HomeMy WebLinkAbout03 003 bank authority
e
e
e
e
THE CORPORATION OF THE MUNICIPALITY OF KINC INE
BY-LAW
NO. 2003 - 03
I
I
BEING A BY-LAW TO APPOINT SIGNING OFFIQERS FOR
THE MUNICIPAL BANK ACCOUNTS AND INVE4TMENTS
I
I
I
I
WHEREAS the Municipal Act, 2001, 5.0. 2001, c. 25 Section 2~8 as
amended sets out regulations for the endorsement of cheques. I
I
AND WHEREAS the Municipal Act, 2001, 5.0. 2001 c. 25 Secti~n 418 as
amended provides authority for a Municipality to invest money thrt is not
immediately required. I
AND WHEREAS the Council for the Municipality of Kincardine Jishes to
appoint signing authorities for various bank accounts and invest~ents.
NOW THEREFORE the Council for The Corporation of th~ Municipality of
Kincardine ENACTS as follows: I
1. Authorized Signing Officers. That the following are authorizeþ for and on
behalf of the Corporation from time to time to: I
a) sign all cheques, promissory notes and evidence of ~debtedness on
account #68-00114 and 68-00718 whether or not an over raft is created in
these accounts as a result: One of the Mayor or Deputy- ayor and one of
the Treasurer or CAD.; .
b) sign all cheques on account #68-00211, whether or n t an overdraft is
created in this account as a result: One of the Treasurer r CAD.;
c) make inter-account transfers on accounts 68-00114, 68- 0211,68-00319,
68-00416, 68-0513, 68-00610, 68-00718 and 68-008 5: One of the
Treasurer or CAD;
d) sign all cheques, promissory notes and evidence Of~ndebtedness on
account #68-00912: The Treasurer for the Municipality nd the Chairman
of the Board of Management of the Kincardine Busin ss Improvement
Area;
e) provide any authority to any CIBC officer to accept andl r pay any and all
drafts, bills of exchange or promissory notes on the Co orations behalf:
One of the Mayor or Deputy-Mayor and one of the Treas rer or CAD;
f) enter into any securities-related transactions with CI C or any of its
subsidiaries: One of the Mayor or Deputy-Mayor and on of the Treasurer
~~AO ~
g) receive from CIBC or any of its subsidiaries any stock, bonds or other
property of our firm: Anyone of the Treasurer or CAD.
.../2
e
e
e
e
I
I
I
I
Bank and Investments Signing Authorities, B I-law
By-Law No. 2003 - 03 1
Page 2 of 2 1
h) sign receipts for and orders relating to any of the Corp ration's property
held by or on behalf of CIBC or any of its subsidiaries: Anyone of the
Treasurer, C.A.O. or Supervisor of Revenue Services. t
i) borrow money or otherwise obtain credit from CIBC y way of loans,
advances, overdrafts or otherwise; and to give security ver any or all of
the Corporation's currently owned or after-acquired, al or personal,
movable or immovable property to secure any such cjedit obtained by
CIBC, and to sign all documents necessary to do so: lfne of the Mayor
and Deputy-Mayor and one of the Treasurer or CAD.
j) guarantee to CIBC the indebtedness and liability of an person, firm or
corporation, in either a limited or unlimited amount a d either with or
without security: One of the Mayor and Deputy-Mayo and one of the
Treasurer or CAD.; and
k) sign any agreement with or authority to CIBC or any f its subsidiaries
relating to the Corporation's banking and financial services needs,
whether generally or with regard to any particular tran action (including,
among other things, (i) the Account Operation Agreemen , (ii) interest rate,
foreign exchange and commodity-related banking arran ements, and (iii)
CIBC's service agreements for centralized cash co trol, third party
payments, electronic data interchange, money marke trader and any
other of CIBC's cash management services): One of the Mayor or
Deputy-Mayor and one of the Treasurer or CAD.
2. Delegation of Authority. Any two of the Mayor ~ puty-Mayor and
Treasurer or CAD. may from time to time, delegate aut ority in writing to
one or more delegates to do any or all of the actions des ribed in clause 2.
Such delegation may be for either a limited or unlimited p riod of time. The
delegation letter will identify by name and title, and ntain specimen
signatures of, each delegate.
I
3. Deposits, etc. The Treasurer, Supervisor of Revenue Serv ces or Supervisor
of Accounting Services are authorized for and on behalf f the Corporation
from time to time to negotiate for deposit with CIBC (but ~ r the credit of the
Account only) any and all cheques, promissory notes, bill of exchange and
payment orders.
4. All by-laws and resolutions inconsistent with this by-law are hereby
repealed .
5. This by-law shall come into full force and effect on its final
6. This by-law may be cited as the "Bank and Investments Si
Authorities, By-law".
READ a FIRST, SECOND, and THIRD time and DEEMED T~ BE PASSED
this 8th day of January, 2003. 1
l
I
--)
,