Hotels & Resorts
Association of Franchisees & Owners – North America

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Article VI — Loans, Checks, Drafts, Deposits, etc.

Section 1. Loans and Advances. All loans and advances made to ASFONA shall require the approval of the Board.

Section 2. Bank Accounts. All funds of ASFONA not otherwise employed shall be deposited from time to time to the credit of ASFONA in such banks, trust companies or other depositories as the President and the Board may select or as may be selected by any officer or agent of ASFONA to whom such power may, from time to time, be delegated by the President and Board; and, for the purpose of such deposit, any officer, agent or employee of ASFONA to whom such power may be delegated by the President and Board may endorse, assign and deliver checks, drafts and other orders for the payment of moneys which are payable to the order of ASFONA.

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