Constitution

The Constitution is HSAA’s highest expression of the collective will of the membership of the Union. It stands as the ultimate authority upon which every decision is based. As such, it can only be amended by a 2/3 vote of the delegates at Convention of a special meeting.

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Article 37 - Financial Powers

  1. The Board shall have the right:
    1. To borrow money in the name of the Union and to limit the amount to be borrowed;
    2. To issue bonds, debenture stock, debentures, notes and other negotiable securities in the name of the Union;
    3. To sell, pledge, exchange or dispose of such bonds, debentures, debenture stock, notes and other negotiable securities at such prices, and under such conditions, as may be deemed the most expedient;
    4. To grant, bargain, sell, alienate, convey, confirm, assign, hypothecate, mortgage, pledge or charge, and cede and transfer all or any of the real and movable, freehold and leasehold, undertaking and business and other property, assets and rights of the Union, including uncalled capital, both present and future of whatsoever kind and wherever situate, to secure any such bonds, debentures, debenture stock, notes and other negotiable securities of any money borrowed or any other liability of the Union;
    5. To purchase, lease or otherwise acquire, alienate, sell, exchange or otherwise dispose of shares, stocks, rights, warrants, options and other securities, lands, buildings and other property, moveable or immovable, real or personal, or for any right or interest therein owned by the Union for such consideration and upon such terms and conditions as it deems advisable;
    6. For further clarity, the Board shall not authorize the use of HSAA funds or assets, including a loan or other financial support, to a third party in any manner that could reasonably be expected to:
      1. Cause HSAA’s tax exempt/not-for-profit status to be challenged; or
      2. Otherwise place HSAA’s tax exempt/not-for-profit status at risk.
    7. The Board shall exercise the right to issue debentures only under the authority of a Special Resolution which requires twenty-one (21) days’ notice and is adopted at a general meeting by a seventy-five percent (75%) vote of those members present and voting.
  2. The Board shall not exercise any of its powers in such a manner as to violate any provisions of this Constitution.