Recommendations of the Members By-Laws Review Committee 6 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) needed, go to members for approval. CAPITAL AND FUNDS By-law 7 7. Each share of the Society shall be of the par value of $5.00 and the minimum number of shares which may be held by each member shall, subject to the provisions of the Act, Regulations and By-Laws, be prescribed from time to time by the Board. By-law 7 Each share of the Society shall be of the par value of $5.00 and the minimum number of qualifying shares which may be held by each member shall, subject to the provisions of the Act, Regulations, Regulator Guidelines and By-laws, be prescribed from time to time by the Board, provided that the minimum value of qualifying shares shall not be less than $50.00 for members under sixteen (16) years of age and $120.00 for members sixteen(16) years of age and over. Fixes the qualifying shares value required by membership class – previously missing. By-law 7 Accepted as proposed. Agree with recommendation. CAPITAL AND FUNDS By-law 8 8. Deposits may be received from any member or non-member at rates of interest not exceeding 8% and for agreed terms of up to five (5) years. Deposits shall not be withdrawn or transferred by depositors by a cheque, any other bill of exchange or any other negotiable instrument. By-law 8 Subject to the provisions of the Act, Regulations, Regulator Guidelines and By-laws, deposits may be received from members on such terms and conditions as the Board or its designee determines, but subject to the relevant operational policy in force at the time. Updated to reflect the operational nature of deposits. By-law 8 Amend. Delete ‘or its designee’. By-law to read: Subject to the provisions of the Act, Regulations, Regulator Guidelines and Bylaws, deposits may be received from members on such terms and conditions as the Board determines, but subject to the relevant operational policy in force at the time. Want to keep this power with the Board. Even if the Board delegates want to ensure the Board knows it is ultimately responsible for the use of this authority.
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