PEEL NON-PROFIT HOUSING CORPORATION

BY-LAW NUMBER 3-88

A by-law repealing sections 3 and 4 of Borrowing By-law 2-88 and clarifying the execution of a charge to the Bank of Montreal.

 

BE IT ENACTED as a by-law of Peel Non-Profit Housing Corporation as follows:

1. Section 3 of Borrowing By-law 2-88 is hereby repealed and the following substituted therefor: "That the execution by two of the signing officers of the Corporation of the said charge shall be conclusive proof of their agreement to any amendments, alterations, or additions incorporated therein."

2. Section 4 of the said Borrowing By-law is hereby repealed and the following substituted therefor:

"That the General Manager and the Secretary who have executed the said charge were properly authorized and are hereby authorized so to do and to deliver the said charge on behalf of the Corporation and they were properly authorized and are also hereby authorized to execute all such other documents and writings and to other acts and things that may be necessary to fulfilling the Corporation's obligations under the said charge and under the terms of the commitment letter."

 

PASSED AND ENACTED under the hands of the President and Secretary and the seal of the Corporation has been affixed this 7th day of June, 1988.

President Secretary