Recommendations of the Members By-Laws Review Committee 65 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 68(i) 68 (i) Where the Credit Committee is satisfied that a member of the Society who has obtained a loan has applied the proceeds thereof to a purpose other than the purpose which is stated in the application therefore under By-Law 68 (a), the Board may, by notice in writing to the debtor, demand repayment of the loan forthwith. By-law 68(i) Where the Society is satisfied that a member who has obtained a loan has applied the proceeds thereof to a purpose other than the purpose under which it was applied for and granted, the Society may, by notice in writing to the debtor, demand repayment of the loan forthwith. Amended for clarity. By-law 68(i) Amend the Proposed Change Society to Credit Committee. Otherwise accepted. The Credit Committee which approved the loan in the first place is best suited to adjudicate on questions of misuse of funds and making the decision for corrective action. LOANS TO MEMBERS By-law 68(j) 68 (j) Where a loan or an installment of a loan has not been paid on the date on which it became due; and no extension for the payment thereof has been given to the debtor by the Credit Committee under By-Law 68 (h), the Board shall take steps for the recovery of the loan or installment of a loan: (i) by applying any monies standing to the credit of members towards the payment of that debt; or (ii) any other action which the Society deems necessary including recourse to the Law Courts. By-law 68(j) No changes. By-law 68(j) No changes were recommended by the Committee. No need to change. LOANS TO MEMBERS New By-law New By-law 68(k) Costs incurred by the Society in its efforts to recover any overdue debt owed to it by a member may be charged to that member’s account. New By-law 68(k) Rejected. The law already makes provision for costs to be incurred by a defaulting debtor. LOANS TO MEMBERS By-law 69 69. For the purpose of By-Laws 66 and 68, interest shall be deemed to be an installment of a loan and shall be deemed to be due as specified in the instrument provided for in By-Law 68 (f). By-law 69) No changes. By-law 69) No changes were recommended by the Committee. No need to change.
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