Bylaws (2010): Difference between revisions
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→Summary of Changes
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:This restriction could be interpreted to prevent the society from incurring any debt whatsoever, including making purchases on account. A strict interpretation would prevent the normal flow of business. | :This restriction could be interpreted to prevent the society from incurring any debt whatsoever, including making purchases on account. A strict interpretation would prevent the normal flow of business. | ||
:This change will also allow the board additional flexibility in financial matters, and could include establishing a low-limit credit card to pay for Babac purchases, currently paid by a former board member's credit card. | :This change will also allow the board additional flexibility in financial matters, and could include establishing a low-limit credit card to pay for Babac purchases, currently paid by a former board member's credit card. | ||
:The issue of debentures still require a special resolution, as this is explicit in the Societies Act. | :The issue of debentures still require a special resolution, as this is explicit in the Societies Act. For those not in the know, debentures are different from other debts in that they are long term and unsecured. A bond issue is a debenture; a mortgage is not because it is backed by collateral, and a line of credit is not because it is short term in nature. | ||
*13.c. - Changed 2/3 to 3/4 of members attending meeting. | *13.c. - Changed 2/3 to 3/4 of members attending meeting. | ||
:'''Rationale''': "Special Resolution" is actually defined in the Societies Act, and requires a 3/4 vote. We either need to update or remove this clause so that there's no confusion on the requirements. | :'''Rationale''': "Special Resolution" is actually defined in the Societies Act, and requires a 3/4 vote. We either need to update or remove this clause so that there's no confusion on the requirements. | ||