Repository: UIHistories Project: Board of Trustees Minutes - 1986 [PAGE 393]

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382

BOARD OF TRUSTEES

[September 12

stood and agreed that on all such items deposited all prior endorsements are guaranteed by University. Bank may return to University any item not clearly endorsed by University, or may endorse any such item on University's behalf in order to facilitate collection. Bank will not be liable for any delays in the presentment or return of negotiable instruments and order for the payment of money which are not properly endorsed. And Be It Further Resolved that any two of the following: the President of the Board, the Comptroller, the Deputy Comptroller, the Secretary, be authorized: To sign checks and orders for the payment of money withdrawing funds from said account or accounts whether such checks and orders create or increase an overdraft of said account or accounts or not, (payment or non payment of any such overdraft to be at the option of said Bank), and said Amalgamated Trust and Savings Bank is hereby authorized and directed to act upon and honor any instructions so issued and to honor, pay and charge to any account or accounts, of University all checks and orders for the payment of money so drawn when so signed without inquiring as to the circumstances of their issue or the disposition of their proceeds, whether such checks be payable to the order of, or endorsed or negotiated by any officer signing them, or any of said officers or persons in their individual capacities or not, and whether they are deposited to the individual credit of or tendered in payment of the individual obligation of any officer or person signing them or by any of the other officers or person or not, and Be It Further Resolved that any one of the following: the President of the Board, the Comptroller, the Deputy Comptroller, the Secretary, be authorized: T o make and from time to time continue to make arrangements and to issue such instructions as to him/them which shall seem proper for the conduct of any such account or accounts, and T o endorse for negotiation, negotiate and receive the proceeds of any negotiable instruments or orders for the payment of money payable to or belonging to University, and T o identify, approve, endorse, and guarantee the endorsement of any payee or endorser on any checks or drafts whether drawn by University or anyone else and to guarantee the payment thereof, and delegate to others authority to so indemnify, approve, and endorse, and guarantee the endorsement of any payee or endorser on any such checks or drafts and to guarantee the payment thereof. And Be It Further Resolved that any one of the above named persons may issue an oral or written stop payment order which must specify the precise account number, payee, date, amount and number of the item (which should be M I C R encoded if the item is a check). I t is further agreed that said Bank may honor and charge University checks, drafts, or other orders for the payment of money, otherwise properly payable without regard to the date thereon, and Bank will not be responsible or liable for any stop payment order placed on such items after payment thereof, but in advance of its date. And Be It Further Resolved that University agrees to examine statements of account and both sides of accompanying items and to notify Bank of any unauthorized or missing signature or alteration of any item, or any error in the statement, within thirty days from the date if it is available for examination or the date it is mailed and agrees to notify Bank of any unauthorized or missing or forged endorsement within six months from the date it is available for examination or the date it is mailed; failure to so notify Bank as provided above shall preclude this University from asserting against Bank any such unauthorized or missing signature or endorsement, alteration, error or forgery. And Be It Further Resolved that Bank, as such depository, shall be entitled to rely upon the terms of these resolutions as vesting in the designated officers of University and other persons complete authority to act on its behalf in the manner