Recommendations of the Members By-Laws Review Committee 52 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) c. monitor through reports from the Society’s internal auditor and other officers, loan procedures used by the Society. d. consider reports that are submitted to it from Loans Officers pursuant to By-Law 54 (3); e. perform such other duties as are prescribed under the Act, the Regulations and these By-Laws. (2) The Credit Committee may delegate the Chief Executive Officer, the Manager charged with responsibility for loans, or other employee(s) of the Credit Union to approve loans to members upon such terms and conditions as the Board specifies. (3) Any person(s) authorized under paragraph (2) to approve loans, shall submit a written report to the Credit Committee in accordance with section 208 (3) of the Act, stating the number of applications received; the number of loans granted; the security, if any, obtained for such loans ; and the number of loans referred to the Credit Committee. Such report shall become a part of the records of the Credit Committee. (4) A loan not approved by a Loans Officer shall be subject to review by the Credit Committee. which should be maintained, rather than being diluted. By-law 54(3) Any person(s) authorized under paragraph (2) to approve loans, shall submit a written report to the Credit Committee in accordance with the Act. Such report shall become a part of the records of the Credit Committee. Amended to remove operational processes and requirements by making reference only to the Act. By-law 54(3) Rejected. Retain original by-law 54(3). The minimum information reporting requirements have been removed, which could result in inconsistency in what is provided in reports to the Credit Committee. By-law 54(4) A loan not approved by a Loans Officer shall be subject to review by the Credit Committee at the specific request of the member or on the demand of the Credit Committee. Amended to remove the requirement for a 100% review by the Committee of all declined loans to a review of only those appealed by members. By-law 54(4) Rejected. Retain original by-law 54(4). The original by-law protects the Credit Committee’s right to review any loan that is rejected. By-law 54(5) No changes. By-law 54(5) No changes were recommended by the Committee. No need to change.
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