THE PEEL NON-PROFIT HOUSING CORPORATION

BY-LAW NUMBER 2-77

A by-law respecting the borrowing of money by THE PEEL NON-PROFIT HOUSING CORPORATION.

 

BE IT ENACTED as a by-law of THE PEEL NON-PROFIT HOUSING CORPORATION (herein called the " Corporation ") as follows:

1. The Board of Directors may from time to time a) borrow money on the credit of the Corporation; b) issue, sell or pledge securities of the Corporation; c) charge, mortgage, hypothecate or pledge all or any of the real or personal property of the Corporation, present and future, including book debts and unpaid calls, rights, powers, franchises and undertaking, to secure any securities or any money borrowed, or other debt, or any other obligation or liability of the Corporation.

2. The Board may from time to time authorize any person (whether connected with the Corporation or not) to make arrangements for the money to be borrowed, the terms and conditions thereof and the securities to be given therefore with power to vary or modify arrangements, terms and conditions as the Board authorizes and generally to manage, transact and settle the borrowing of money by the Corporation.

3. The Board may from time to time authorize any person (whether connected with the Corporation or not) to sign, execute and deliver on behalf of the Corporation all documents, necessary or desirable for the purposes aforesaid and to draw, make, accept, endorse, execute and issue cheques, promissory notes, bills of exchange and other negotiable documents.

4. The powers hereby conferred are in supplement of and not in substitution for any powers of the Board or officers to borrow money for the purposes of the Corporation.

 

ENACTED this 19th day of April, 1977.

President Secretary