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5.Drafting New By-laws
•By-laws will need to be replaced or substantially revised because the old and new rules are very different
•Minimalist approach by-laws
–Rationale: CNCA & ONCA and regulations contains detailed rules, so by-laws not to duplicate mandatory rules or default rules that are not to be overridden
•Comprehensive approach by-laws
–One stop approach - consolidation of all applicable rules
–No need to flip back and forth between articles, but limited provisions in the articles
–Can have governance policy manuals to address other matters, e.g., committee structures (but not audit committee)
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