BYLAWS
OF
AMERICAN MULE ASSOCIATION
A California Nonprofit Corporation
As Amended January 1, 2016

Article IV
Fiscal Year and Surety Bonds

Section 1. Fiscal Year and Auditing of Accounts – The corporation shall conduct its affairs on the fiscal year basis, same to begin on January 1 and end December 31 of the same year. An annual commercial auditing of the accounts of the association shall be made by a certified public accountant at the close of each fiscal year and/or at such other times as the Board of Directors shall direct, but such auditing shall take place at least once every two years, the result of said audit or audits shall be reported to the next annual meeting of the members. Such accountant shall be a disinterested person and not a member of the association.

Section 2. Surety Bonds – All officers or members of the association who may be charged with the handling of any funds of the association shall give a surety bond as soon as the assets of the corporation reach $1,000, the premium for which shall be paid by the association in such reasonable amount as shall be fixed by the Board of Directors.