About Outlook

Elections 2010

Matters to be Voted on

The ACU Board of Directors, in accordance with the by-laws, authorized the members to vote on the following three important matters:

  • the election of four (4) directors to the Board of Directors of the credit union, to fill the vacancies on the board as a result of the expiry of the terms of office of Wilbur Coates, Margaret Day, Susan Deane and Garry Loewen;
  • a resolution to amend ACU’s by-laws to increase the maximum number of associates to 25% of members; to grandfather existing joint memberships and joint associates, and to prohibit future joint memberships and joint associates; and
  • a resolution to direct the ACU board to explore alternate credit card service providers for ACU members.

Election of Directors

All four vacancies on the Board of Directors are for three-year terms. The four candidates receiving the highest number of votes will be elected to fill these vacancies. Nominations closed on December 15, 2009 and voting closed on April 1, 2010. The following six eligible members put their names forward for election to the board:

  • Scott Baldwin
  • Wilbur Coates (incumbent)
  • Margaret Day (incumbent)
  • Susan Deane (incumbent)
  • Garry Loewen (incumbent)
  • Kit Wilson

Resolutions

1. Resolution - Amendments to ACU’s By-Laws to Increase the Maximum Number of Associates to 25% of Members; to Grandfather Existing Joint Memberships and Joint Associates, and to Prohibit Future Joint Memberships and Joint Associates

The ACU board recommended approval of the following changes to ACU’s by-laws:

Amendment to Increase the Maximum Number of Associates

Currently, ACU’s by-laws allow the number of associates to be a maximum of 10% of the number of members of the credit union. The Credit Unions and Caisses Populaires Act allows the maximum for associates to be up to 25% of the number of members of the credit union.

Associates are people who only do business with ACU for a select product. They are not members. They cannot vote and cannot be on the Board of Directors.

The ACU board recommended that ACU’s by-laws be changed to reflect the maximum number of associates permitted by the Act. ACU’s strategy is to continually explore new business opportunities and this increase will allow for further growth in the associates area, should it be required.

Grandfather Existing Joint Memberships and Joint Associates, and Prohibit Future Joint Memberships and Joint Associates

Currently, ACU’s by-laws allow for joint memberships and joint associates. The ACU board is recommending that any existing joint memberships and joint associates be grandfathered in ACU’s by-laws, but that no new joint memberships or joint associates be permitted after these by-law amendments come into force. That is, existing joint memberships and existing joint associates will be retained with their existing status, but new joint memberships and new joint associates will not be offered going forward if members support this resolution. This change supports moving to more democratic participation by all our members, with each member receiving one vote.

Rest assured that joint accounts and joint loans will continue to be offered even if the amendments are approved by the members. It just means that each joint participant will need to be a member of the credit union, with his or her own common share.

The resolution to be voted on was:

BE IT RESOLVED THAT:

1. By-Law No. 2010/01 of the credit union, being a by-law to amend the by-laws of the credit union, in the form provided to the members of the credit union with the notice of this annual meeting of the members, is hereby enacted, approved and confirmed without variation or amendment;

2. Any officer or director of the credit union is hereby authorized and directed to do and perform all such acts and things, including, without limitation, the execution of documents, necessary or desirable to give effect to the foregoing resolution, including, without limitation, the preparation of consolidated and restated by-laws as at April 20, 2010, incorporating the amendments contained in By-Law No. 2010/01.

The full text of proposed By-Law No. 2010/01 to amend ACU’s by-laws reads as follows:

BY-LAW NO. 2010/01

Being a by-law of The Assiniboine Credit Union Limited (hereinafter referred to as the “credit union”) to amend the by-laws of the credit union dated January 1, 2008 (hereinafter referred to as the “by-laws”).

BE IT ENACTED AND IT IS HEREBY ENACTED as a by-law of the credit union that the by-laws be amended and supplemented as follows:
 

1.

Amendment to Increase the Maximum Number of Associates.
Section 1.02 of Schedule “A” to the by-laws (Table of Particulars) is deleted and the following is substituted therefor:

Limit on number of Associates
1.02 At no time may the number of associates of the credit union exceed a number that is equal to one-quarter (1/4) of the number of members of the credit union.
 

2.

Amendments to Grandfather Existing Joint Memberships and Joint Associates, and to Prohibit Future Joint Memberships and Joint Associates.

The by-laws are further amended as follows:

(a)

Section 1.08 of Schedule “A” to the by-laws (Table of Particulars) is deleted and the following is substituted therefor:

Joint Associate Status
1.08   As of the date of the coming into force of By-Law No. 2010/01, no persons may apply for or otherwise obtain joint associate status in the credit union. Any two or more persons that have joint associate status in the credit union as at the date of the coming into force of By-Law No. 2010/01 shall be permitted to continue with such joint associate status until terminated or withdrawn, or until such status otherwise comes to an end, in accordance with the provisions of the by-laws, and thereafter any such persons whose joint associate status has been terminated or withdrawn or has otherwise come to an end shall not be permitted to re-apply or otherwise reactivate such joint associate status. Any person whose status as a joint associate is maintained as of the date of the coming into force of By-Law No. 2010/01 in accordance with this provision shall be referred to in the by-laws as a “grandfathered joint associate”. For greater certainty, business may continue to be conducted by the credit union with associates on a joint basis, including as to joint accounts and joint loans, provided that each joint participant therein must, except in the case of a grandfathered joint associate, himself or herself be an associate of the credit union.
 

