The Board will very much appreciate for all KHS Members who are able, to attend a Special General Meeting Of The Membership via Zoom on Thursday, May 19, 2022 at 7pm.

The Zoom link is

We hope you will attend and we thank you ever so much for your patience.

Reason for the meeting: On the advice of the lawyer firm Miller Thomson of Vancouver (Lawyers for New Commons Development) the KHS Board asks that the membership pass a special resolution that clearly allows the Board of Directors the authority to sign a mortgage with CMHC (Canada Mortgage and Housing Commission) for the Penny Lane Project.
Our own lawyer, Rhonda Ruston, who is handling the conveyancing of the property, has also asked that the membership be consulted before we sign an Agreement of Purchase and Sale (for $10) with the Village. The Village has taken all necessary steps to show that they are prepared to sign the Agreement with KHS.
The Agreement of Purchase and Sale that includes all the conditions can be found Here

The wording of both the special resolution and the ordinary resolution are as follows:

Special Resolution

Be it resolved that


6.01 The board of directors may, from time to time, borrow money in any manner and without limit to amount on the credit of the society and in such amounts as they may think proper, and may cause to be executed mortgages and pledges of the real and personal property and rights of the society and may cause to be signed bills, notes, contracts and other evidence or securities for money borrowed or to be borrowed, provided that debentures shall not be issued without the sanction of a special resolution of the society.

Be replaced with

Article VI. Borrowing

6.01 The society may borrow money

(i) at any time,

(ii) from any person or organization,

(iii) for any consideration, and

(iv) on any security, that the directors may determine.


(Reason for the change: KHS has received a legal opinion that the use of the word “debentures” in Article 6 of the current bylaws introduces ambiguity about whether the board can sign a mortgage with CMHC for the Penny Lane project without specific approval from the society via Special Resolution. The suggested replacement language is taken word for word from the model bylaws provided by the Societies Act of BC.)


Ordinary Resolution

Be it resolved that

1. THAT the Society enter into the Purchase Agreement attached hereto to this Resolution with the Village of Kaslo.

2. THAT the Society has entered into agreeable financing and construction arrangements to remove the conditions precedent to the attached Purchase Agreement.

3. THAT the Society complete the purchase of the subject property and Erika Bird and John Rasmussen execute all documentation related to the purchase of the property, the construction of the housing project, and financing documentation.


We thank you for working with us on these resolutions, which will bring us another step closer to bringing Affordable, Attainable and Secure Housing to our community!