Records and Financial Matters
8.1 The records and books of account of Laurel Community League shall be retained by the Treasurer of the Board of Directors or a designate. Audited financial statements shall be made available upon request; individuals who have requested to inspect the records and books of account will be given access at one (1) of the three (3) subsequent Board of Directors meetings after the request has been received by the Board in writing.
8.2 The Board of Directors shall appoint auditors each year to audit the books of account. The audit must consist of, at minimum, a financial audit carried out by at least two (2) individuals who do not have signing authority on any of Laurel Community League's bank accounts, and have not had signing authority within the previous two (2) calendar years. The selected individuals must be approved by the membership at the Annual General Meeting, and the audit must be completed within three (3) months of the Annual General Meeting. If individuals are not found at the AGM to conduct the audit, the Board of Directors is given authority to appoint individuals to conduct the audit at the next Board of Directors meeting.
8.3 A financial summary shall be presented each year by the Treasurer or a delegate at the Annual General Meeting. The presentation shall include, at a minimum, a summary of the organization's income, disbursements, assets, and liabilities.
8.4 The Board may not incur any debt without successfully obtaining authorization from the Membership by way of a General Meeting. If the Board of Directors is requesting permission from the Membership to incur debt, the Notice for the General Meeting shall explicitly state that the organization may incur debt as a result of the decision taken at the Meeting. A minimum of 21 days notice must be given to the membership and the General Meeting shall be subject to clause 8.4.1.
8.4.1 Before requesting authorization to incur organizational debt, the Board of Directors shall explicitly outline the amount of debt to be incurred, the organizational use of the acquired capital, the rules and considerations attached to the use of the capital, and the proposed method of repaying the debt. At this meeting only a minimum of 75% of members must vote in favour of this Special Resolution.
8.5 Debt incurred by the organization is restricted in use to the plan outlined in clause 8.4.1. Amendments to the use of debt must receive support of the Membership at a General Meeting.
9. Dispute Resolution Bylaws Clause
9.1 This section applies to any dispute arising out of the affairs of the League or the application of its bylaws:
9.2 The Dispute may be between:
a. members, or
b. the League and its Directors or its Officers, or
c. the League or its Directors or its Officers and either
i. a member, or
ii. a former member who was a member within the previous 12 months.
9.3 Any dispute subject to Subsection 1 and 2 will be resolved by:
a. Direct negotiation between the parties, with or without assistance and/or facilitation. If resolution is not achieved, then by:
b. Written appeal to the Board (and/ or a special appeals committee) for a decision. The decision of the Board and/ or special appeals committee is final.
9.4 Members are expected to comply with the League's complaint resolution bylaws, policies.
10. Dissolution
10.1 Laurel Community League may be dissolved by a Special Resolution, passed by a majority of not less than four-fifths (4/5) of the Members present at a Special General Meeting of Laurel Community League, called for the express purpose of considering dissolution.
10.2 The meeting to dissolve Laurel Community League shall have a Quorum of fifty percent (50%+1) members and shall require notice of thirty (30) clear days.
10.3 Upon dissolution, the property of Laurel Community League shall be distributed to charitable local organizations whose objectives are similar to those of Laurel Community League.