Section 4. The Board of Directors shall have the following authority:
c. Invest surplus funds of the Association at local institutions. All investments shall be insured by an agency of the Federal Government, held in the name of the Association, and be evidenced by such documents as is common for the institution in which the investment is made (safekeeping receipts, passbooks, periodic statements, Certificates of Deposit, etc.). No member of this Association may personally bnefit frominvestments made by or on behalf of the Association.
d. Pay all routine expenses of operating the Association which have been approved by the Membership, either as a special expense item, or included in a general plan of operation. Unanticipated expenses of up to $500.00 may be paid without prior approval of the membership.
e. Solicit bids on all projects with anticipated costs exceeding $500.00, unless waived by majority of Association members.
f. Take any action directed by a majority of Association members.