Recommendations of the Members By-Laws Review Committee 57 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) (3) Due notice of each meeting shall be given to the other members of the Committee by the Secretary. A majority of the members of the Committee shall constitute a quorum. By-Law 58 (4) (4) Within twenty-one (21) days of the end of each month, the Treasurer or Manager shall submit for attestation by the Supervisory Committee, the monthly returns as required by Section 127(2) of the Act. By-Law 58 (5) The Supervisory Committee shall keep minutes of its meetings and shall in accordance with Section 216(2) of the Act:- a) within seven (7) days of each meeting report the results thereof in writing to the Board; and b) submit a written report to the Annual General Meeting of the members of the Credit Union. By-laws 58(4) No changes. By-laws 58(4) No changes were recommended by the Committee. No need to change. By-laws 58(5) No changes. By-laws 58(5) No changes were recommended by the Committee. No need to change. SUPERVISORY COMMITTEE By-law 59 59. (1) If in the opinion of the Supervisory Committee, the funds, securities or other property of the Society have been misappropriated or misdirected, or in the event that the By-Laws of the Society, the Act or the Regulations have been contravened by the Board of Directors, the Credit Committee or a member thereof or an officer or employee engaged by the Board, the Supervisory Committee shall act in accordance with Sections 215 of the Act. By-law 59(1) No changes. By-laws 59(1) No changes were recommended by the Committee. No need to change. By-law 59(2) Where any violation, misconduct, malpractice, misappropriation or misdirection involves an employee of the Society, the Supervisory Committee shall forthwith inform the Regulator and may inform the Board in writing and shall cause an investigation to be instituted as appropriate to allow the Board to take action if/as required. Amended to update the change in regulator and to clarify the Committee’s ownership of the investigation process before it is handed over to the Board. By-law 59(2) Retain the original By-law but change the word Registrar to Regulator. The existing By-law intended that the Supervisor Committee inform BOTH the Regulator and the Board. Once the matter has been brought to the attention of the Board – the highest elected authority- it is the
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