This section is from the book "Canadian Banking Practice", by John T. P. Knight.
This section is from the "" book, by .
It is hereby expressly declared that the executive council shall have the following powers, that is to say, power 1. To take such steps as it thinks fit to carry into effect any agreement between the association and another party.
2. To appoint and at its discretion remove or suspend such secretaries, clerks, agents, solicitors and servants for permanent, temporary, or special services, as it may from time to time think fit, and to determine their powers and duties, and fix their salaries or emoluments, and to require security in such instances and to such amount as it thinks fit.
3. To institute, conduct, defend, compound, or abandon any legal proceedings by and against the association, or its officers, or otherwise concerning the affairs of the association, and also to compound and allow time for payment or satisfaction of any debts due, or of any claims or demands by or against the association.
4. To refer any claims or demands by or against the association to arbitration, and observe and perform the awards.
5. To determine who shall be entitled to sign bills, notes, receipts, acceptances, endorsements, cheques, releases, contracts, and documents on behalf of the association.
6. From time to time to provide for the management of the affairs of the association abroad or in any special locality in such manner as it thinks fit, and in particular to appoint any persons to be the attorneys, agents or solicitors of the association with such powers and upon such terms as may be thought fit, and also to engage counsel where such services may be needed.
7. To enter into all such negotiations and contracts, and rescind and vary all such contracts, and execute and do all such acts, deeds, and things in the name and behalf of the association as it may consider expedient for or in relation to any of the matters aforesaid, or otherwise for the purpose of the association.
8. From time to time to repeal, amend or add to any of the by-laws of the association, except those relating to dues, to the curator and his duties, and to the circulation, but every such repeal, amendment or addition shall only have force until the next annual general meeting of the association, and if not confirmed thereat shall thereupon cease to have force.
 
Continue to: