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Difference between revisions of "Reviewing Your Non-profit Society's Bylaws"
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Reviewing Your Non-profit Society's Bylaws (view source)
Revision as of 20:54, 19 September 2018
, 20:54, 19 September 2018→Directors' meetings
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| <strong>Borrowing of funds</strong> | | <strong>Borrowing of funds</strong> | ||
| Society may borrow funds at director's discretion. (Under old Act, issuing a debenture on borrowing funds required a special resolution of members.) | | Society may borrow funds at director's discretion. (Under old Act, issuing a debenture on borrowing funds required a special resolution of members.) | ||
| Bylaws may limit directors' ability to borrow | | Bylaws may limit directors' ability to borrow funds – e.g., by requiring an ordinary or special resolution of members before borrowing can occur. | ||
| Old Schedule B model bylaws require a special resolution of members to issue a debenture (effectively curtailing the increased flexibility provided under new Act). | | Old Schedule B model bylaws require a special resolution of members to issue a debenture (effectively curtailing the increased flexibility provided under new Act). | ||
|- valign="top" | |- valign="top" | ||
| <strong>Investment of funds</strong> | | <strong>Investment of funds</strong> | ||
| Society may invest its funds in any prudent investment. | | Society may invest its funds in any prudent investment. | ||
| Bylaws may expand or limit society's power to invest | | Bylaws may expand or limit society's power to invest – e.g., by expanding the permissible types of investment to include more risky ones. | ||
| New model bylaws and old Schedule B model bylaws are both silent on investment of funds. | | New model bylaws and old Schedule B model bylaws are both silent on investment of funds. | ||
|} | |} | ||
