CPA · Business Corporations Act
Part 9 — Directors and Officers
103 General borrowing powers
shareholder agreement relating to, a corporation otherwise provide,
the directors of a corporation may, without authorization of the
shareholders,
(a) borrow money on the credit of the corporation,
(b) issue, reissue, sell or ple dge debt obligations of the
corporation,
RSA 2000
(c) subject to section 45, give a guarantee on behalf of the
corporation to secure performance of an obligation of any
person, and
(d) mortgage, hypothecate, pledg e or otherwise create a security
interest in all or any property of the corporation, owned or
subsequently acquired, to secure any obligation of the
corporation.
(2) Notwithstanding sections 115(3) and 121(a), unless the articles
or bylaws of or a unanimous shareholder agreement relating to a
corporation otherwise provide, the directors may, by resolution,
delegate the powers referred to in subsection (1) to a director, a
committee of directors or an officer.
1981 cB-15 s98.1