Recommendations of the Members By-Laws Review Committee 63 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) way of increased production or economy or otherwise, it may sanction the loan. LOANS TO MEMBERS By-law 68(c) 68 (c) A member of the Credit Committee or other officer or an employee who applies for a loan or who is proposed as surety for a loan must withdraw while the relevant application is being discussed. If there is a difference of opinion concerning the granting of a loan, the voting shall be taken by ballot. The proceedings with regard to loans at committee meetings shall be kept secret, and any member of the Committee or officer of the Society infringing this By-Law, shall be liable to immediate expulsion or dismissal. By-law 68(c) No changes. By-law 68(c) No changes were recommended by the Committee. No need to change. LOANS TO MEMBERS By-law 68(d) 68 (d) At an Extraordinary Credit Committee Meeting eight (8) persons shall form a quorum provided that a quorum of the Credit Committee is present. The loan shall be approved by a twothirds majority vote. By-law 68(d) At an Extraordinary Credit Committee Meeting eleven (11) persons shall form a quorum provided that a quorum of the Credit Committee and Board are present. The loan shall be approved by a two-thirds majority vote. Amended to reflect the proposed increase in SC and CC members from three to five. By-law 68(d) Accepted as proposed. Agree with recommendation. LOANS TO MEMBERS By-law 68(e) 68 (e) Notwithstanding the provisions of By-Law 68 (b) loans may be granted on personal security in accordance with an annual budgeted line of credit. By-law 68(e): No changes. By-law 68(e) No changes were recommended by the Committee. No need to change. LOANS TO MEMBERS By-law 68(f) 68 (f) When a loan is approved, the borrower and his sureties shall execute an instrument in writing By-law 68(f): No changes. By-law 68(f) No need to change.
RkJQdWJsaXNoZXIy MTA2MDM=