[§414D-158] Officers' authority to execute documents. Any contract or other instrument in writing executed or entered into between a corporation and any other person is not invalidated as to the corporation by any lack of authority of the signing officers in the absence of actual knowledge on the part of the other person that the signing officers had no authority to execute the contract or other instrument if it is signed by any two officers in category 1 below, or by one officer in category 1 below and one officer in category 2 below.
(1) Category 1: The presiding officer of the board and the president; and
(2) Category 2: A vice president, the secretary, treasurer, and executive director. [L 2001, c 105, pt of §1]
Section: Previous 414d-151 414d-152 414d-153 414d-154 414d-155 414d-156 414d-157 414d-158 414d-159 414d-160 414d-161 414d-162 414d-163 414d-164 414d-165 NextLast modified: October 27, 2016