Branch Bylaws

Finance

1. The Treasurer, in conjunction with the Executive Director, shall prepare a budget annually for submission to the Branch Annual Meeting for approval.
2. All requests for funding that require an amendment to the Budget as approved, shall be forwarded in writing to the Treasurer not later than two (2) weeks prior to the date upon which Council or the Board of Directors will consider the request. Such notice shall be deemed to have been waived if the amended budget is approved.
3. The Treasurer shall, prior to any decision by Council or the Board of Directors on an amendment to the Budget, report to Council or the Board of Directors with respect to the effect of the request upon the financial position of the Branch.
4. The Treasurer shall arrange that all moneys received by the Branch are deposited in an account in the name of the Branch in a Canadian chartered bank, a credit union or a trust company, and that all disbursements are made from that account.
5. Any two of the Immediate Past President, President, Vice- President, Treasurer, Executive Director, and designated member of the Board of Directors shall sign and endorse all cheques, drafts and other negotiable instruments on behalf of the Branch or for deposit in the bank account of the Branch. The said designated member of the Board of Directors may be any member of the Board of Directors not named above who is appointed a signing authority by resolution of the Board of Directors.
6. The fiscal year of the Branch is the same as the fiscal year of the Association.
7. An operating reserve, held separate from general reserves, shall be established and maintained at a level not less than six (6) month’s budgeted expenditures, as calculated in accordance with the budget of the current year.
8. There shall be no encroachment upon the capital of the operating reserve unless approved by special resolutions (two-thirds majority) of each of the Board of Directors and Council.