Published on
EXHIBIT
1.5
SPECIAL BY-LAW NO.
1
Respecting
the borrowing of money
and the
issue of securities
BE IT
ENACTED AS a By-law of
BONANZA
RED LAKE EXPLORATIONS INC.
(hereinafter
called the "corporation") as follows;
1. The
board of directors may from time to time
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(a)
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borrow
money on the credit of the Corporation;
or
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(b)
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issue,
sell or pledge debt obligations of the Corporation,
or
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(c)
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charge,
mortgage, hypothecate or pledge all or any currently owned or subsequently
acquired real or personal, movable or immovable property of the
Corporation, including book debts, rights, powers, franchises and
undertaking, to secure any debt obligations or any money borrowed, or
other debt or liability of the
Corporation.
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2. The
board of directors is authorized to delegate by resolution to one or more
directors and/or officers of the corporation specified in such resolution all or
any of the powers conferred on them under Section 1 of this by-law, including
without limiting the generality of the foregoing, the power to make arrangements
with reference to the money borrowed or to be borrowed as aforesaid and as to
the terms and conditions of the loan thereof and as to the debt obligations to
be given therefor, with power to vary or modify such arrangements, terms and
conditions and to give such additional debt obligations for any money borrowed
or remaining due by the Corporation as the directors of the corporation may
authorize and generally to manage, transact and settle the borrowing of money by
the Corporation.
3. The
board of directors may from time to time authorize one or more directors,
officers, employees of the corporation, or other persons, whether connected with
the Corporation or not, to sign, execute and give on behalf of the Corporation
all documents, agreements and promises necessary or desirable for the purposes
aforesaid and to draw, make, accept, endorse, execute and issue cheques,
promissory notes, bills of exchange, bills of lading and other negotiable or
transferable instruments and the same and all renewals thereof or substitutions
therefor so signed shall be binding upon the Corporation.
4. The
powers hereby conferred shall be deemed to be supplementary to and not in
Substitution for any powers to borrow money for the purposes of the corporation
possessed by its directors or officers independently of a borrowing
by-law.
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/s/ Kathy Bancroft
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President
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/s/ Linda Johnson
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Secretary
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The
foregoing Special by-law is hereby passed by the Board of Directors of the
corporation pursuant to The Business corporations Act, as evidenced by the
respective signatures hereto of all the directors.
DATED
this 22nd day of September, 1978
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/s/ Kathleen Elaine
Bancroft
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/s/ H. June Roach
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Kathleen
Elaine Bancroft
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Hazel
June Roach
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/s/ Rebecca Wilson
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/s/ Marlene Sears
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Rebecca
Wilson
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Marlene
Ann Sears
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/s/ Linda Jean Johnson
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Linda
Jean Johnson
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The
foregoing special by-law is hereby confirmed by all the shareholders of the
corporation pursuant to The Business Corporations Act, as evidenced by the
respective signatures hereto of all the shareholders.
DATED
this 22nd day of September, 1978
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/s/ Kathleen Elaine
Bancroft
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/s/ H. June Roach
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Kathleen
Elaine Bancroft
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Hazel
June Roach
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/s/ Rebecca Wilson
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/s/ Marlene Sears
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Rebecca
Wilson
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Marlene
Ann Sears
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/s/ Linda Jean Johnson
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Linda
Jean Johnson
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