BPWCCUL By-Laws Review 2025 – FINAL VERSION 53 EXISTING BY-LAW PROPOSED CHANGE RATIONALE By-law 68(g) Where a member is in default in the payment of a loan or of an installment of a loan, and does not satisfy the Credit Committee that such default is due to a good cause, such a member shall not be entitled to receive another loan from the Society, except a share secured loan, until such time as the borrowing rights are restored by the Board. By-law 68(g): No changes By-law 68(h) If by reason of sickness or some other cause, a member finds that he will be unable to discharge his obligations to the Society, and notifies the Secretary in writing before a loan is due, the Credit Committee may extend the time fixed for payment on such conditions as it thinks fit. By-law 68(h) If by reason of sickness or some other cause, a member finds that he will be unable to discharge his obligations to the Society, and notifies the Society in writing before a loan is due, the time fixed for payment on such conditions may be extended in accordance with the loan policy, or if escalated to the Credit Committee by the Credit Committee as it deems necessary. Amended to reflect the modern structure and role of Management versus Secretary Incorporate the existing loan policy as a starting point for loan exceptions By-law 68(i) Where the Credit Committee is satisfied that a member of the Society who has obtained a loan has applied the proceeds thereof to a purpose other than the purpose which is stated in the application therefore under By-Law 68 (a), the Board may, by notice in writing to the debtor, demand repayment of the loan forthwith. By-law 68(i) Where the Society is satisfied that a member who has obtained a loan has applied the proceeds thereof to a purpose other than the purpose under which it was applied for and granted, the Society may, by notice in writing to the debtor, demand repayment of the loan forthwith. Amended for clarity By-law 68(j) Where a loan or an installment of a loan has not been paid on the date on which it became due; and no extension for the payment thereof has been given to the debtor by the Credit Committee under By-Law 68 (h), the By-law 68(j) No changes
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