BY-LAW NUMBER 2
A by-law respecting the borrowing of money, the issuing of debt obligations and the securing of liabilities by the Kitchener Minor Hockey Association. BE IT ENACTED as a by-law of the Kitchener Minor Hockey Association (hereinafter referred to as the "Corporation") as follows:
The Directors of the Corporation may from time to time:
a) borrow money on the credit of the Corporation;
b) issue, sell or pledge debt obligations (including bonds, debentures, debenture stock or other like liabilities) of the Corporation but no invitation shall be extended to the public to subscribe for any such debt obligations.
c) charge, mortgage, hypothecate or pledge all or any currently owned or subsequently acquired real or personal, moveable or immovable property of the Corporation, including book debts, rights, powers, franchises and undertaking, to secure any debt obligations or any money borrowed, or other debt or liability of the Corporation;
d) delegate the powers conferred on the Directors under this by-law to such Officers of the Corporation and to such extent and in such manner, as the Directors shall determine.