Annual General Meeting Minutes 2005 - 2006

Annual General Meeting Monday, November 7, 2005 Minutes Executives:

Ashley Steier, President Craig Hall, VP Finances & Administration Andrea Charlton, VP Public Relations & Marketing Jennifer Leaman, VP of Student Affairs Michael Louie, Manufacturing, Electronics and Industrial Process Chair Tara Perret, Transportation, Construction & the Environment Chair Shannon Roberts, Health Sciences Chair Todd Embley, Business Chair Tunde Gal, Computing & Academic Studies Chair

Councillors:

Lee-Ann Banfield Megan Chambers Jeff Piper Tim Erickson Julie Ho Paven Saran Robert Yuen Fred Haiderzada Heather Thompson Phil Stringer Adam King

Excused:

Grace Budiono, VP Campus Life Simon Parada Monica Pearson

Staff:

Caroline Gagnon, Director Roland Gagel, Controller Mary Abrey, Operations Manager Scott Blythe, Communication & Outreach Manager Geoff Gauthier, Editor

Guests:

Glady Kwan from Mackay LLP Kate Scotton Peter Kim

Greg Hodson Tina Nagra Marlina Kinnersley Matthew Chong Brenda Corbett Tim Suri Christina Bell Darren Vonic Giancarlos Escalante Yazdi Balsara

Mila Nawrocki Leila Asdal

1.

Meeting Called to Order The meeting was called to order by the Chairperson, Ashley Steier at 5:42 pm. (28 voting members).

2.

Acceptance of the Agenda It was moved that the agenda be accepted with the following changes: Add 5.5 Line of Credit Carried

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3.

President’s Report Ashley Steier goes over the submitted 2004-2005 Year End Report and explains the work that was accomplished by past executives and staff members this past year.

4.

Report on Audited Financial Statements Craig Hall introduces Ms. Glady Kwan from Mackay LLP Ms Kway discusses various issues surrounding the 2005 Year End Financial Report. Issues such as: differences in sales, rent revenue decrease, and wages increase.

Motion: Be it resolved that BCITSA accepts the 2004-2005 audited year end financial report as presented.

Moved by: Craig Hall Seconded by: Jennifer Leaman 28/0/0 Carried 5.

Auditor’s Appointment for 2005/2006

Motion: Be it resolved that BCITSA use the auditing services of MacKay LLP for the 2005-2006 fiscal year.

Moved by: Craig Hall Seconded by: Andrea Charlton 28/0/0 Carried 5.5

Line of Credit Craig Hall explains that following the changes from CIBC to VanCity, a motion needs to be passed in order to open the new line of credit.

Motion: Be it resolved that: 1.

In accordance with the Bylaws of the Association, the Association be and is hereby authorized to put in place a line of credit in the amount of $330,000.00 with Vancouver City Savings Credit Union (the “Loan”), which Loan is in replacement of the line of credit previously made available to the Association by the Canadian Imperial Bank of Commerce.

2.

The Commitment Letter in respect of the Loan dated August 24, 2005 between the Association as Borrower and Vancouver City Savings Credit Union (“Vancity”) as Lender (the “Commitment Letter”), a copy of which has been made available by the Association to its membership for viewing, and the transactions contemplated thereby, be and is hereby ratified, confirmed and approved.

3.

For greater certainty, the taking of the Loan by the Association on the terms and conditions set forth in the Commitment Letter be and is hereby authorized and approved, and one of either the Director or Controller and one of either the President or VicePresident of Finance and Administration of the Association be and are hereby authorized to (a) grant, execute and deliver to Vancity such security, declarations, certificates and other documentation that may be required from the Association by VanCity in connection with the Loan, and (b) to do all such other things and to take all such other actions that may be required of the Association in furtherance of the establishment of the Loan and the transactions contemplated by the Commitment Letter.

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Moved by: Craig Hall 26/0/2 Carried 6.

Seconded by: Shannon Roberts

Meeting adjourned It was moved Shannon Roberts and seconded by Andrea Charlton that the meeting be adjourned. (6:05 pm) 28/0/0 Carried

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Annual General Meeting Monday, November 7, 2005 Agenda

1.

Meeting Called to Order

2.

Acceptance of the Agenda

3.

President’s Report

4.

Report on Audited Financial Statements Glady Kwan, Mackay LLP Craig Hall, VP Finance & Administration

5.

Auditor’s Appointment for 2005/2006 Craig Hall, VP Finance & Administration

6.

Meeting adjourned

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