| Bylaw 2 |
BY-LAW NO. 2
- THE BOARD OF GOVERNORS OF THE ALGONQUIN
COLLEGE OF APPLIED ARTS AND TECHNOLOGY
BE IT ENACTED as a By-law of the Board of Governors of The Algonquin College
of Applied Arts and Technology as follows:
1. The Board of Governors of The Algonquin College of Applied Arts and
Technology (hereinafter called the "Board") is hereby authorized, subject to
compliance with all applicable laws, by resolution from time to time to
(a) borrow money on the credit of The Board of Governors of The Algonquin
College of Applied Arts and Technology in such amounts, on such terms and
from such persons, firms or corporations, including chartered banks, as may
be determined by resolution of the Board;
(b) make, draw and endorse promissory notes or bills of exchange;
(c) hypothecate, pledge, charge or mortgage all or part of the property of
The Board of Governors of The Algonquin College of Applied Arts and
Technology to secure any money so borrowed or the fulfilment of the
obligations incurred by it under any promissory note or bill or exchange
signed, made, drawn or endorsed by it;
(d) issue bonds, debentures and obligations on such terms and conditions as
the Board may by resolution decide and pledge or sell such bonds, debentures
and obligations for such sums and as such prices as the Board may be
resolution decide, and mortgage, charge, hypothecate or pledge all or any
part of the property of The Board of Governors of The Algonquin College of
Applied Arts and Technology to secure any such bonds, debentures and
obligations.
2. The Board may by resolution, to the extent
permissible by law, delegate to officers of the Board all or any powers
necessary for the purpose of borrowing and giving security by The Board of
Governors of The Algonquin College of Applied Arts and Technology to such
extent and in such manner as the Board may determine.
3. This By-law shall remain in force and be binding
upon The Board of Governors of The Algonquin College of Applied Arts and
Technology as regards any party acting on the faith thereof, until a copy,
certified by the Secretary of the Board under the corporate seal, of a
By-law repealing or replacing this By-law shall have been received by such
party and duly acknowledged in writing.
Enacted this 12th day of May, 2003.
Michael G. Keller
Robert C. Gillett
Chair
Secretary
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