Recommendations of the Members By-Laws Review Committee 55 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) member of the Board, the Credit Committee or an employee of the Society. (2) Any member of the Supervisory Committee shall in addition to By-Law 41, be deemed to have vacated his office if he fails to perform any of the duties allotted to him as a member of the Committee. (3) A vacancy on the Committee shall be filled by the remaining members of the Committee who may appoint a qualified member until the next Annual General Meeting at which a member shall be elected to fill the vacancy for the unexpired term. By-law 56(2) No changes. By-law 56(2) No changes were recommended by the Committee. No need to change. By-law 56(3) No changes. By-law 56(3) No changes were recommended by the Committee. No need to change. SUPERVISORY COMMITTEE By-law 57 57. The Supervisory Committee shall choose from its number a Chairman and a Secretary. These offices shall not be held by the same person. By-law 57 No changes. By-law 57 No changes were recommended by the Committee. No need to change. SUPERVISORY COMMITTEE By-law 58 58. (1) The Supervisory Committee shall meet at least once a month to perform the duties as provided in the Act, regulations and By-Laws and to:- a) appraise the policies and operating procedures and make any recommendations to the Board and to the Credit Committee; b) confirm the cash instruments, property and securities of the Society; c) monitor the management of the Society; By-law 58(1) (1) The Supervisory Committee shall meet at least once a month to perform the duties as provided in the Act, Regulations, Regulator Guidelines and By-laws and to: a) appraise the policies and operating procedures and make any recommendations to the Board and to the Credit Committee; b) monitor the management of the Society; and ensure that all advances, loans, deposits and other transactions involving Directors, Amended for better flow. By-law 58(1) All proposed changes accepted except item (c). Amend (c) to read: monitor the management of the Society in accordance with the requirements of the Act Regulations, and By-laws Agree with recommendations except (c). The original item (c) must be retained showing the broad responsibility of the Committee which cannot be curtailed around reviews performed by or on the Internal Auditor. At times it will be
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