CFL Annual 2020

Resolution Regarding Bylaw Amendments 1. Provide procedures for direct election of the Board by all adult financial members of the Society, at least 18 years of age, by mail or electronic ballot. 2. Continue a member Fraternal Leaders Advisory Group, as currently constituted, to advise the Board and President on fraternal and chapter matters. 3. Continue Catholic Financial Life Fraternal Conventions and other regional member meetings, in person or virtually, at such times as determined by the Board in consultation with the Fraternal Leaders Advisory Group. 4. Require that a merger or other consolidation with an organization with more assets than Catholic Financial Life must be approved by the adult financial members by referendum vote in addition to approval by the Board. 5. Continue a member Nominating Committee, as currently constituted, which shall have authority to: a. Ensure that only persons who meet the

Eligibility Requirements set forth in the Bylaws are presented to the members for election, and to assist the members in electing directors who are best able to guide the Society in achieving its business and fraternal missions; and b. Approve reasonable compensation for the Board consistent with industry standards, excluding executive employees of the Society.

6. Continue a member Judiciary Committee, as currently constituted, which shall have authority to:

a. Approve any proposed amendments of the Articles or Bylaws of Catholic Financial Life, provided that they must be submitted jointly by the Board and President; and b. Submit any proposed amendments of the Articles or Bylaws of Catholic Financial Life it deems fundamental to a referendum vote by the adult financial members.

With 269 votes “FOR” and 17 votes “AGAINST”, delegates overwhelmingly voted to approve these amendments to the Articles of Incorporation. Following their action, the Board amended the Bylaws. In developing new Bylaws, the Board was guided by the following Resolution.

LIVING OUR MISSION (15)