A by-law respecting the borrowing of money, the issuing of securities and the securing of liabilities by The Canadian Canon Law Society / La Société canadienne de droit canonique.

Be it enacted as a by-law of the Corporation as follows:

1. Without limiting the borrowing powers of the Society as set forth in the Act, but subject to the articles and any unanimous member agreement, the Board may from time to time on behalf of the Society, without authorization of the members:
   
   

   1. borrow money upon the credit of the Society;

   2. issue, reissue, sell or pledge bonds, debentures, notes or other evidences of indebtedness or guarantee of the Corporation, whether secured or unsecured;

   3. to the extent permitted by the Act, give directly or indirectly financial assistance to any persons by means of a loan, guaranteed on behalf of the Society to secure performance of any present or future indebtedness, liability or obligation of any person, or otherwise; and

   4. mortgage, hypothecate, pledge or otherwise create a security interest in all or any currently owned or subsequently acquired real or personal, movable or immovable, property of the Society including book debts, rights, powers, franchises and undertakings, to secure any such bonds, debentures, note or other evidences of indebtedness or guarantee or any other present or future indebtedness, liability or obligation of the Society.

   Nothing in this section limits or restricts the borrowing of money by the Society on bills of exchange or promissory notes made, drawn, accepted or endorsed by or on behalf of the Society.

2. The Board may from time to time delegate to a committee of the Board, a director or an officer of the Society or any other person as may be designated by the Board all or any of the powers conferred on the Board by section 1 above or by the Act to such extent and in such manner as the Board may determine at the time of such delegation.