BPWCCUL By-Laws Review 2025 – FINAL VERSION 43 EXISTING BY-LAW PROPOSED CHANGE RATIONALE By-law 55(1) No loan shall be made unless approved by:- a. the Credit Committee; or b. the Extra-ordinary Credit Committee; or c. an employee(s) authorized under By-Law 54 (2); or d. the In-house Loans Committee which shall comprise of:- i. the Chief Executive Officer ii. the Manager of Operations iii. the Finance Manager iv. the Branch Operations Officer v. the Senior Financial Services Representative - Underwriting By-law 55(1) (1) No loan shall be made unless approved by: a) the Credit Committee; or b) the Extra-ordinary Credit Committee; or c) an employee(s) authorized under By-Law 54 (2); or d) the In-house Loans Committee which shall be comprised of a sub-set of the management delegated with the responsibility for loans as approved by the Group Chief Executive Officer under delegated authority of the board of directors. Removes the rigidity of fixed titles in the by-laws to allow for greater flexibility By-law 55(2) (2) An Extraordinary Credit Committee shall comprise the members of the Board, the Credit Committee and the Supervisory Committee and shall be convened if an Officer, Director, Credit Committee member, Supervisory Committee member or employee, requires a loan in excess of his total holdings in shares, deposits and accumulated earnings or if any loan is referred to it by the Credit Committee. By-law 55(2) An Extraordinary Credit Committee shall: a) comprise of the members of the Board, the Credit Committee and the Supervisory Committee. b) be convened if an elected officer or employee, requires a loan in excess of his or her total holdings in shares and deposits, or if any loan is referred to it by the Credit Committee. Amended for better flow. By-law 55(3) a) For the purposes of this paragraph, “fiduciary relationship” means a relationship where a person is legally appointed and authorized to hold assets in trust for another person. By-law 55(3): No changes
RkJQdWJsaXNoZXIy MTA2MDM=