| 7.01 |
Financial Year. Until changed by resolution of the Council, the financial year of the Association shall end on the 31st day of December in each year. |
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| 7.02 |
Financial Statements. The Executive Director shall annually furnish a statement of the finances of the Association as at the end of the financial year. |
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| 7.03 |
Auditor. In each year the Council shall appoint an auditor who shall report upon the statement of the finances of the Association to the Council and to the Annual Meeting of Members. |
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| 7.04 |
Banking Arrangements. The Association's banking business, including the borrowing of money and the granting of security, will be transacted with any banks, trust companies or other organizations as may be designated by or under the authority of Council. The Association's banking business will be transacted under any agreements, instructions and delegations of power that Council prescribes. |
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| 7.05 |
Investment of Funds of the Association. Subject to the provisions of the Act, the Council will establish and apply investment policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments to avoid undue risk of loss and to obtain a reasonable return. |
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| 7.06 |
Voting Rights in Other Bodies Corporate. Unless and until otherwise specifically directed by resolution of the Council, the signing Officers of the Association may execute and deliver instruments of proxy which need not, unless the law applicable to the securities being voted otherwise requires, be under the corporate seal of the Association and arrange for the issuance of voting certificates or other evidence of the right to exercise the voting rights attaching to any securities held by the Association and such instruments, certificates or other evidence shall be in favour of such person or persons as may be determined by the Officers signing them or arranging therefore. The Council may, however, from time to time direct the manner in which and the person or persons by whom any particular voting rights shall be exercised. |
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| 7.07 |
Borrowing.
| 7.07.01 |
The Council may from time to time:
| (a) |
borrow money on the credit of the Association; |
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| (b) |
issue, sell or pledge debt obligations of the Association; |
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| (c) |
give a guarantee on behalf of the Association to secure performance of an obligation of any person; and |
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| (d) |
mortgage, hypothecate or pledge or otherwise create a security interest in any or all property of the Association, owned or subsequently acquired to secure any obligation of the Association. |
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| 7.07.02 |
The Council may, from time to time, by resolution, delegate any or all of the powers referred to in Section 7.07.01 to a Councillor, a committee of Councillors, one or more of the Officers of the Association, an employee of the Association or other person or persons. |
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| 7.07.03 |
The powers conferred by this Section shall be deemed to be in supplement of and not in substitution for any powers to borrow money for the purposes of the Association possessed by the Council or Officers independently of a borrowing By-law. |
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| 7.08 |
Honoraria and Expenses. The Council shall fix the honoraria to the President, Vice-Presidents, Councillors and any others who may render services in aid and on behalf of the Association. Honoraria or fees for expert medical testimony or for advice to the Association's solicitors and counsel shall be paid at a rate authorized by Council. At the discretion of the Council, the reasonable expenses of Councillors, Officers and other persons in attending to Association business shall be paid out of the Association's funds. |
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