Recommendations of the Members By-Laws Review Committee 60 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) LOANS TO MEMBERS By-law 61 61. The Society shall make loans to its members only and for provident and productive purposes. All loans made shall be applied by the borrowing members to such purpose as has been approved. By-law 61 No changes. By-law 61 No changes were recommended by the Committee. No need to change. LOANS TO MEMBERS By-law 62 62. The terms and conditions on which loans may be made to members shall be fixed by the Board from time to time provided always that the interest shall be computed on the monthly unpaid balance of the loan. By-law 62 No changes. By-law 62 No changes were recommended by the Committee. No need to change. LOANS TO MEMBERS By-law 63 63. No loan shall be made to any member who is not in good standing, or is otherwise a defaulter, except as provided in By-Law 68 (g). By-law 63 No changes. By-law 63 No changes were recommended by the Committee. No need to change. LOANS TO MEMBERS By-law 64 64. A member may repay his loan prior to maturity in whole or in part on any business day of the Society. By-law 64 No changes. By-law 64 No changes were recommended by the Committee. No need to change. LOANS TO MEMBERS By-law 65 65. A member failing to pay any installment of a loan at the time fixed shall, unless the time has been extended, pay such fine as the Board may from time to time determine. By-law 65 No changes. By-law 65 Rearrange wording in last line from ‘as the Board may from time to time determine’ to ‘as the Board may determine from time to time. This gives a better flow of words.
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