Recommendations of the Members By-Laws Review Committee 4 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) (v) “Loan Policy” refers to the loan policy of the Society as determined by the Board of Directors from time to time”. REGISTERED ADDRESS By-law 3 3. The registered address of the Society shall be “Melbourne”, Belmont Road, St. Michael or at any other place as may from time to time be determined by the Society or the Board and notified to the Registrar. By-law 3 The registered address of the Society shall be “Melbourne”, Belmont Road, St. Michael or at any other place as may from time to time be determined by the Society or the Board and notified to the Regulator. To replace “registrar’ with “regulator”. By-law 3 Amend to state: The registered address of the Society shall be Olive Trotman House, Keith Bourne Complex, Belmont Road, St. Michael or at any other place as may from time to time be determined by the Society or the Board and notified to the Registrar. “Melbourne” is no longer used in any correspondence, documents, or other avenues that state the Society’s address. For consistency, the current address should be used. The compound was renamed the Keith Bourne Complex. The address should also be changed on the Society’s corporate registration documents. Where it is that the corporate documents should be changed prior to changing the by-law, this should be done. OBJECTS By-law 4 4. The objects of the Society shall be: (a) To promote thrift among its members by providing means whereby savings can be effected and shares in the Society can be acquired. (Clauses (a), (b), (d) and (e) remain unchanged.) By-law 4(c) To create out of the savings of its members and otherwise, a source of credit available to its members on reasonable terms and conditions. Removal of “and” to ensure a proper flow of the subsections. By-law 4(c) Accepted as proposed. Agree with recommendation.
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