Recommendations of the Members By-Laws Review Committee 66 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) RESERVE FUND By-law 70 70. The Society shall create and maintain a Reserve Fund in accordance with the provisions of the Act. By-law 70 No changes. By-law 70 No changes were recommended by the Committee. No need to change. By-law 71 71. The Reserve Fund shall not be lent to members nor be used or applied except as provided in the Act and the Regulations. By-law 71 No changes. By-law 71 No changes were recommended by the Committee. No need to change. DIVIDEND AND BONUS By-law 72 72. (1) The Society in annual general meeting shall declare a dividend, out of the net profits after setting aside the prescribed statutory reserves, provided that no dividend shall be greater than 2% above the savings rate set by the Central Bank of Barbados. (2) In order to qualify for a dividend or bonus, a member must retain his membership throughout any intervening period between the close of the financial year to which the dividend or bonus relates, and the date of record for that financial year. (3) For the purpose of determining members entitled to a dividend or bonus, the date of record shall be fifty (50) days following the end of the financial year in respect of which the dividend or bonus is to be paid, or such other date as the Board may prescribe, giving at least ten (10) days notice to the membership. By-law 72(1) The Society at its annual general meeting shall declare a dividend, out of the net profits after setting aside the prescribed statutory reserves, provided that no dividend shall be greater than the higher of any limit as specified in the Act, Regulations or 2% above the savings rate set by the Central Bank of Barbados. By-law 72(2) No changes. By-law 72(3) No changes. Amended to include potential regulatory changes. By-law 72(1) Accepted as proposed. By-law 72(2) No changes were recommended by the Committee. By-law 72(3) No changes were recommended by the Committee. By-law 72(1) Agree with recommendation. By-law 72(2) No need to change. By-law 72(3) No need to change.
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