Recommendations of the Members By-Laws Review Committee 37 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) TERMINATION OF OFFICE By-law 40(1) 40. (1) The Board of Directors, the Credit Committee, the Supervisory Committee, or any member thereof, may be removed from office before expiration of their or his term of office, by a three-fourths (3/4) majority of the members present at a Special General Meeting and voting with respect to a special resolution presented at that meeting, at which ten (10) days notice specifying the intention to propose the resolution has been given. (2) Any such Board, Committee or a member thereof must be informed in writing of the charge against him at the time of the notice and at such meeting, shall have reasonable opportunity to answer such charge. At such meeting, the members shall proceed to the election of a new Board, new Credit Committee, new Supervisory Committee or new member. Any member so elected, shall be subject to retirement at the same time as if he had become a member of the Board, Credit Committee or Supervisory Committee on the day in which the member in whose place he is elected, was last elected. By-law 40(1) The Board of Directors, the Credit Committee, the Supervisory Committee, or any member thereof, may be removed from office before expiration of their or his term of office, by a three-fourths (3/4) majority of the members present at a Special General Meeting and voting with respect to a special resolution presented at that meeting, at which twenty-one (21) days’ notice specifying the intention to propose the resolution has been given. Amended to extend the number of days’ notice period. By-law 40(1) Accepted as proposed. The additional time does not prejudice the member and may give the member time to prepare a rebuttal / defense. TERMINATION OF OFFICE By-law 41(1) 41. (1) A member of the Board, the Supervisory Committee or Credit Committee shall be deemed By-law 41(1): No changes. By-law 41(1) Accepted as proposed. By-law 41(1) Agree with recommendation.
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