(b)

The words “joint associates” in Section 1.11 of Schedule “A” to the by-laws (Table of Particulars) are deleted and the words “grandfathered joint associates” are substituted therefor. The following sentence shall also be added to the end of Section 1.11 of Schedule “A” to the by-laws (Table of Particulars): “If, upon the death of a grandfathered joint associate, there is only one remaining grandfathered joint associate left alive sharing such status with the deceased, then such surviving grandfathered joint associate shall become an associate in his or her own right and shall no longer have grandfathered joint associate status.”
 

(c)

Sections 4.03 to 4.10 (both inclusive) of the by-laws are deleted and the following are substituted therefor:

Joint Memberships
4.03   As of the date of the coming into force of By-Law No. 2010/01, no persons may apply for or otherwise obtain joint membership in the credit union. Any two or more persons that have joint membership in the credit union as at the date of the coming into force of By-Law No. 2010/01 shall be permitted to continue with such joint membership until terminated or withdrawn, or until such joint membership otherwise comes to an end, in accordance with the provisions of the by-laws, and thereafter any such persons whose joint membership has been terminated or withdrawn or has otherwise come to an end shall not be permitted to re-apply or otherwise reactivate such joint membership. Any person whose status as a joint member is maintained as of the date of the coming into force of By-Law No. 2010/01 in accordance with this provision shall be referred to in the by-laws as a “grandfathered joint member” and such grandfathered joint member’s joint membership shall be referred to in the by-laws as a “grandfathered joint membership”. Joint holders of a common share in the credit union shall not be permitted after the coming into force of By-Law No. 2010/01 except in the case of persons that hold one common share jointly by virtue of a grandfathered joint membership. For greater certainty, business may continue to be conducted by the credit union with members on a joint basis, including as to joint accounts and joint loans, provided that each joint participant therein must, except in the case of a grandfathered joint member, himself or herself be a member of the credit union with his or her own common share.

Statement of Interest
4.04   If two or more persons are registered as joint holders of a share, including in the case of grandfathered joint members that are registered as joint holders of a share in the credit union, the credit union shall not be bound to issue more than one statement showing the interest of the holders of such share in the credit union, and the delivery of such statement to one of the joint holders shall be sufficient delivery to all of them.

Business done by grandfathered joint member
4.05   The business done with the credit union in a fiscal year by a grandfathered joint member is deemed to be business done by such person’s grandfathered joint membership.

One vote
4.06   Each grandfathered joint membership shall have one vote. The two or more grandfathered joint members who hold the grandfathered joint membership shall vote as one in respect of such grandfathered joint membership.

Withdrawal of membership
4.07   A member may withdraw from the credit union by giving to the credit union 90 days notice of intention to withdraw. The directors may, by resolution, accept any application to withdraw on shorter notice. The death of a member shall have the same effect as notice of withdrawal. The following special provisions shall apply to grandfathered joint members
 

(a)

an application for withdrawal of joint membership shall be in writing and signed by all surviving grandfathered joint members of such grandfathered joint membership.
 

(b)

The death of one of the grandfathered joint members of a grandfathered joint membership shall not have the same force or effect as a notice of withdrawal, provided that if, upon such death, there is only one remaining grandfathered joint member of such grandfathered joint membership, then such person shall become a member in his or her own right and shall no longer have grandfathered joint membership status.
 

 

Notice to grandfathered joint membership
4.08   If two or more persons are registered as grandfathered joint members of a grandfathered joint membership in the credit union, any notice shall be addressed to all such persons but notice to one of such persons shall be sufficient notice to all of them.

Restriction
4.09   Only one grandfathered joint member of a grandfathered joint membership may be a director of the credit union at any one time.

Deceased members and shareholders
4.10   In the event of the death of a member or shareholder or one of the grandfathered joint members of a grandfathered joint membership, the credit union shall not be required to make any entry in the members’ register, or make any payments, in respect thereof, except upon production of all such documents as may be required by law and upon compliance with the reasonable requirements of the credit union.
 

3.

The by-laws, as amended hereby, are confirmed as in full force and effect.

 

2. Resolution - Alternative Credit Card Services for ACU Members

This resolution was submitted by ACU member, Gabriel Hurley. The ACU board supported this resolution and recommended that the members vote in favour.

The resolution to be voted upon was:

WHEREAS Assiniboine Credit Union’s credit card service provider, CUETS, is owned by MBNA, a subsidiary of Bank of America;

AND WHEREAS Assiniboine Credit Union should evaluate whether or not it should switch to an alternate credit card service provider in order to obtain better service for members of Assiniboine Credit Union;

NOW THEREFORE, BE IT RESOLVED THAT:

The Board of Directors of Assiniboine Credit Union mandate management of ACU to actively seek out an alternate credit card service provider to provide its members with credit card services, with a preference, subject to service and cost being comparable, to credit card service providers that are within the credit union/caisse populaire system, and that the board of Assiniboine Credit Union make any decision to change or add a credit card service provider in its discretion, acting in the best interests of ACU.

 

Rates effective
Aug 9, 2010

RSS Feed
  • 1.75% Savings Accounts
  • 1.95% 1 Year Cashable GIC
  • 3.35% 5 Year Cashable GIC
View all rates