Recommendations of the Members By-Laws Review Committee 53 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) No individual shall have authority to disburse funds of the Society for any loan which has been approved by him in his capacity as a Loans Officer. (6) The Credit Committee and or the Loans Officer as applicable, shall enquire carefully into the character and financial condition of each applicant for a loan and his sureties to ascertain his ability to repay fully and promptly any obligation incurred and to determine whether the loan sought is for a purpose which will be to the economic, social or financial benefit or advancement of the applicant. By-law 54(6) No changes. By-law 54(6) No changes were recommended by the Committee. No need to change. CREDIT COMMITTEE By-law 55 55. (1) No loan shall be made unless approved by:- a. the Credit Committee; or b. the Extra-ordinary Credit Committee; or c. an employee(s) authorized under By-Law 54 (2); or d. the In-house Loans Committee which shall comprise of:- i. the Chief Executive Officer ii. the Manager of Operations iii. the Finance Manager iv. the Branch Operations Officer v. the Senior Financial Services Representative -Underwriting (2) An Extraordinary Credit Committee shall comprise the members of the Board, the Credit By-law 55(1) (1) No loan shall be made unless approved by: a) the Credit Committee; or b) the Extra-ordinary Credit Committee; or c) an employee(s) authorized under By-Law 54 (2); or d) the In-house Loans Committee which shall be comprised of a sub-set of the management delegated with the responsibility for loans as approved by the Group Chief Executive Officer under delegated authority of the board of directors. Removes the rigidity of fixed titles in the by-laws to allow for greater flexibility. By-law 55(1) Rejected. Retain original by-law 55(1). The original by-law sets out a clear process and the officers involved. Such rigidity keeps in focus the persons to whom queries should be directed for any questionable loans, or breakdown in procedures.
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