Division 2: BORROWING, BANKING AND SECURITIES

2.01 General power

The Society may acquire and take by purchase, donation, devise or otherwise all kinds of real estate and personal property, and may sell, exchange, mortgage, lease, let, improve and develop it, and may erect and maintain any necessary buildings. The funds and property of the Society shall be used and dealt with for its legitimate objects only in accordance with its by-laws.

2.02 Borrowing Power

For the purpose of carrying out its subjects, the Society may borrow, raise or secure the payment of money in such a manner as it thinks fit, and in particular, by the issue of debentures, but this power shall be exercised only under the authority of the by-laws of the Society, and in no case shall debentures be issued without the sanction of a special resolution of the Society.

2.03 Negotiable Instruments

For the purpose of carrying out its objects the Society may, subject to its by-laws, draw, make accept, endorse, discount, execute and issue promissory notes, bills of exchange and other negotiable or transferable instruments.

2.04 Delegation

The board may from time to time delegate to a committee of the Board or a Director of the Society or any other persons as may be designated by the Board all or any of the powers conferred on the Board by the preceding section of this by-law or by the Act to such extent and in such a manner as the Board may determine at the time of such delegation.

2.05 Banking Arrangements

The banking business of the Society including, without limitation, the borrowing of money and the giving of security therefore, shall be transacted with such banks, trust companies or other bodies corporate or organizations as may from time to time be designated by or under the authority of the Board. Such banking business or any part therefore shall be transacted under such agreements, instructions and delegations of powers as the Boards may from time to time prescribe.