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• • <br />BAERS AGREEMENT <br />9/12/03 <br />(b) To approve and adopt the annual fiscal year operating budget (July 1 <br />through June 30) of BAERS. <br />(c) To receive and review periodic accountings of all funds under Article 13 <br />and 14 of this Agreement. <br />(d) To have the power to conduct on behalf of BAERS all business of <br />BAERS. <br />(e) To elect from its Members pursuant to Article 9 of this Agreement, a <br />Management Committee to which it may delegate authority to make and <br />implement any decision that the Board is authorized to make under this <br />Agreement, except the following: <br />1. Action that would require an amendment to this Agreement, under <br />Article 25 herein; <br />2. Change in the fee schedule; <br />3. Action that would financially obligate the parties in any way, <br />except as set forth in Article 10; <br />4. Selection of the President, Vice-President and members of such <br />Management Committee. <br />(f) To review all acts of the Management Committee, and shall have the <br />power to modify and/or override any decision or action of the <br />Management Committee upon a majority vote of a quorum of the Board of <br />Directors, unless this would interfere with a legal obligation made by the <br />Management Committee and result in BAERS liability. <br />(g) To adopt Bylaws for the conduct of its business consistent with this <br />agreement and with all applicable laws. <br />(h) To have such other powers and functions as provided by this Agreement. <br />ARTICLE 8-MEETING OF THE BOARD OF DIRECTORS <br />(a) Meetings. The Board of Directors shall establish its regular meetings. It <br />shall hold at least two regular meetings annually, at a time and place <br />determined by the Management Committee. The Board may hold special <br />meetings as required. <br />