Section 1 - Finances

Clause 1 - Dues

Each member shall pay to the Association appropriate dues. The Board of Directors shall determine the amount of such dues for Affiliate memberships and the procedure for collection of such dues. Any dues increase for Active members shall be approved by a majority of the affected membership voting via a mail ballot. The procedure for dissemination and collection of ballots shall be determined by the Election Board.

Clause 2 - Audits

An annual, independent audit of the Association's financial records shall be conducted for each fiscal year. A special audit may be called by a majority vote of the Board of Directors. All audit services shall be provided by a Certified Public Accountant selected by the Board of Directors. Results of the audit shall be reported directly to the Board of Directors and shall be on file at the state office. Copies of the audit will be made available to the membership at an appropriate duplication cost.

Section 2 - Contracts

Contracts, leases, mortgages, conveyances or assignments of real property or bills of sale shall be transacted only with the authorization of the Board of Directors and only within the scope of any limitations set by the Board. Such instruments shall be valid when signed by the President, sealed with the seal of the Association, when required, and attested to by the Secretary of the Association, unless otherwise provided for within these Bylaws.

Section 2 - Dissolution

In the event of the dissolution or final liquidation, the Board of Directors shall cause the assets of the Association to be deposited and credited to the Oklahoma Public Employees Retirement System or its successor.