To: Members of Community Savings Credit Union
A Special General Meeting for Community Savings Credit Union members is being held to vote on a Special Resolution. The meeting will be held as follows:- Date and time: May 15, 2024 from 7:00pm - 8:00pm
- Location: virtually via Zoom
- Registration: members will be asked to provide their full name, account number and e-mail address at least one day in advance via email to agm@comsavings.com
As a member of Community Savings Credit Union (Credit Union or CSCU), your participation is requested to vote on a Special Resolution to approve proposed new and revised Rules for the Credit Union. Pursuant to the Credit Union Incorporation Act and the current Community Savings Credit Union Rules, this is your official Notice of a Special Resolution. We have included in this document important information about the proposed new Rules and details about how to vote.
In order to be approved and take effect, the Special Resolution must be approved by a majority of not less than 2/3 of the votes cast by members who are entitled to vote and properly cast their votes on the Special Resolution.
Who can vote?
- To be eligible to vote on the Special Resolution, a member who is an individual must be nineteen (19) years or older and be a member in good standing.
B. Non-individual Members
- To be eligible to vote on the Special Resolution, non-individual members must be a member in good standing.
- Non-individual members may vote through a delegate who is not a member of the credit union and who has been appointed in writing. The Delegate Authorization Form for Non-Individual Members is available by emailing agm@comsavings.com . The Delegate Authorization Form must be submitted at least one day before the Special General Meeting to agm@comsavings.com.
Online Voting:
During the Zoom meeting, members will be directed to vote via Zoom. Instructions for how to vote will be provided during the meeting.
Register for the meeting:
To register for the meeting please contact agm@comsavings.com and provide your account number and full name. Community Savings Credit Union will provide log-in details for the Zoom meeting one day before the SGM.
Questions?
If you have any questions about how to attend and vote in the Special General Meeting, please email agm@comsavings.com , call us at 604-654-2000 or toll-free at 1-888-963-2000, or visit www.comsavings.com/special-resolution.
Notice of Special General Meeting for Proposed Changes to Rules
Summary of Proposed New & Revised Rules
Proposed New Rules (with track changes from current rules)
MESSAGE FROM THE BOARD OF DIRECTORS
Dear Member,
We ask for your participation in this important Special General Meeting. In order for the proposed new and revised Rules to proceed, we are required to receive approval from our members by way of a vote on a Special Resolution.
Every credit union has Rules approved by its members that outline how the organization will operate as a legal entity. While our Rules are a legal and regulatory requirement, they also help to ensure the organization runs smoothly and effectively.
Your Board of Directors endorses the proposed new and revised Rules and recommends that members approve the Special Resolution. The changes include modernizing and improving upon our rules to reflect best practices in governance, and allowing CSCU to offer investment shares for the purpose of providing capital funding for projects that benefit our members. These projects may include investments to broaden our reach to our communities to support increasing credit union membership, launching new growth initiatives, investing further in technology and infrastructure, and other projects designed to improve the member service we provide.
We encourage you to read the information found in the Summary of Proposed New & Revised Rules to be fully informed of the proposed Rule changes and to exercise your vote. You may obtain the Summary of Proposed New & Revised Rules, along with a full set of the proposed new and revised Rules as well as a track changes version from the current Rules on our website at www.comsavings.com/special-resolution, or by requesting a complete copy from one of our branches, or by phoning us at 604-654-2000 or toll-free at 1-888-963-2000 to request that a copy be emailed or mailed to you.
Once again, we encourage you to participate in the vote on the Special Resolution. As always, we remain committed to our purpose as an organization, uniting working people to build a just world.
Thank you on behalf of the Board for taking the time to attend and vote on this Special Resolution.
Philip Legg
Board Chair
SPECIAL RESOLUTION - OFFICIAL TEXT
“BE IT RESOLVED as a special resolution of the members of Community Savings Credit Union (CSCU) that the Rules of CSCU be replaced in their entirety with the proposed revised wording.
The primary proposed changes to the Rules of CSCU are to allow CSCU to offer investment shares to certain members for the purpose of providing capital funding for projects that benefit our members, including investments to broaden our reach to our communities to support increasing credit union membership, launching new growth initiatives, investing further in technology and infrastructure, and other projects designed to improve the member service we provide."
