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HomeMy WebLinkAboutBRU 91 027 property assets BMTS THE CORPORATION OF THE TOWSHIP OF BRUCE BY-LAW NO 91-27 I ! BEING A BY-LAW to authorize The Corporation of the Township of ~e Bruce, to transfer property, assets and undertaking of the BMTS Assets and liabilities. WHEREAS, The Corporation of the Township of Bruce ("Bruce Township"), in its capacity as trustee of the assets of the Bruce Municipal Telephone System (the "BMTS"), wishes to transfer property, assets and undertaking of the BMTS (the "BMTS Assets") and liabilities relating thereto to Bruce Township, in its own capacity; AND WHEREAS, Bruce Township, in its own capacity, wishes to accept the BMTS Assets and such liabilities; AND WHEREAS, Bruce Township in its capacity as trustee wishes to transfer, and Bruce Township in its own capacity wishes to accept, the BMTS Assets and liabilities relating thereto upon and subject to the terms and conditions contained in a disposition agreement dated as of August 16, 1991 to be made between Bruce Township in its own capacity and Bruce Township as trustee (the "Disposition Agreement"); NOW THEREFORE, the Council of the Corporation of the Township of Bruce ENACTS AS FOLLOWS: THAT Bruce Township, in its capacity as trustee, be and it is hereby authorized to transfer the BMTS Assets and liabilities relating thereto to Bruce Township, in its own capacity upon and -e- subject to the terms and conditions of the Disposition Agreement; THAT Bruce Township, in its own capacity, be and it is hereby authorized to accept the BMTS Assets and liabilities relating thereto, upon and subject to the terms and conditions of the Disposition Agreement; 2 e THAT the execution and delivery by any two of the Reeve, the Deputy-Reeve, the Clerk of Bruce Township or the General Manager of the BMTS for and on behalf of Bruce Township as trustee, under the seal of the municipality or otherwise, of the Disposition Agreement, with any and all exhibits thereto and with such amendments and variations thereto as any such persons may approve, be and the same are hereby authorized and approved, the approval of any such persons to any such amendment or variation to be conclusively deemed to be approved by execution thereof. THAT any two of the Reeve, the Deputy-Reeve, the Clerk of Bruce Township or the General Manager of BMTS be and such persons are hereby authorized and directed for and on behalf of Bruce Township as trustee to do all acts and things and to execute, under the seal of the municipality or otherwise, and to deliver all such other documents or instruments and to take such steps as such persons may consider necessary or advisable to more fully give effect to the terms of the Disposition Agreement and the foregoing. . THAT the execution and delivery by any two of the Reeve, the Deputy-Reeve, the Clerk of Bruce Township for and on behalf of Bruce Township, in its own capacity, under the seal of the municipality or otherwise, of the Disposition Agreement, with any and all exhibits thereto and with such amendments and variations thereto as any such persons may approve, be and the same are hereby authorized and approved, the approval of any such persons to any such amendment or variation to be conclusively deemed to be approved by execution thereof. · ~-- - - ;'--,--~ ~_... -. ~ 3 THAT any two of the Reeve, the Deputy-Reeve, the Clerk of Bruce Township be and such persons are hereby authorized and directed for and on behalf of Bruce Township, in its own capacity to do all acts and things and to execute, under the seal of the municipality or otherwise, and to deliver all such other documents or instruments and to take such steps as such persons may consider necessary or advisable to more fully give effect to the terms of the Disposition Agreement and the foregoing. By-Law introduced and read a First time this TWENTIETH day of AUGUST, 1991. By-Law read a Second time this TWENTIETH day of AUGUST, 1991. By-Law read a Third time and finally passed, signed, sealed, and numbered 91-27 this TWENTIETH day of AUGUST, 1991. ~~ . .. CLERK REEVE - "-'.-":'.::::: Š'EAli " , .....