By-Law No. 1 Articles 26 - 31



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Articles 32 - 35 >>



Financial Year


  1. The fiscal year of the Association and its Divisions shall be determined by Board of Directors of the Association.


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Execution of Documents


  1. Deeds, transfers, licences, contracts, and engagements on behalf of the Association shall be signed by the President or Vice-President of the Association and the Executive Director of the Association, and the Executive Director shall affix the seal of the Association to such instruments as require the same.

    Contracts in the ordinary course of the Association's operations may be entered into on behalf of the Association by the President, the Vice-President or Treasurer of the Association, the Executive Director, or by any other person authorized by the Board of Directors of the Association.

    The President, the Vice-President, the Treasurer or the Executive Director of the Association or any one of them or any person or persons from time to time designated by the Board may transfer any and all shares, bonds, or other securities from time to time standing in the name of the Association in its individual or any other capacity or as trustee or otherwise and may accept in the name and on behalf of the Association transfers of shares, bonds, or other securities from time to time transferred to the Association and may affix the corporate seal to any such transfers or acceptances of transfers and may make, execute, deliver under the corporate seal any and all instruments in writing necessary or proper for such purposes, including the appointment of an attorney or attorneys to make or accept transfers of shares, bonds or other securities on the books of any company or Association.

    Notwithstanding any provisions to the contrary contained in the by-laws of the Association, the Board of Directors of the Association may at any time by resolution direct the manner in which, and the person or persons by whom, any particular instrument, contract or obligations of the Association may or shall be executed.


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Books and Records


  1. The Board of Directors of the Association shall ensure that all necessary books and records of the Association required by the by-laws of the Association or by the applicable statute or law are regularly and properly kept.


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Cheques, etc.


  1. All cheques, bills of exchange or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Association, shall be signed by such officer or officers, agent or agents of the Association and in such manner as shall from time to time be determined by resolution of the Board of Directors of the Association and any one of such officers or agents may alone endorse notes and drafts for collection on account of the Association through its bankers, and endorse notes and cheques for deposit with the Association's bankers for the credit of the Association, or the same may be endorsed "for collection" or "for deposit" with the bankers of the Association by using the Association's rubber stamp for the purpose.

    Any one of such officers or agents so appointed may arrange, settle, balance and certify all books and accounts between the Association and the Association's bankers and may receive all paid cheques and vouchers and sign all the bank's forms or settlement of balances and releases or verification slips.


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Deposit of Securities for Safekeeping


  1. The securities of the Association shall be deposited for safekeeping with one or more bankers, trust companies or other financial institutions to be selected by the Board of Directors of the Association. Any and all securities so deposited may be withdrawn from time to time only upon the written order of the Association signed by such officer or officers, agent or agents of the Association and in such manner, as shall from time to time be determined by resolution of the Board of Directors of the Association and such authority may be general or confined to specific instances. The institutions which may be so selected as custodians of the Board of Directors of the Association shall be fully protected in acting in accordance with the directions of the Board of Directors of the Association and shall in no event be liable for the due application of the securities so withdrawn from deposit or the proceeds thereof.


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Borrowing


  1. The Board of Directors of the Association may from time to time:
    • borrow money on the credit of the Association; or
    • issue, sell or pledge securities of the Association; or
    • charge, mortgage, hypothecate or pledge all or any other real or personal property of the Association, including book debts, rights, powers, franchises and undertakings, to secure any securities or any money borrowed, or other debt, or any other obligation or liability of the Association.


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