6. CLOSING THE BANK ACCOUNT

6.1 Approval

Any decision to close the bank account will require the approval of the Board of Directors.

6.2 Preliminary Procedures

After approval has been secured, a letter of intent to close the bank account is to be submitted to the bank by the General Manager to notify the bank of the Exchange's intention to close out the account at a future date. The General manager should request an appointment to discuss the necessary arrangements. The bank is to be informed that the account will remain open only as long as required to clear outstanding checks or for one year, whichever comes first, and that final notice to close the account will be sent by the Board of Directors at the appropriate time. A copy of the letter of intent to close the bank account should be submitted to the Board of Directors.

6.3 Final Closing of the Bank Account

Provisions must be made for handling outstanding checks that may subsequently be presented to the bank for payment after the bank account has been closed. The Board of Directors will give final notice that the bank account has been closed, and withdraw the authorization of all check signers.

6.4 Destruction of Unused Checks

The Central Processor will make arrangements with a bonded paper dealer to destroy all unused checks. Notification of what checks were destroyed should be available to the Board of Directors.