Article Nine – Financial 2
| 9.1 | Fiscal Year |
| 9.2 | Investments |
| 9.3 | Borrowing |
| 9.4 | Financial Definitions |
| 9.5 | Delegation of Power |
| 9.6 | Scope of Powers |
| 9.7 | Audit |
| 9.8 | Retention of Documents |
| 9.9 | Dissolution |
9.1 Fiscal Year The fiscal year of the Manitoba Chambers will end on December 31st, or as the Board may from time to time decide.
9.2 Investments The Board may invest or cause to be invested funds currently surplus to requirements to earn a reasonable return while maintaining required operating liquidity and preserving principal, with the following limitations:
(a) Approved Securities:
(i) obligations of, or obligations guaranteed by, the Government of Canada or its agencies
(ii) obligations of, or any obligations guaranteed by, any province or local government of Canada
(iii) Securities (e.g. Certificates of Deposit, Term Deposits, Bankers Acceptances, Bonds) of any Bank or Credit Union licensed to do business in Manitoba.
(iv) Mutual Funds where the Investment Objective of the Fund is similar to the objectives of this policy. Mutual Fund Investments must be approved by the President and Treasurer of the Manitoba Chambers of Commerce.
(b) Risk – Issuer’s long term credit rating at time of investment must be no lower than single A (or equivalent) by at least two of Dominion Bond Rating Service, Standard and Poors or Moodys.
(c) Specific Exclusions – For greater clarity the following investments are specifically prohibited:
(i) All common and preferred stock
(ii) Futures, options or any derivative securities
(iii) Commodities
(iv) Any investment denominated in a foreign currency, and
(v) Securities convertible into stock.
(d) Out of Compliance Reporting – All situations out of compliance shall be reported immediately to the Chair and the Treasurer of the Manitoba Chambers who together shall determine a resolution of the situation.
9.3 Borrowing The Board may:
(a) borrow money upon the credit of the Manitoba Chambers;
(b) issue, re-issue, sell or pledge debt obligations of the Manitoba Chambers;
(c) subject to the provisions of the Act, give a guarantee on behalf of the Manitoba Chambers to secure performance of an obligation of any person; and
(d) mortgage, hypothecate, pledge or otherwise create a security interest in all or any property of the Manitoba Chambers, owned or subsequently acquired, to secure any obligation of the Manitoba Chambers.
9.4 Financial Definitions The words “debt obligation” and “security interest” will have the same meaning as set out in the Act.
9.5 Delegation of Power The Board may from time to time by resolution delegate to a managing Director or a committee of Directors all or any of the powers conferred on the Board by section 9.3 of these by-laws to the full extent thereof or as such resolution provide, except that securities may only be issued in the manner and on the terms authorized by the Directors.
9.6 Scope of Powers The powers hereby conferred will be deemed to be in supplement of and not in substitution for any power to borrow money or to give security for the purposes of the Manitoba Chambers possessed by its Directors or Officers independently of these by-laws and in particular, are in addition to those given by section 183 of the Act.
9.7 Audit The Members shall appoint Auditors at each Annual General Meeting. The Annual Report of the Auditors will be presented at the succeeding Annual General Meeting.
9.8 Retention of Documents Financial records shall be retained by the Manitoba Chambers for a minimum of seven (7) years; all other documents and data shal0l be retained as required. The current address of the Manitoba Chambers shall be the repository of all such records.
9.9 Dissolution The Manitoba Chambers shall use its funds only to accomplish the objectives and purposes specified in these by-laws. On dissolution of the Manitoba Chambers, any funds remaining shall be distributed on an equitable basis to member chambers in good standing of the Manitoba Chambers of Commerce, such distribution to be specified by the Board.
