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Constitution – Article Eight

Contracts and Obligations

Execution of Instruments

a) Deeds, transfers, licences, assignments, contracts and obligations on behalf of the Organization may signed by President and any one of the Vice- President or Treasurer.

b) Notwithstanding any provisions to the contrary contained in the by-laws of the Organization, the Executive may at any time and from time to time direct the manner in which and the person or persons by whom any particular deed, transfer, licences, assignments, contracts or obligations of the Organization may or shall be signed.

Borrowing of Monies

a) The Executive members of the BCTC may from time to time borrow money on the credit of the BCTC for current operating expenses and issue, sell or pledge securities of the BCTC in connection therewith.

b) The Executive members may also borrow money for all other purposes and charge, mortgage, hypothecate or pledge all or any of the real or personal property of the BCTC, to secure any money so borrowed, or other debt, or any other obligation or liability of the BCTC.

c) From time to time the Executive may authorize any officers of the BCTC or any other person to make arrangements with reference to the monies borrowed or to be borrowed as aforesaid and as to the terms and conditions and to give such additional securities for any monies borrowed or remaining due by the BCTC as the Executive may authorize, and generally to manage, transact and settle the borrowing of money by the BCTC.