Financial Matters Bylaw

12.0 Financial Matters  #

12.1 Borrowing and Investment #

  1. The Executive Committee is hereby authorized, from time to time to borrow money upon the credit of the Association, from any bank, association, firm or person, upon such terms, covenants and conditions at such times, in such sums:
  2. for the purpose of meeting the operating expenses of the Association, when in the opinion of the Executive Committee other resources of the Association are insufficient or cannot be made readily available for such purposes; or
  3. for any other purpose of the Association on the recommendation of the Board and with the approval of at least seventy-five (75%) percent of those Members who, if entitled to do so, vote in person at an Annual or Interim General Meeting or Special Meeting.
  4. The Executive Committee shall take such steps as it may deem requisite to enable the Association to acquire, accept, solicit, or receive legacies, gifts, grants, settlements, bequests, endowments, and donations of any kind whatsoever for the purpose of furthering the objects of the Association.

12.2 Financial Year #

  1. Unless otherwise ordered by the Board, the fiscal year end of the Association shall be May 31st.

12.3 Audit  #

  1. The books, financial records and accounts of the Association will be audited at least once (1) a year by a duly qualified Chartered Professional Accountant, who shall be tasked with the preparation of a complete and proper statement of the standings of the books as required.
  2. The audited financial records for the prior fiscal year will be presented by the Treasurer, or in its absence a Vice-President or Secretary, at the Annual General Meeting of the Association.

12.4 Books and Records  #

  1. The Association’s books and records may be inspected by any Member or Associate Member of the Association at the Annual General Meeting or at any time upon giving reasonable notice and arranging a time satisfactory to the Officer or Officers of the Association having charge of the same. Each member of the Board shall have access to such books and records upon reasonable notice as aforesaid.

12.5 Execution of Documents  #

  1. Contracts, documents, or any instruments in writing requiring the signature of the Association, shall be signed by any two (2) Officers and all contracts, documents and instruments in writing so signed, shall be binding, upon the Association without any further authorization or formality.

12.6 Seal #

  1. The Board may adopt a seal, which shall be the common seal of the Association.
  2. The common seal of the Association shall be under the control of the Board, who shall determine the responsibility for its custody and use from time to time.


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