Section 1. Membership in Other Organizations. The Cooperative shall not become a member of any other organization without an affirmative vote of a majority of the members of the Board of Directors.
Section 2. Waiver of Notice. Any member or director may waive in writing, any notice of a meeting required to be given by these bylaws. The attendance of a member or director at any meeting shall constitute a waiver of notice of such meeting by such member or director, except in case a member or director shall attend a meeting for the express purpose of objecting to the transaction of any business because the meeting shall not have been lawfully called or convened.
Section 3. Rules and Regulations. The Board of Directors shall have power to make and adopt such rules and regulations, not inconsistent with law, the Articles of Incorporation or these bylaws, as it may deem advisable for the management, administration and regulation of the business and affairs of the Cooperative.
Section 4. Accounting System and Reports. The Board of Directors shall cause to be established and maintained a complete accounting system which shall conform so long as the Cooperative is indebted to the Government or any agency or instrumentality thereof, to such accounting system a may from time to time be designated by the Administrator of the Rural Electrification Administration of the United States of America. All accounts of the Cooperative shall be examined by a committee of the directors appointed by the Board of Directors which shall render reports to the Board of Directors at least four times a year at regular meeting of the Board of Directors. The Board of Directors shall also after the close of each fiscal year cause to be made a full and complete audit of the accounts, books and financial condition of the Cooperative at the end of such fiscal year. Such audit reports shall be submitted to the members of the annual meeting next following the close of such fiscal year.