2024 Election & AGM

SPECIAL RESOLUTIONS

As per Rule 13 of the Rules of First Credit Union, we hereby notify our membership of the following special resolutions being proposed by your Board Of Directors:

FIRST CREDIT UNION
SPECIAL RESOLUTION OF MEMBERS
TO APPROVE ALTERATIONS TO CONSTITUTION

BE IT RESOLVED, as a special resolution, that the Constitution of First Credit Union be altered by deleting the current Constitution of the credit union in its entirety and replacing it with the Constitution set out below:
FIRST CREDIT UNION
CONSTITUTION

Credit Union Incorporation Act
1. The name of the credit union is First Credit Union.
2. The authorized capital of the credit union shall be an unlimited number of shares divided into such classes and designated with such par value or without par value and with such rights and restrictions among classes as set out in the Rules of the credit union, as amended from time to time.

FIRST CREDIT UNION
SPECIAL RESOLUTION OF MEMBERS
TO APPROVE ALTERATIONS TO RULES

BE IT RESOLVED, as a special resolution, that the Rules of First Credit Union be altered by deleting such Rules in their entirety and replacing them with the Rules set out in Schedule “A”.
Schedule “A” as referred to in the special resolution means the proposed revised Rules that will become the Rules of the Credit Union following adoption of the special resolution. Copies of First Credit Union’s current Rules and the proposed, revised Rules (the Schedule “A”) can be found on our website at firstcu.ca or can be requested at any one of our branches. You may also email us at executive.admin@firstcu.ca to request that a copy be emailed or mailed to you.

The following are some of the proposed changes to the Rules:
• Reducing the required number of Class “A” Membership Equity shares that a person must hold in order to qualify as a member of the Credit Union to five shares for all members including personal and non-personal members in order to make membership more accessible and to increase administrative efficiency;
• Revising director eligibility requirements in order to increase the number of potential individuals who may stand for election as a director and to assist in securing individuals with the requisite skills to be a director of the Credit Union;
• Permitting the Nominating Committee to both endorse and recommend candidates for election as directors, which will assist members in casting their votes by providing members with information about the candidates who the Nominating Committee believes would most be most beneficial to the Credit Union;
• New provisions regarding voting in an election of Directors, at a general meeting and on special resolutions;
• Providing for the holding of general meetings electronically;
• New provisions stating that the purpose of the Credit Union includes making a positive impact on society and the environment and that its board of directors is required to consider all stakeholders when making decisions, which are included in order to meet the Credit Union’s B Corporation certification requirements;
• Certain other housekeeping changes to the Rules.

Details regarding how and when to vote on this special resolution are as follows:

1. Method of voting:

i. Personal members who are eligible to vote have the option to vote in one of the following ways:
a. By electronic means through our online voting portal;
b. By mail-in paper ballot; or (request at executive.admin@firstcu.ca)
c. By paper ballot, cast at any one of our branches.

ii. Members that are non-personal legal entities (i.e., limited companies, registered societies, or other legal entities) or associations and are eligible to vote must appoint an individual to vote on their behalf and complete the separate proxy form available at your branch. The appointed individual must be 19 years of age or older. Voting on behalf of a non-personal legal entity can only be done in-branch or by mail-in ballot.

2. Voting will commence on April 8, 2024, and will end on April 19, 2024.

3. Voting by paper ballot can occur in any of our branches during regular operating hours, from April 8, 2024, up until the end of the business day on April 19, 2024. Ballots submitted by mail must be post-marked no later than April 19, 2024.  

4. To be eligible to vote on a special resolution a person must be a member in good standing, other than a junior member, at least 90 days prior to the commencement of voting. A member in good standing is a member, who at the date on which good standing is determined has purchased, paid for, and holds the number of Class "A" Membership Equity Shares required by these Rules; and is not more than 90 days delinquent in any obligation to the credit union.

5. In addition to voting by electronic means, members also have the right to either:

i. Request in writing, by telephone, or in person at a branch of the Credit Union, not less than ten days prior to the close of voting, that a ballot be mailed to them, which ballot may then be cast by mail or by deposit at a branch of the Credit Union; or

ii. Request in person at a branch of the Credit Union, prior to the close of voting, that a ballot be made available to them, which ballot may then be cast by mail or by deposit at a branch of the Credit Union.