THE FINANCIAL SOLVENCY BY-LAW NO. 31
Be it Enacted as a By-law of _______ as follows:
PART I - BASIS OF THIS BY-LAW
1. Purpose of this By-law: The purpose of this By-law is
- to put the Co-op on a sound financial basis and to bring the Co-op's business and operations into good order.
- to provide for a temporary three-year Board of Directors that will include non-resident members and will be able to accomplish the purposes stated above.
- to provide for a process of returning to exclusively resident directors within three years.
What is missing in this By-law is the fact that our By-laws were NOT suspended. The only action that this By-law incurs is to bring in an outside Board of Directors. Note the words: 'If there is any conflict or inconsistency, this By-law governs'. If our By-laws were suspended, there could not possibly be any 'conflict or inconsistency'.
The rest of By-law No. 31 deals with the effective date of the By-law, authorization to borrow and sign agreements, replacement of non-resident Directors, qualifications to be a Director, etc.