Members vote in favour of incorporation and rule amendments

NZCU News

Members vote in favour of incorporation and rule amendments

The 17 members who formed the quorum for NZCU Employees’ Special General Meeting on 25 September 2019, and nine members who cast their votes by post, agreed on the proposed incorporation of the credit union and proposed amendments to the Rules.

The members braved a cold, stormy night to attend the meeting at our Penrose branch and voted in approval of the application for incorporation and to approve the replacement Rules which would come into effect in January 2020.

Following a law change amending the Friendly Societies and Credit Unions Act 1982 (‘FSCU Act’) requiring credit unions to apply for incorporation, incorporated credit unions no longer need to have trustees.

NZCU Manager Ahukona Hatalafale, commonly known as Kona, explained the changes to attending members, who would have also received an information pack in the mail explaining the need for the SGM and provide options for members to post in their votes.

Kona reiterated that incorporation was not optional, “If the required number of members don’t approve the relevant resolutions, and we don’t apply for incorporation within the statutory timeframe, the credit union’s registration may be cancelled.”

On a more positive note, he explained that the amendments to the FSCU Act would allow New Zealand Employees Credit Union to lend to enterprises related to a member.

“We would be able to lend to small businesses, if you own one and are self-employed.”

With all 17 present members, along with the nine who posted in their votes, as read out by the scrutineer Innes Logan of Oceania Media, voting to approve both the application for incorporation and the proposed replacement rules, the meeting came to a successful end.

It was also a historic meeting for the credit union being the first time NZCU have ever received votes via post.

“It is a great achievement for us,” Kona said to present members, “and it shows the growth of our online presence in the digital space.”

NZCU Employees will now submit our application for incorporation (together with proposed replacement Rules) by 30 September 2019.

The Board-proposed and member approved Rule amendments were not part of the requirements for incorporation- and were outlined separately.

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