The Olds Institute for Community and Regional Development is currently revising its bylaws.
One of the changes includes changing the types of memberships available. There are currently essential, public and associate members.
The new bylaws propose to change that to founding, core and public.
Founding members include the Town of Olds, Olds College, the Olds and District Chamber of Commerce and the Olds Regional Exhibition.
Core members would include "legally constituted" organizations or institutions. They pay a special assessment determined by the OI board of directors; no less than $5,000.
OI executive director Mitch Thomson said that would allow other municipalities and agencies to join, provided they share the same goals.
Public members can be anybody 16 years of age or older.
Article 10 in the new bylaws would give founding members veto power over resolutions passed at board or membership meetings on several issues including: sale of non-share assets with a value of over $1,000, expenditure on any project over $5,000, donation to any organization over $5,000 and the liquidation of the OI's assets, should the society dissolve.
Thomson said Article 10 is intended to minimize risk and to protect assets such as Mountain View Power or O-NET from hostile takeovers.
Founding members are currently reviewing bylaws and will provide feedback to the board.
If there are no concerns, bylaws would be voted on at the OI annual general meeting.
