PEEL NON-PROFIT HOUSING CORPORATION

BY-LAW NUMBER 6-91

As amended by By-law Number 1-93

A by-law respecting the borrowing of money, the issuing of securities and the securing of liabilities by Peel Non-Profit Housing Corporation

 

BE IT ENACTED AND IT IS HEREBY ENACTED as a by-law of Peel Non-Profit Housing Corporation (hereinafter called "Corporation") as follows:

1. The Directors of the Corporation may from time to time:

a) borrow money on the credit of the Corporation;

b) issue, sell or pledge securities of the Corporation; and

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.

The word "securities" as used in this paragraph means bonds, debentures or other liabilities of the Corporation whether constituting a charge on the property of the Corporation or not.

2. The Directors may from time to time authorize any Director or Directors, Officer or Officers, or any other person or persons connected with the Corporation to make arrangements with reference to the monies borrowed or to be borrowed as aforesaid, and as to the terms and conditions of the loan thereof, and as to the securities to be given therefor, with power to vary or modify such arrangements, terms and conditions, and to give such additional securities for any moneys borrowed or remaining due by the Corporation as the Directors of the Corporation may authorize and generally to manage, transact and settle the borrowing of money by the Corporation.

3. The Directors may from time to time authorize any Director or Directors, Officer or Officers, or any other person or persons connected with the Corporation, to sign, execute and give on behalf of the Corporation all documents, agreements and promises necessary or desirable for the purposes aforesaid and to draw, make, accept, endorse, execute and issue cheques, promissory notes, bills of exchange, bills of lading and other negotiable or transferable instruments and the same and all renewals thereof or substitutions therefor, so signed shall be binding upon the Corporation.

4. The Directors of the Corporation hereby:

(a) authorize the General Manager or his designate to arrange, manage, transact and settle all mortgages and mortgage renewals for new and existing projects for which Ministry of Housing or similar funding allocation has been received under a non-profit housing program; and

(b) authorize the Corporation's signing officers to execute and give on behalf of the Corporation all documents, agreements and promises necessary or desirable for the purposes aforesaid and to draw, make, accept, endorse, execute and issue cheques, promissory notes, bills of exchange, bills of lading and other negotiable or transferable instruments and the same and all renewals thereof or substitutions therefor, so signed shall be binding on the Corporation.

5. Execution of all documentation respecting new mortgages and mortgage renewals shall be in accordance with the Corporation's by-law respecting authorization to execute documentation.

6. The powers hereby conferred shall be deemed to be in supplement of and not in substitution for any powers to borrow money for the purposes of the Corporation possessed by its Directors or Officers independently of a borrowing by-law.

 

DULY PASSED AND ENACTED at a meeting of the Directors of the Corporation, duly held on the 3rd day of September, 1991.
Maja Prentice (Signed) Bonnie Zeran (Signed)

President, Secretary

 

DULY CONFIRMED by unanimous vote of the Members of the Corporation, duly held on the 26th day of September, 1991.
Maja Prentice (Signed) Bonnie Zeran (Signed)

Chair, Secretary