National By-Laws - The Navy League of Canada
National By-Laws - The Navy League of Canada
National By-Laws - The Navy League of Canada
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THE NAVY LEAGUE OF CANADABY-LAWS5.13 EXECUTION OF INSTRUMENTSDeeds, transfers, assignments, contracts, obligations, certificates, cheques, and otherinstruments shall be signed on behalf <strong>of</strong> the Division by the Division President together with theDivision Secretary, or with a Vice-President or with such other individual as the Division Councilmay designate in its <strong>By</strong>-<strong>Laws</strong> or by resolution <strong>of</strong> the Division Council.5.14 FINANCIAL YEAR OF A DIVISION<strong>The</strong> financial year <strong>of</strong> the Division shall end on such date in each year as the Division Council maydetermine by resolution from time to time.5.15 FUNDS OF A DIVISION<strong>The</strong> funds <strong>of</strong> a Division:(a) Consist <strong>of</strong>: all membership fees or other monies subscribed or donated forDivision purposes; or allocated, granted or loaned to a Division by the <strong>National</strong> Board <strong>of</strong>Directors; and proceeds <strong>of</strong> assessments or contributions by Branches. <strong>The</strong>y shall beunder the control <strong>of</strong> that Division, and may be used by, and for the purposes <strong>of</strong>, thatDivision, subject to the provisions <strong>of</strong> these <strong>By</strong>-<strong>Laws</strong>;(b) Which are received by a Division but are intended to be for the <strong>National</strong> Board <strong>of</strong>Directors, or for <strong>National</strong> purposes, are to be remitted to the <strong>National</strong> Board <strong>of</strong> Directorsby the Division immediately;(c) Which are received by a Division but are intended to be for the account <strong>of</strong> aBranch, or for Branch purposes, are to be remitted or credited to that Branchimmediately;(d) Are to be deposited in a financial institution, and may only be withdrawn or dealtwith by the Officers and employees <strong>of</strong> the Division authorized to sign cheques and otherbanking documents, and to transact banking business on behalf <strong>of</strong> a Division; and,(e) May be invested by a Division in accordance with an investment policy which shallnot be limited to investments authorized by law for trustees, as adopted by the DivisionCouncil.5.16 DONATIONS<strong>The</strong> Division Council may:(a) Receive and hold any objects or funds donated to the Division, whether by way <strong>of</strong>endowments or otherwise; and may use such objects or funds, or the income from suchfunds, as it sees fit to meet the Purposes and Objects <strong>of</strong> the <strong>League</strong> within the Division;(b) Receive funds contributed by, or assessed from, Branches, and use such funds, orthe income from such funds, as it sees fit to meet the purposes <strong>of</strong> the Division; and,NL(18)E – 7 Feb 2012 26
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