be general or confined to specific instances.
Section 2. Loans
No loans shall be contracted on behalf of the University and no evidence of indebtedness shall be issued in its name unless authorized by resolution of the Board of Governors. Such authority shall be confined to specific instances.
Section 3. Checks, Drafts, Order of Payment
All checks, drafts, or other orders of payment of money, notes, other evidences of indebtedness issued in the name of the University, shall be signed by such officer or officers, agent or agents of the University and in such manner as shall from time to time be authorized by resolution of the Board of Governors.
Section 4. Depository Services
The University will maintain depository service accounts in order to receive deposits and make disbursements with one or more banks selected by the Board of Governors pursuant to sealed bids. Depository service accounts shall be collateralized in accordance with Missouri statutes. Since the bank’s depository service accounts may also serve as an investment instrument, the bank must have an IDC rating of 125 or higher and have a loan-to-deposit ratio in excess of 50%.
Section 5. Expense Reimbursement
Governors, the President of the University, staff members, and any other authorized employees, will be reimbursed for actual reasonable expenses occasioned by the performance of University business, to the extent permitted by the statutes or duly promulgated regulations of the State of Missouri, upon presentation of receipts and requests for payment satisfactory to the Treasurer of the Board.
Section 6. Indemnification and Liability
To the fullest extent authorized or permitted by law, the University shall indemnify and hold harmless any or all members of the Board or officers of the University (past, present or future), their heirs, executors and administrators from and against all liabilities, judgments, decrees, fines, penalties, expenses, fees, amounts paid in settlement or any other costs, losses, expenses (including, but not limited to, attorneys' fees and court costs) not otherwise covered by the insurance coverage maintained by the University arising or resulting from, or in connection or association with, any threatened, pending or completed action, suit or proceeding (whether civil, criminal, administrative, investigatory or otherwise) and any appeals related thereto, under which said indemnified persons are parties or participants because of their actions or omissions in any capacity during the course and in the scope of their employment on behalf of the University or agency, whether incurred before or after the adoption of these Bylaws, unless they are finally adjudicated to be liable for willful, wanton or malicious conduct.
- Other Rights
The provisions of these Bylaws shall not exclude or limit any rights or benefits to which any person so indemnified is or may be entitled: (a) as a matter of law or statute; (b) by any agreement(s); (c) by the vote of the Board; or (d) through insurance purchased or maintained by the University.
Section 7. Appropriation for Annual Expenses
At each annual meeting of the Board, the Board shall approve a carefully prepared statement of the probable amount of income of the University and all of its departments for the year following, and an estimate of the probable expenses of the institution in each of its departments for the ensuing year, and shall make necessary appropriations, in the form of the approval of an annual budget or otherwise, to meet said expenses for the current year.