Recommendations of the Members By-Laws Review Committee 28 Current By-Laws (January 2023) (A) Board’s Proposed Change (B) Board’s Rationale (C) By-Law Committee’s Recommendation (D) By-Law Committee’s Rationale (E) ii A new election following the usual election rules and guidelines. By-law 35(3) 35(3) Where a person who has been nominated for a vacancy on the Board or any other Committee is successfully elected to the Board or that Committee, he shall be ineligible for election to any other Committee. By-law 35(3) changed to By-Law 35(4) No change. By-law 35(3) changed to ByLaw 35(4) No changes were recommended by the Committee. No need to change. By-law 35(4) 35(4) In addition to the provisions of By-Law 7, no member may be elected to the Board of Directors, the Credit Committee or the Supervisory Committee, unless that member: (a) is a citizen or resident of Barbados; (b) holds twenty-four (24) qualifying shares; (c) is not otherwise in breach of Section 57 of the Act. By-law 35(4) changed to By-Law 35(5) By-law 35(5) In addition to the provisions of By-law 7, a member may be elected to the Board of directors, the Credit Committee or the Supervisory Committee, if that member: a) is a citizen or resident domiciled in Barbados for no less than nine (9) months in a calendar year b) holds twenty-four (24) qualifying shares; c) has been a member in good financial standing for at least one year prior to the date on which the election will be held d) is not otherwise in breach of the Act, organisational policies or any of the below excluded categories Changed from negative to positive perspective. Introduces good standing as a criterion for eligibility. Expands the by-law by providing potential criteria for exclusion from the nomination process. By-law 35(4) changed to ByLaw 35(5) Accepted as proposed. Agree with recommendation.
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