Recommendations of the Members By-Laws Review Committee 50 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) 2/3 majority of the Supervisory Committee and four (4) other independent assessors. confidence in the security of tenure. The inclusion of independent assessors gives the security that should go with this function. The same applies to the CRCO when there is one. CREDIT COMMITTEE By-law 53 53. (1) The Credit Committee shall consist of three (3) members, none of whom shall be a member of the Board, the Supervisory Committee or an officer or employee of the Society. (2). Any member of the Credit Committee shall in addition to By-Law 41, be deemed to have vacated his office if he fails to perform any of the duties allotted to him as a member of the Committee pursuant to sections 206 and 209 of the Act, regulations or By-Laws. (3) Any vacancy on the Committee shall be filled by the Board, but such member shall hold office only until the next Annual General Meeting, at which a member shall be elected to fill the vacancy for the unexpired term. (4) The Credit Committee may be removed from office by a special resolution made in a Special General Meeting called for that purpose if it fails to submit a report to the Board pursuant to Section 209 (1) (c) of the Act. By-law 53(1) The Credit Committee shall consist of five (5) members, none of whom shall be a member of the Board, the Supervisory Committee or an officer or employee of the Society. By-law 53(1) Amended to increase the number of committee members. Accepted as proposed. Agree with recommendation. By-laws 53(2-8) No changes. By-laws 53(2-8) No changes were recommended by the Committee. No need to change.
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