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Article 10: Finance

10.1 The financial year of Skate Canada shall be April 1 to March 31, or such other period as the Board may from time to time determine.

10.2 The banking business of Skate Canada shall be conducted at such financial institutions as the Board may designate from time to time by Ordinary Resolution.

10.3 Skate Canada will send to the Members a copy of the annual financial statements at least twenty-one (21) days before the Annual Meeting.

10.4 The Directors may, without authorization by the Members, borrow, raise or secure the payment of money in such manner as they think fit, and in particular but without limitation, the Directors may from time to time borrow money on the credit of Skate Canada.

10.5 From time to time the Board may authorize a Director, Officer, or employee of Skate Canada to sign for and on behalf of Skate Canada all cheques, contracts, leases, mortgages and similar documents or to sign a specific instrument or contract on behalf of Skate Canada. Any instruments or contracts so signed will be binding upon Skate Canada without any further authorization or formality. Any person authorized to sign any document may affix the corporate seal (if any) to the document. Any authorized signatory may certify a copy of any instrument, resolution, Bylaw or other document of Skate Canada to be a true copy thereof.

10.6 All Directors and Officers who are not employed by Skate Canada and members of committees (as considered in Article 7 hereof) or sub-committees will serve as such without remuneration and will not directly or indirectly receive any profit from their respective positions as such; provided that such Directors, Officers, or members of committees or sub-committees may be paid reasonable expenses incurred in the performance of their respective duties.

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