MemberJuly 16, 2023 at 3:17 pm
During the Ask the Lawyer forum that took place a few months back, this question came up.
Does the amount of the sanction have to be in the Bylaws. After reviewing the legislation and after some discussion amongst the 3 lawyers, they concluded that yes, the monetary sanction amount must be in the bylaws, not just an open reference to it. They started out with differing opinions and ended up with a consensus.
That is what I took away from that discussion.
I had hoped they would say something like the maximum sanction may be applied in accordance with the amount indicated in the current legislation, but nope, it has to be explicitly listed in the bylaws. This is a bit of a pain in the neck if the amount is changed often. You don’t want to have to change your bylaws all the time. Costly venture that would be.
That was my take away from that meeting unless I misunderstood it.