Article XXVI: General Financial and Legal Matters

Section 1. Grace Church Debt.

Unless otherwise so directed by the unanimous vote of every Elder, Grace Church will incur no long-term indebtedness. Those projects necessitating capital outlays, will proceed only as God provides.

Section 2. Church Employees.

In addition to the Pastor/Teacher, the Church may employ other personnel. The moneys for such personnel must be approved by the Elders, who also shall be responsible for determining the duties of and hiring such personnel (see Article VIII, Section 1). All salaried employees must be members in good standing (or in the process of becoming such), who agree to abide by the Grace Church Constitution and Doctrinal Statement and have signed the Church Membership Application Agreement.

Section 3. Endorsement of Documents; Contracts.

The Elders may authorize any officer or officers, agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the Grace Church. Such authority may be general or confined to specific instances. Unless so authorized by the Elders, no officer, agent or employee shall have any power or authority to bind the Church by any contract or agreement, or to pledge its credit, or to render it liable for any purpose or to any amount.

Subject to the provisions of applicable law, any note, mortgage, evidence of indebtedness, contract, conveyance, or other instrument in writing and any assignment or endorsement thereof executed or entered into between this Church and any other person, when signed jointly by at least two Elders of this Church, shall be valid and binding on the Church in the absence of actual knowledge on the part of the other person that the signing Elders had no authority to execute the same.

Section 4. Representation of Shares of Other Corporations.

The Chairman or any other Elder authorized by the Elders are each authorized to vote, represent and exercise on behalf of Grace Church all rights incident to any and all shares of any other corporation or corporations standing in the name of this Church. The authority herein granted may be exercised either by any such officer in person or by any other person authorized to do so in proxy or power of attorney duly executed by said officer.

Section 5. Construction and Definitions.

Unless the context otherwise requires, the general provisions, rules of construction and definitions contained in the general provisions of the Illinois Religious Corporation Act shall govern the construction of this Constitution.

Section 6. Receipt of Funds.

Grace Church shall receive all monies and/or other properties transferred to it for the purposes for which the Church was formed, as shown in this Constitution. However, nothing contained herein shall require the Elders to accept or receive any money or property of any kind if it shall determine in its discretion that receipt of such money or property is contrary to the expressed purposes of the Church as shown in this Constitution.

Section 7. Investment of Funds.

Grace Church shall hold, manage and disburse any funds or properties received by it from any source in a manner that is consistent with the expressed purposes of this Corporation.

Section 8. Instruments in Writing.

All checks, drafts, demands for money and notes of Grace Church and all written contracts of the Church shall be signed by such officer or officers, agent or agents, as the Elders may from time to time by resolution designate.

Section 9. Limitations on Distribution of Funds.

No part of the net earnings of the Grace Church shall inure to the benefit of, or be distributable to, its members, Elders, or other private persons except that the Church shall be authorized and empowered to pay reasonable compensation for services rendered.