HomeMy WebLinkAbout03 156 wood gundy account auth
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THE CORPORATION OF THE MUNICIPALITY OF KINCNþINE
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BY-LAW
NO. 2003 -156 I
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BEING A BY-LAW TO DESIGNATE AN AUTHORIZED REPrESENTATIVE
FOR THE MUNICIPALITY OF KINCARDINE INVESTMENT A COUNTS WITH
CIBC WOOD GUNDY
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WHEREAS Section 418 (1) of the Municipal Act, 2001, S.~2001' c. 25, as
amended authorizes a municipality to invest in prescrib securities, in
accordance with the prescribed rules, money that it does not re uire immediately;
AND WHEREAS Section 418 (5) of the Municipal Act, 2001, St. 2001, c. 25, as
amended, authorizes municipalities to delegate its power un er this section to
the treasurer;
AND WHEREAS the Municipality of Kincardine has previousl~ established and
currently maintains two investment accounts with CIBC Wood qundy;
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AND WHEREAS it is desirable to designate municipal repres ntatives who may
give instructions with respect to the funds invested through the e accounts;
AND WHEREAS Policy GG.2.11 sets out policies with res ect to Municipal
investments;
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NOW THEREFORE the Council of the Corporation of th :¡ Municipality of
Kincardine ENACTS as follows: I
The Treasurer is hereby authorized to give written or or I instructions with
respect to purchases or sales in securities and any ot er transactions in
the accounts; to bind and obligate the Municipality to a d for the carrying
out of any contract, arrangement or transaction made with CIBC Wood
Gundy; to pay such sums as may be necessary in c nnection with the
accounts; to give instructions with respect to the deli ery or transfer of
securities; to endorse any securities and/or contracts in order to pass title
thereto; to direct the sale or exercise of any right wi h respect to any
securities; to sign for the Municipality, and deliver on its behalf all releases
and powers of attorney and/or other documents in nnection with the
accounts; and generally to do and take all actions as a e deemed by any
such representative to be necessary or proper in connection with
transactions in securities for and on behalf of the Munici ality.
2. This by-law shall remain in force and be binding upon th Municipality until
a copy, certified by a duly authorized representative of t e Municipality, of
a by-law repealing or replacing this by-law shall have b n received by
CIBC Wood Gundy.
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CIBC Wood Gundy Acount Authorization
By-Law 2003 - 156
Page 2 of 2
All acts done and documents executed on behalf of the Municipality, as
hereinbefore authorized, may be relied upon by CIBC Wopd Gundy and
shall be valid and binding upon the Municipality.
This by-law shall come into full force and effect on its final passing.
This by-law shall come into full force and effect upon its fihal passing.
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This by-law may be cited as the "CIBC Wood ¡Gundy Account
Authorization By-Law". .
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READ a FIRST, SECOND, and THIRD time and DEEMED TO I[3E PASSED
this 15th day of October, 2003. ;
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