Notice to Members: Rule amendments 25 (b) and New Rule 25 (d)

NZCU News

Notice to Members: Rule amendments 25 (b) and New Rule 25 (d)

This is a notice to members to inform you of a Rule change titled “Board of Directors” 25 (b) and adding a new Rule 25 (d).

These Rule changes will be presented at our AGM held on the 22nd November 2018 for members to vote on.

You can find a full set of New Zealand’s Employees Credit Union Rules on under legal.

Rule amendments 25 (b) and New Rule 25 (d)

Existing Rule 25 (b)

At the first Annual Meeting of the Credit Union five of the Directors shall be elected for a term of one year and four of the Directors for a term of two years. Thereafter the term of each Director shall be two years or until the election and qualification of a successor.

Amended to read

At the 2018 Annual Meeting of the Credit Union, three of the Directors shall be elected for a term of one year and three of the Directors for a term of two years and three Directors for a term of three years. Thereafter the term of each Director shall be two years or until the election and qualification of a successor

New Rule 25 (d)

If a Board member resigns from their position on the Board, the Board may appoint a member to fill the vacant Board position for the remaining term of the vacancy. At the end of the said term, the Board position will then be open for nominations and the nominated member/s will be voted in at the next annual meeting.