BPWCCUL By-Laws Review 2025 – FINAL VERSION 52 EXISTING BY-LAW PROPOSED CHANGE RATIONALE By-law 68(c) A member of the Credit Committee or other officer or an employee who applies for a loan or who is proposed as surety for a loan must withdraw while the relevant application is being discussed. If there is a difference of opinion concerning the granting of a loan, the voting shall be taken by ballot. The proceedings with regard to loans at committee meetings shall be kept secret, and any member of the Committee or officer of the Society infringing this By-Law, shall be liable to immediate expulsion or dismissal. By-law 68(c) No changes By-law 68(d) At an Extraordinary Credit Committee Meeting eight (8) persons shall form a quorum provided that a quorum of the Credit Committee is present. The loan shall be approved by a two-thirds majority vote. By-law 68(d) At an Extraordinary Credit Committee Meeting eleven (11) persons shall form a quorum provided that a quorum of the Credit Committee and Board are present. The loan shall be approved by a two-thirds majority vote. Amended to reflect the proposed increase in SC and CC members from three to five By-law 68(e) Notwithstanding the provisions of By-Law 68 (b) loans may be granted on personal security in accordance with an annual budgeted line of credit. By-law 68(e): No changes By-law 68(f) When a loan is approved, the borrower and his sureties shall execute an instrument in writing setting out the terms of repayment of the loan and containing such other terms and conditions as the Society may consider necessary. By-law 68(f): No changes
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