BPWCCUL By-Laws Review 2025 – FINAL VERSION 7 EXISTING BY-LAW PROPOSED CHANGE RATIONALE withdrawn or transferred by depositors by a cheque, any other bill of exchange or any other negotiable instrument. designee determines, but subject to the relevant operational policy in force at the time. Updated to reflect the operational nature of deposits. By-law 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 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 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
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