Wednesday, September 21, 2016

Borrowing Resolution

"Whereas (the Society) has resolved to achieve greater security of tenure for the space required for its purposes;


Whereas the Society has been presented with significant opportunities for financial support towards the acquisition and development of properties in the City of Vancouver;


Whereas the realization of these opportunities may require the Society to undertake significant borrowing;


Whereas the bylaws of the Society require that the members approve a special resolution setting out a maximum to be borrowed for this purpose:

Be it resolved that the Board of Directors of the Society be authorized to borrow up to $ 10 million dollars for the purpose of acquiring and developing properties in the City of Vancouver."

[my italics]

This sounds like a joke, but was apparently a serious question put to the Membership of the Society a few days ago. I sure hope the Membership turned the Board of Directors and the Young Curator/Director of Strategy down.  Young people are always full of animal spirits and free advice for their peers, but never more so than when flush with someone else's money.

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