Section 1.
The fiscal year shall be from March 1st to the following February 28th or 29th.
Section 2.
Each bill, claim, or statement of expenses to be paid by Library funds shall be approved by the Board at a regular meeting before such claims may be paid. Such claims shall become a part of the minutes at each meeting.
Section 3.
The Library shall indemnify any and all of its Board members against expenses actually and necessarily incurred by them in connection with the prosecution of any action in which they are a party by reason of having been a Board member, except in relation to matters as to which such Board member shall be determined to be guilty of intentional misconduct or gross negligence.
Section 4.
Upon the dissolution of the Library, the Library Board shall pay or make provisions for the payment of all the liabilities of the Library. The remainder of the Library assets shall be distributed in accordance with the rules and regulations of the Internal Revenue Service and State of Michigan.