Recommendations of the Members By-Laws Review Committee 56 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) d) verify the assets of the Society and monitor whether the assets are properly protected; e) receive and investigate any complaints made by any member affecting the proper management of the Society; f) at least once a year, cause the accounts of members to be verified with the records of the Society; g) ensure that all advances, loans, deposits and other transactions involving Directors, committee members and employees, are in keeping with the Act, the Regulations, By-Laws and Policies of the Society; and h) attest to the monthly returns filed in compliance with Section 127(2) of the Act. BY-Law 58 (2) In the process of their examination, the Committee shall audit a sample of the applications for loans made during the period and satisfy themselves that for each of those sample loans, an application is on file and that those loans state the purpose for which the loans are made, the description of the security offered, if any, and that they bear the signature of approval of the Credit Committee, authorized Loan Officer(s) or the Inhouse Loan Committee, that a loan agreement have been prepared for those loans and that they are properly filled out and signed by the borrowers. By-Law 58 (3) committee members and employees, are in keeping with the Act, Regulations, Regulator Guidelines and Bylaws and Policies of the Society; c) through reviews performed by the internal audit staff or other duly authorised persons, perform the duties as provided in the Act, Regulations, Regulator Guidelines and By-laws to: i. confirm the cash instruments, property and securities of the Society; ii. verify the assets of the Society and monitor whether the assets are properly protected; iii. receive and investigate any complaints made by any member affecting the proper management of the Society; iv. at least once a year, cause the accounts of members to be verified with the records of the Society; and v. attest to the monthly returns filed in compliance with the Act. which include by not limited to: i confirm the cash instruments, property and securities of the Society; ii verify the assets of the Society and monitor whether the assets are properly protected; iii receive and investigate any complaints made by any member affecting the proper management of the Society; iv at least once a year, cause the accounts of members to be verified with the records of the Society; and v attest to the monthly returns filed in compliance with the Act. necessary to go outside those reviews to monitor the management of the Society. By-laws 58(2) No changes. By-laws 58(2) No changes were recommended by the Committee. No need to change. By-laws 58(3) No changes. By-laws 58(3) No changes were recommended by the Committee. No need to change.
RkJQdWJsaXNoZXIy MTA2MDM=