Recommendations of the Members By-Laws Review Committee 61 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) By-law 65 to read: 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 determine from time to time. LOANS TO MEMBERS By-law 66 66. If a member fails to pay an installment of a loan within the time allowed in the instrument provide for in By-Law 68 (f), and if no extension of time has been granted, or if any other event specified in the instrument occurs, then the principal sum and the interest thereon and all other moneys owing shall become due and payable as prescribed in the instrument. By-law 66 No changes. By-law 66 No changes were recommended by the Committee. No need to change. LOANS TO MEMBERS By-law 67 67. Members in general meeting may from time to time fix the maximum loan limit which may be lent to any member. This limit is fixed at six hundred thousand dollars ($600,000). By-law 67 The terms and conditions on which loans may be made to members shall be periodically fixed by the board. A loan shall not be made to a member in excess of the maximum amount set by the board, provided always that in no case shall a sum greater than ten percent (10%) of the Society’s capital be lent to any one member. To remove the absolute number stated in the By- Laws to provide the Board with an upper limit based on the Society’s growth, using a % of capital as the calculation basis. This allows the Board flexibility to proactively amend the maximum loan limit without going back to the membership (once it is within the approved limit). By-law 67 Rejected. Proposed is difficult for some members to monitor, requiring percentages calculations. Amend original By-law 67 – replace six hundred thousand dollars ($600,000) with seven hundred thousand dollars ($700,000). The right to fix the maximum loan limit to a member should be retained by the membership.
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