BPWCCUL By-Laws Review 2025 – FINAL VERSION 42 EXISTING BY-LAW PROPOSED CHANGE RATIONALE By-law 54(3) Any person(s) authorized under paragraph (2) to approve loans, shall submit a written report to the Credit Committee in accordance with section 208 (3) of the Act, stating the number of applications received; the number of loans granted; the security, if any, obtained for such loans; and the number of loans referred to the Credit Committee. Such report shall become a part of the records of the Credit Committee. By-law 54(3) Any person(s) authorized under paragraph (2) to approve loans, shall submit a written report to the Credit Committee in accordance with the Act. Such report shall become a part of the records of the Credit Committee. Amended to remove operational processes and requirements by making reference only to the Act. By-law 54(4) A loan not approved by a Loans Officer shall be subject to review by the Credit Committee. By-law 54(4) A loan not approved by a Loans Officer shall be subject to review by the Credit Committee at the specific request of the member or on the demand of the Credit Committee. Amended to remove the requirement for a 100% review by the Committee of all declined loans to a review of only those appealed by members. By-law 54(5) No individual shall have authority to disburse funds of the Society for any loan which has been approved by him in his capacity as a Loans Officer. By-law 54(5): No changes By-law 54(6) The Credit Committee and or the Loans Officer as applicable, shall enquire carefully into the character and financial condition of each applicant for a loan and his sureties to ascertain his ability to repay fully and promptly any obligation incurred and to determine whether the loan sought is for a purpose which will be to the economic, social or financial benefit or advancement of the applicant. By-law 54(6): No changes
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