BYLAWS
Borrowing By The Association

19.1 Borrowing Power

Subject to the limitations set out in the by-laws or in the Letters Patent of the Association, the Board may:

a) borrow money on the credit of the Association;

b) issue, sell or pledge securities of the Association; or

c) charge, mortgage, hypothecate or pledge all or any of the real or personal property of the Association, including book debts, rights, powers, franchises and undertakings, to secure any securities or any money borrowed, or other debt, or any other obligation or liability of the Association.

19.2 Borrowing Resolution

From time to time, the Board may authorize any director, officer of employee of the Association or any other person to make arrangements with reference to the money so borrowed or to be borrowed and as to the terms and conditions of the loan thereof, and as to the security to be given therefore, with power to vary or modify such arrangements, terms and conditions and to give such additional security as the Board may authorize, and generally to manage, transact and settle the borrowing of money by the Association.

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