BPWCCUL By-Laws Review 2025 – FINAL VERSION 6 EXISTING BY-LAW PROPOSED CHANGE RATIONALE CAPITAL AND FUNDS CAPITAL AND FUNDS By-law 6 The capital and funds of the Society shall be raised by means of: a) The savings of its members received as payments or contributions to shares; b) The deposits of members or non-members; c) Loans from members or non-members; and d) Entrance and other fees, fines, interest on loans and investments and other contributions received from members and non-members. Clauses (a) to (c) remain unchanged. By-law 6(1) Interest on loans and investments entrance fees, transactional and operational fees and penalties, and any other contributions received from members and nonmembers as may be determined by the Board. New By-law 6(2) The Board may establish appropriate and reasonable fees for services provided to members, subject to any limitations imposed by applicable law. Allows for the implementation of transactional and processing fees as may be needed from time to time. By-law 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 8 Deposits may be received from any member or nonmember at rates of interest not exceeding 8% and for agreed terms of up to five (5) years. Deposits shall not be 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
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