Recommendations of the Members By-Laws Review Committee 7 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) CAPITAL AND FUNDS By-law 9 9. Subject as hereinafter provided and in accordance with the provisions of the Act, the Directors with the sanction of a General Meeting, may borrow or raise money from any source in any manner the Society thinks fit. By-law 9 Subject as hereinafter provided and in accordance with the provisions of the Act, Regulations, Regulator Guidelines and By-laws, the Directors may borrow or raise money to a maximum amount which shall be determined at the Annual General Meeting from any source in any manner and on such terms as the Society thinks fit. To explicitly allow the Board to negotiate the terms under which the Society may borrow money for expediency. By-law 9 Rejected. Original By-law 9 to remain. In the proposed by-law, it appears that there is no provision for the membership to sanction specific borrowing or raising of funds. Keep the ultimate authority with the members. CAPITAL AND FUNDS By-law 10 10. The Society in general meeting shall in accordance with the provisions of the Act from time to time fix the maximum amount which it may at any one time owe in respect of deposits and loans. By-law 10 The Society shall from time to time, in a general meeting, and in accordance with the provisions of the Act, fix the maximum amount which it may owe in respect of deposits and loans at any one time. Reworded for greater clarity. By-law 10 Accepted as proposed. Agree with recommendation. CAPITAL AND FUNDS By-law 11 11. The funds of the Society may be applied to the following purposes only, namely: (a) The expense of management, (b) Loans to its members for provident and productive purposes, (c) Any other purpose authorised by the Act, Regulations and these By-Laws. By-law 11 No changes. No changes. By-law 11 No changes were recommended by the Committee. No need to change. CAPITAL AND FUNDS By-law 12 12. The liability of a member to make contributions to the assets of the Society in case of liquidation shall be limited to his shares. By-law 12 The liability of a member to make contributions to the assets of the Society in case of liquidation, shall be limited to his qualifying and other equity shares. Reworded to ensure all classes of shares are captured. By-law 12 Rejected. Keep existing by-law 12. In this proposed, all of the members’ classes of shares would be used in liquidation and not limited to only a particular class of shares.
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