By-Law Approving Borrowing of Money

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BY-LAW NO. {{by_law_number}}

A by-law relating to the borrowing of money by {{company_name}}.

BE IT ENACTED as a by-law of {{company_name}} (the “Corporation”) as follows:

1. \'BORROWING POWERS\' - Subject to the articles of the Corporation, the Board of Directors of the Corporation may from time to time:

(a) Borrow money on the credit of the Corporation;

(b) Issue, reissue, sell or pledge debt obligations of the Corporation;

(c) Despite the Business Corporations Act or any other corporate legislation, give a guarantee on behalf of the Corporation to secure performance of an obligation of any person; and

(d) Mortgage, hypothecate, pledge or otherwise grant a security interest in all or any currently owned or subsequently acquired real or personal property of the Corporation, including book debts, rights, powers, franchises and undertakings, to secure any debt obligation of the Corporation.

2. \'TERMS AND CONDITIONS OF BORROWING\' - The Board of Directors may, by resolution, authorize any director or officer of the Corporation to determine the terms and conditions under which the Corporation may borrow money, issue debt obligations, give guarantees or grant security interests, including but not limited to, the amount, interest rate, repayment schedule, and any collateral requirements. The specific terms of any borrowing shall be set forth in a separate loan agreement or other financing document.

3. \'EXECUTION OF DOCUMENTS\' - Any two directors or any one director and one officer of the Corporation are hereby authorized to execute and deliver, for and on behalf of the Corporation, all documents, agreements, instruments, and assurances as may be necessary or desirable to effect any borrowing, including but not limited to, loan agreements, promissory notes, security agreements, and guarantees.

4. \'EFFECTIVE DATE\' - This By-Law shall come into force on the date of its enactment.

ENACTED by the Board of Directors this {{day}} day of {{month}}, {{year}}.

CERTIFIED to be a true copy of By-Law No. {{by_law_number}} of {{company_name}} duly enacted by the Board of Directors.

Signature Block

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{{director_name_1}}

Director

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{{director_name_2}}

Director/Secretary