Financial

B.1.5 Signing Authority

Approved/revised: February 2, 2009

  POLICY

1.  A minimum of two signatures, as outlined below, are required for NVIT banking transactions with the Canadian Imperial Bank of Commerce (the “Bank”) as shown in items a) to g) following.

One of the following is required:
            President/CEO
            Vice President Corporate Services
            Manager of Finance

Plus one of the following is required:
            Vice President Learning Services
            Dean of Instruction & Distributed Learning 
            Director Enrolment Services & Registrar
            Assistant to Corporate Services
            Executive Assistant to the President & Board of Governors

a)  To draw, accept, sign, make, endorse, negotiate and dispose of all or any bills of exchange, promissory notes, cheques and orders for the payment of money; and

b)  To pay and receive all moneys and give acquittance for the same; and

c)  To borrow money (whether by way of overdraft or otherwise) from the Canadian Imperial Bank of Commerce and deposit with, convey, transfer, mortgage, pledge, hypothecate, assign, deliver, and / or give to the said Bank as security for any moneys borrowed or to be borrowed all or any of the present or future property and assets of the organization of every kind; and

d)  To receive from the said Bank any negotiable instruments or other property and assets of the organization of every kind and give receipts therefore; and

e)  To execute any agreement with or authority to the Bank relating to the banking business of the organization either generally or with regard to any particular transaction; and

f)  To transact generally with the said Bank any business that seems appropriate.

g)  To rent safety deposit boxes and have access thereto and to surrender the same.

2.  The Bursar and the Finance Manager or any one of them is hereby authorized for and in the name of the organization from time to time and until further notice to the said Bank:

a)  To discount, negotiate, deposit with or transfer to the said Bank (but for credit of the account of the organization only) all or any bills of exchange, promissory notes, cheques or orders for the payment of money and other negotiable instruments and for the said purpose to endorse the same or any of them; and

b)  To receive all paid cheques and other debit vouchers charge to any account of the organization and give receipts therefore.