Recommendations of the Members By-Laws Review Committee 64 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) setting out the terms of repayment of the loan and containing such other terms and conditions as the Credit Committee may consider necessary. No changes were recommended by the Committee. LOANS TO MEMBERS By-law 68(g) 68 (g) Where a member is in default in the payment of a loan or of an installment of a loan, and does not satisfy the Credit Committee that such default is due to a good cause, such a member shall not be entitled to receive another loan from the Society, except a share secured loan, until such time as the borrowing rights are restored by the Board. By-law 68(g) No changes. By-law 68(g) No changes were recommended by the Committee. No need to change. LOANS TO MEMBERS By-law 68(h) 68 (h) If by reason of sickness or some other cause, a member finds that he will be unable to discharge his obligations to the Society, and notifies the Secretary in writing before a loan is due, the Credit Committee may extend the time fixed for payment on such conditions as it thinks fit. By-law 68(h) If by reason of sickness or some other cause, a member finds that he will be unable to discharge his obligations to the Society, and notifies the Society in writing before a loan is due, the time fixed for payment on such conditions may be extended in accordance with the loan policy, or if escalated to the Credit Committee by the Credit Committee as it deems necessary. Amended to reflect the modern structure and role of Management versus Secretary. Incorporate the existing loan policy as a starting point for loan exceptions. By-law 68(h) Amend to sate: If by reason of sickness or some other cause, a member finds that he will be unable to discharge his obligations to the Society, and notifies the Society in writing before a loan is due, the time fixed for payment and related conditions may be modified in accordance with the loan policy, or if escalated to the Credit Committee by the Credit Committee as it deems necessary. Ensures that any accommodation given fits with the existing loan policy and that extraordinary accommodations are discouraged or flagged.
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