291.34. The corporation may pass a by-law to delegate to the president and managing director the power to authorize expenditures and to make contracts accordingly in the name of the corporation.
The corporation may, in the by-law contemplated in the first paragraph, authorize the president and managing director to subdelegate to any officer or employee of the corporation the power to authorize certain expenditures and to make contracts accordingly in the name of the corporation.
The by-law shall indicate(1) the area of competence to which the delegation or subdelegation applies;
(2) the amounts of the expenditures the president and managing director, officer or employee may respectively authorize;
(3) the other conditions on which the delegation or subdelegation is made.
The rules for the awarding of contracts, adapted as required, apply to any contract awarded under this section. Notwithstanding the foregoing, in any case where the authorization of the Minister of Municipal Affairs is required for the awarding of a contract to any other person than the person who made the lowest tender, only the president and managing director may apply to the Minister for the authorization.
Every authorization of expenditures granted pursuant to a delegation or subdelegation requires, to be valid, a certificate of the treasurer indicating that sufficient appropriation is available for that purpose. No authorization may be granted if it entails commitment of the corporation’s funds for a period extending beyond the current fiscal year.
Every person who authorizes expenditures shall transmit a report thereof to the board of directors within the next thirty days.