PEEL NON-PROFIT HOUSING CORPORATION

BY-LAW NUMBER 1-93

A by-law to amend By-law Number 6-91 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.By-law Number 6-91 is hereby amended by inserting the following sections after section 3:

"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."

2.Section 4 of By-law Number 6-91 is re-numbered as section 6.

 

PASSED AND ENACTED at a meeting of the Directors of the Corporation, duly held on the 5th day of October, 1993.

President, Secretary

 

DULY CONFIRMED by unanimous vote of the Members of the Corporation, duly held on the 25th day of November, 1993.

Chair, Secretary