Policy - Execution of documents   By-Law Home

Contracts. All contracts must be approved by a majority vote of the Board of Directors before being signed. The Chair or President will sign with the Secretary or any other agent there unto authorized by the Board of Directors, instruments which the Board of Directors has authorized to be executed except in cases where the signing and execution thereof will be expressly delegated by the Board of Directors of these Bylaws to some other agent of the Corporation, or will be required by law to be otherwise signed or executed. 

Expenditures. There will be two levels of financial approvals: upper and lower. An upper-level or higher expenditure must be authorized by the Board in advance. A lower-level up to the upper-level expenditure may be authorized by a Board member or Committee Chairman within the guidelines of his or her duties. The upper and lower-level dollar limits will be agreed on annually by the Board of Directors. For the fiscal year of 2025 the upper level dollar amount will be $500 and the lower level amount will be $100. 

Compliance. Compliance is important especially as a charity. Each and every director and officer can be disciplined by the Director, Corp Canada and CRA if there is non-compliance. Charges could even be laid. Compliance necessitates the verification of the lawfulness of the by-laws, policies, procedures, and the activities of the corporation. There should not be just one or two positions responsible. It can become too easy for something like this to NOT be done with a low number of 'owners'.

Effective Date. This policy is effective as of May 1, 2025 and supersedes any prior policies or resolutions regarding Execution of documents.

Revision. (YY/##). 2501