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edits
Changes
→Remuneration of directors and signing authority
! | <b>Implications for your bylaws </b>
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| <b>Director’s Director's remuneration </b>(effective in 2018 for existing societies)| Directors can not be paid for being directors unless remuneration is authorized by society’s society's bylaws.
| If society wishes to remunerate directors for being directors, bylaws must provide authorization. Bylaws could cap remuneration or impose conditions on payment.
| Given that in 2018, a society wishing to remunerate directors for being directors will require bylaw authorization to do so, it makes sense to consider such a bylaw now.
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| <b>Reimbursement of expenses </b>(effective in 2018 for existing societies)| Directors’ Directors' expenses, so long as they are reasonable, may be reimbursed.
| Bylaws may restrict or prohibit reimbursement. Bylaws could cap reimbursement or impose conditions on payment.
| New model bylaws are silent. Old Schedule B model bylaws require that directors "must be reimbursed for all expenses necessarily and reasonably incurred".