Sunshine Coast Credit Union Notice of Special Resolution

Voting is now closed.

Creating Value for Members
We are always looking for ways to create value for our members. Some of you have told us that you would prefer to receive electronic communication from us instead of printed material, when possible. After reviewing Sunshine Coast Credit Union’s Rules (Rules), we are proposing changes to be able to support this growing expectation and to do our part in reducing paper usage and postage costs.

Credit Union Proposed Rule Change & Rationale

At the September 27, 2017 Board meeting, Sunshine Coast Credit Union’s Board of Directors approved changes to our Rules. We are required by the Financial Institutions Act and the Credit Union Incorporation Act to come forward to membership and seek approval on any change to our Rules. This is facilitated by way of a Special Resolution and engaging our members in the voting process. Below is an outline of the recommended changes and the related rationale.

To review these changes in entirety, please view
CU Rules –Special Resolution 2018

March 26-April 6, 2018

 
HOW TO VOTE
Personal Members may cast their vote one of two ways:

• Log in to Online Banking and follow the instructions for Online Voting.

• In-person at any of our three branch locations during open hours.

Business Members (Organizations, Partnerships, Incorporated Companies, Incorporated Associations and Unincorporated Associations) may cast their vote in-person at any of our three branch locations during open hours.

 
WHO CAN VOTE

Members must meet certain criteria as of March 5, 2018 to be eligible to vote as specified in our Credit Union Rules:

1.3 A member in good standing is a member, including a junior member, who at the date on which good standing is determined:

(a) subject to these Rules has purchased, paid for and holds the number of Class “B” Membership Equity Shares required by these Rules (see rule 2.12 below); and

(b) is not more than 90 days delinquent in any obligation to the Credit Union.

2.12 Each member of the Credit Union, at the time this Rule comes into force, shall subscribe, fully pay for, and hold the following number of Class “B” Membership Equity Shares:

(a) except as provided below, each member - twenty-five (25) shares;

(b) each junior member - five (5) shares;

(c) each member which is an incorporated company - twenty-five (25) shares;

(d) each member which is a legal entity, other than an incorporated company, created by or pursuant to statute - twenty-five (25) shares;

(e) if shares are jointly held, the first member registered on the register of members - twenty (20) shares, each other member - five (5) shares, provided that the number of members jointly holding those shares shall not exceed 2.

VOTER CONFIDENTIALITY

Sunshine Coast Credit Union has appointed ConsumerScan as scrutineer to oversee the ballot process and tabulation of votes. All ballots are authenticated by a scrutineer who initially opens the membership information section to verify the members’ eligibility to vote. Once eligibility is verified, the membership information portion is detached from the ballot and stored separately. The section containing the vote remains separated for tabulation. This separation process ensures that the members’ voting eligibility is verified while maintaining privacy.

Questions?  Please contact us at 604.886.4467.