BPWCCUL By-Laws Review 2025 – FINAL VERSION 41 EXISTING BY-LAW PROPOSED CHANGE RATIONALE By-law 53(8) A majority of the Credit Committee constitutes a quorum. By-law 53(8): No changes By-law 54(1) Subject to Section 206 of the Act, the Credit Committee shall:- a) consider and approve applications for loans upon such terms and conditions as specified by the Board in its Loan Policy and Procedures; b) make recommendations to the Board in respect of the Loan Policy and Procedures to be followed in the granting of loans; c) monitor through reports from the Society’s internal auditor and other officers, loan procedures used by the Society. d) consider reports that are submitted to it from Loans Officers pursuant to By-Law 54 (3); e) perform such other duties as are prescribed under the Act, the Regulations and these By-Laws. By-law 54(1): No changes By-law 54(2) The Credit Committee may delegate the Chief Executive Officer, the Manager charged with responsibility for loans, or other employee(s) of the Society to approve loans to members upon such terms and conditions as the Board specifies. By-law 54(2) The Credit Committee may designate suitably qualified and competent members of staff, to be approved under delegated authority of the Board, to approve loans to members upon such terms and conditions as the Board specifies in accordance with the existing loan policy. Places the designation of approving officers in context ting it to policy rather than the broader more ambiguous context of such terms and conditions as the Board specifies.
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