You are here:

2004-01: Bylaw Amendment Borrowing Authority

Whereas, the National Federation of the Blind: Advocates for Equality (NFB:AE) bylaws conflict with the Letters Patent in terms of borrowing authority;


Whereas, the Letters Paten include the following: "VII In accordance with Section 65 of the Canada Corporations Act, it is provided that, when authorized by by-law, duly passed by the directors and sanctioned by at least two-thirds of the votes cast at a special general meeting of the members duly called for considering the by-law, the directors of the Corporation may from time to time
Borrow money upon the credit of the Corporation;
Limit or increase the amount to be borrowed;
Issue debentures or other securities of the Corporation;
Pledge or sell such debentures or other securities for such sums and at such prices as may be deemed expedient; and
Secure any such debentures, or other securities, or any other present or future borrowing or liability of the Corporation, by mortgage, hypothec, charge or pledge of all or any currently owned or subsequently acquired real and personal, movable and immovable, property of the Corporation and the undertaking and rights of the Corporation. Any such by-law may provide for the delegation of such powers by the directors to such officers or directors of the Corporation to such extent and in such manner as may be set out in the by-law. Nothing herein limits or restricts the borrowing of money by the Corporation on bills of exchange or promissory notes made, drawn, accepted or endorsed by or on behalf of the Corporation.";
 

Therefore, be it resolved that section 31. L. of the bylaws be repealed and replaced with the statements quoted above, taken from the Letters Patent.