¨ BY-LAW 12 – Proposed Amendments

PROPERTY

Section 1

All monies shall be deposited in the name of the Local in a Financial Institution being a member of the Canadian Deposit Insurance Corporation.

Payments greater than $25 shall be paid by cheque, and payments $25 and less may be paid from petty cash. Supporting documentation must be provided for all disbursements.

Section 2

Cheques must bear the signature of any two of the following officers: The President, Vice-Presidents, Secretary, Executive Steward and the Treasurer or delegate.

Section 3

The Local shall not have the power to borrow money with or without security nor act a guarantor or co-signer to any note or like instrument with exception of Regulations 16 and 17 of the Union of Taxation Employees.

Section 4

Money may be invested in bonds issued or guaranteed by the Government of Canada or Canadian Province, at the discretion of the Local Executive.

Section 5

The Treasurer shall prepare the following financial statements:

Statement of Receipts and Disbursements

Balance Sheet

Proposed Budget for the next fiscal period

The Treasurer must report the current financial position of the Local at each regular executive meeting.

The Local must submit annually a copy of the audited financial statements to the Vice President of Finance of the Union of Taxation Employees, and no later than ninety (90) days after the Local Annual General Meeting.

Section 6

Any member of the Local incurring traveling and living expenses while on approved business of the Local shall be reimbursed for such expenses.

Economical considerations will be given to all expenses incurred for the business of the Local, and expenses will be reimbursed only if the expenses are not previously reimbursed from another source or eligible for reimbursement from another source.

Any member of the Local required to take leave without pay for the purpose of conducting approved business of the Local, shall be reimbursed for such loss of pay.

Reimbursement for such expenses will be in accordance to Regulation 10 of the Union of Taxation Employees.

Whereas the Bylaw 12 is narrow in scope in naming only Credit Unions for banking purposes,

Whereas the amendments to Bylaw 12 change the description to Financial Institutions if the Local finds it necessary to use the services of another type Financial Institution other than a Credit Union,

Be It Resolved that By-Law 12 be amended to the revised Sections 1.