BPWCCUL By-Laws Review 2025 – FINAL VERSION 51 EXISTING BY-LAW PROPOSED CHANGE RATIONALE By-law 68(a) Loans shall be made and granted in accordance with the following provisions: a) Members who wish to obtain a loan shall submit an application to the Credit Committee stating the amount and the purpose for which the loan is required, the terms for which it is asked, whether it is desired to repay it by installments, and the names of any proposed sureties or any other security which is offered subject to the Act. By-law 68 Members should have attained the age of eighteen (18) at the point in time of the application of a loan. Loans shall be made and granted in accordance with the following provisions: a) Members who wish to obtain a loan shall apply to the Society providing all information as prescribed on the application form in place at the time as well as any other supplemental information as may be requested by the Society to allow them to fully consider the request Amended to recognize the minimum requirements to start a borrowing request By-law 68(b) The Credit Committee or authorized staff shall consider at a meeting every application for a loan, and if that Committee is satisfied with the trustworthiness of the applicant, the sufficiency of the security offered in accordance with existing policies, and the prospects of advantage to the borrower in the way of increased production or economy or otherwise, it may sanction the loan. By-law 68(b) The Credit Committee or authorised staff shall consider every application for a loan at a specially called meeting for that purpose. If the Committee or authorised staff is satisfied with the trustworthiness of the applicant, the sufficiency of the security offered in accordance with existing policies, and the prospects of advantage to the borrower in the way of increased production or economy or otherwise, it may sanction the loan. Amended for greater clarity
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