BPWCCUL By-Laws Review 2025 – FINAL VERSION 44 EXISTING BY-LAW PROPOSED CHANGE RATIONALE b) No member of the Credit Committee, the Board, the Supervisory Committee or any other person who has been authorized to approve loans, shall be present at the discussion of, or approval of, a loan to himself, to a person for whom he is proposed as surety, or any other person with whom he has a fiduciary relationship. New By-law 55 (4) Subject to the Regulations, a quorum of the Extraordinary Credit Committee shall consist of a majority of the elected officers of the Society provided that a quorum of the Credit Committee is present, in accordance with Regulation 23(2). a) The Chair of the Board of Directors shall be the Chair of the Extraordinary Credit Committee. b) Approvals of the Committee shall be by the vote of no less than two-thirds of the members present and voting of the board, credit committee and supervisory committee present at the meeting. Amended to include specific reference to the EOCC quorum. Amended to bring certainty to Chairmanship of the meeting. Amended to bring certainty to the determination of approvals at the meeting. SUPERVISORY COMMITTEE SUPERVISORY COMMITTEE By-law 56 (1) The Supervisory Committee shall consist of three (3) members, none of whom shall be a member of the Board, the Credit Committee or an employee of the Society. By-law 56 (1) The Supervisory Committee shall consist of five (5) members, none of whom shall be a member of the Board, the Credit Committee or an employee of the Society. Amended to increase the number of committee members.
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