Recommendations of the Members By-Laws Review Committee 51 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) (5) The Committee shall choose from its number a Chairman and a Secretary. These offices shall not be held by the same person. (6) The Secretary of the Committee shall prepare and maintain full and correct records of all actions taken by the Committee and shall submit a report to the Board pursuant to Section 209 (1) (c) of the Act. The Report shall state:- a. the number of loan applications received; b. the number and category of loans approved; c. the security obtained, if any, for such loans; d. applications denied; e. the number and amount of delinquent loans (7) The Credit Committee shall hold such meetings as the business of the Credit Union may require but not less frequently than once per month. Due notice of such meetings shall be given to other members of the Committee by the Secretary of the Committee. (8) A majority of the Credit Committee constitutes a quorum. CREDIT COMMITTEE By-law 54 54. (1) Subject to Section 206 of the Act, the Credit Committee shall:- a. consider and approve applications for loans upon such terms and conditions as specified by the Board in its Loan Policy and Procedures; b. make recommendations to the Board in respect of the Loan Policy and Procedures to be followed in the granting of loans; By-law 54(1) No changes. By-law 54(1) No changes were recommended by the Committee. No need to change. By-law 54(2) The Credit Committee may designate suitably qualified and competent members of staff, to be approved under delegated authority of the Board, to approve loans to members upon such terms and conditions as the Board specifies in accordance with the existing loan policy. Places the designation of approving officers in context ting it to policy rather than the broader more ambiguous context of such terms and conditions as the Board specifies. By-law 54(2) Rejected. Retain original by-law 54(2). The original by-law reflects a level of responsibility of the Chief Executive Officer and the Manager charged with responsibility for loans,
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