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ANNUAL GENERAL MEETING
New Zealand Firefighters Credit Union AGM, and to approve our amended rules
Drinks and nibbles provided
The Friendly Societies and Credit Unions Act 1982 (FSCU Act) has been amended to require credit unions to apply for incorporation no later than 30 September 2019. Once incorporated, New Zealand Firefighters Credit Union (Credit Union) will have the capacity, rights, powers and privileges of a “natural legal person”, similar to a company. Further, it will no longer be required to have trustees, whose functions will be taken over by the Board of Directors of the Credit Union.
The amendments to the FSCU Act also allow the Credit Union to make changes to its operations, including the power to lend to companies, partnerships and trustee(s) of a trust related to a Member, and to sell products to such companies, partnerships and, trustees.
To enable the Credit Union to apply for incorporation, the Credit Union is seeking Member approval of its amended Rules. If approved by Members, the amended Rules will come into effect on the date of incorporation, 1 January 2020.
Incorporation is not optional for credit unions. If Members do not approve Resolutions (1) and (3) and/or the Credit Union does not apply for incorporation within the statutory timeframe, its existing credit union registration will be cancelled.
The business of the meeting is to consider, and if thought fit to pass, the following resolutions:
- Amended Rules
That the Members approve the amended Rules (with the exception of the Enterprise Provision Rules) in the
manner set out with this notice of meeting.
- Amended Rules – provision of lending, products and services to enterprises
That the Members approve the inclusion of the Enterprise Provision Rules in the amended Rules, in the manner set out with this notice of meeting.
Enterprise Provision Rules refers to Rules 71(b) and 73 and other consequential amendments to Rules 8(b), 8(c), 40(d), 72(b) and the definition of Enterprise in Rule 2 (which allows for the provision of lending, products and services to certain enterprises).
- Application for Incorporation
That the Members approve the submission of the application for the incorporation of New Zealand Firefighters Credit Union to the Registrar of Friendly Societies and Credit Unions.
The application for incorporation cannot be submitted without certain amendments to the Rules, therefore resolution (3) is dependent on the passing of resolution (1).
Resolutions (1) and (2) are special resolutions and will be passed, if voted in favour by 75% or more of those Members that are entitled to vote and who vote on the matter. Resolution (3) is an ordinary resolution and will be passed, if voted in favour by 50% or more of those Members that are entitled to vote and who vote on the matter.
Tuesday 17th September 2019, 2:00pm
Petone Working Men’s Club, Udy St, Petone
See you there!