Editing Kitchener-Centre CA Constitution and Bylaws (section)

==Article 6 Financial Control==
#The fiscal term of the Association shall run from January 1 to December 31 or coincide with the fiscal year required by the Elections Finance Act.
#The financial records of the Association shall be kept according to generally accepted accounting principles and in accordance with the law.
#Procedures for the handling of the assets of the Association shall be set up to ensure sufficient internal  accounting control and to facilitate annual auditing reports.
#All monies received shall be deposited to the Association financial account, and receipts issued by the Treasurer.
#Excepting financial charges, monies shall be withdrawn from the account only by cheque.
#There shall be no agents of the Association for the purpose of making an authorized contract except for a majority of the Officers or upon an express authorization conferred by a majority of the Officers and no Member shall presume to have nor hold him/herself out as having any implied agency for the purpose of making any contract.
#Any Member purporting to contract on behalf of the Association without the authorization of the Officers or without the authority of express agency, or otherwise expending Association assets without the express authorization of the Executive Officers, shall personally indemnify and hold harmless the Association against any and all loss or damages including legal cost of any claims resulting.
#Unless otherwise contracted, no Member shall be personally liable to the Association for the Association's obligations pursuant to an authorized contract.
#The signature of two (2) Officers, one (1) of whom must be the Treasurer, is required to draw funds upon the account of the Association for the purpose of settling financial obligations.
#The President and the Treasurer combined have the authority to enter into contract on behalf of the Association.