Proposed Changes to Rules 2019 – Special General Meeting

NZCU News

Proposed Changes to Rules 2019 – Special General Meeting

This is a notice to members to inform members of a Special General Meeting to be held on the 25th September 2019

The Special General Meeting of New Zealand Employees Credit Union (T/A NZCU Employees) will be held to  vote on the proposed incorporation of the credit union and proposed amendments to the Rules.

The meeting will be help at 591 Great South Road Penrose Branch, doors open at 5:30pm for a 6:00pm start.

 

The following documents outline the proposed Rule amendments that members are being asked to consider at the Special General Meeting:

29-8-19 Final Rules NZECU Incorporated

Proposed Changes to Rules 2019 Notice NZ Employees

When and Where

Wednesday, 25 September 2019 – Doors open at 5:30pm

The SGM will start at 6.00pm – should complete by 7:00pm

591 Great South Penrose Branch (at the front of the Easysteel complex)

Background

The law covering credit unions has changed. Amendments to the Friendly Societies and Credit Unions Act 1982 (‘FSCU Act’) require credit unions to apply for incorporation. Once incorporated, credit unions no longer need to have trustees. The amendments to the FSCU Act will also allow New Zealand Employees Credit Union to lend to enterprises related to a member.

We need to hold a meeting at which New Zealand Employees Credit Union members are asked to vote to: a) approve the application for incorporation; and b) approve the proposed replacement Rules. We are required to submit our application for incorporation (together with proposed replacement Rules) by 30 September 2019. If approved by members, the replacement Rules will come into effect on the date of incorporation, 1 January 2020.

Incorporation is not optional. If the required number of members do not approve the relevant resolutions, and New Zealand Employees Credit Union does not apply for incorporation within the statutory timeframe, the credit union’s registration may be cancelled.

A summary of the key proposed changes to the Rules is included in the Proposed Changes to Rules 2019 Notice accompanying this Notice. A full copy of the proposed replacement Rules is available at www.nzcuemployees.co.nz or from Penrose Branch.

Incorporation was an opportunity for the Board to review and update the Rules. The Board propose and recommend further Rule amendments that are not part of the requirements for incorporation. These proposed Rule amendments are outlined separately in the Proposed Changes to Rules 2019 Notice. There will also be consequential changes to our Trust Deed resulting from incorporation and these changes.

We encourage you to vote on the relevant resolutions outlined below, by voting in-person at the Special General Meeting. The Board has considered the application for incorporation and the proposed replacement Rules and recommends to members that they vote in favour of each of the resolutions.

Agenda

Welcome

Apologies

Ordinary Resolution for incorporation of the credit union

Special Resolution for proposed replacement Rules

General Business (if any)

Close of SGM

Drinks and nibbles

  1. Ordinary Resolution – Application for Incorporation:

“That the members approve the application for incorporation of New Zealand Employees Credit Union, and authorise the board of New Zealand Employees Credit Union to take all action necessary or desirable to proceed with incorporation.”

  1. Special Resolution – Proposed replacement Rules

“That the members approve the proposed replacement Rules of New Zealand Employees Credit Union as submitted to the meeting and summarised in the Proposed Changes to Rules 2019 Notice.”

  • The Ordinary Resolution regarding the application for incorporation will be passed if it is approved by more than 50% of those members that are for the time being entitled to vote and who vote on the matter.
  • The Special Resolution regarding the proposed replacement Rules will be passed, if it is approved by not less than 75% of those members that are for the time being entitled to vote and who vote on the matter.
  • The Rules further provide for a postal vote.
  • A postal vote shall be valid if it is received by the Credit Union not later than 4.00pm, on the day prior to the meeting. A postal vote form is included with this notice of meeting.

 

Yours faithfully,

For and on behalf of the Board of Directors

 

New Zealand Employees Credit Union