Special Resolution
This Special Resolution Has Passed and Was Approved by The Membership
This special resolution addressed our desire to remove the share requirement for holding a mortgage with gfcu. As you likely know, all members pay $25 to acquire their membership share when they join. However, historically, we have required members to hold $100 worth of shares to obtain a mortgage. This practice was slightly dated, and was a competitive disadvantage for our members.As such, the resolution was put forward to remove this extra $75 share requirement, and was passed in the voting process this past summer.
The $75 shares have been returned to the member’s that held them.
Thank you to everyone who took the time and effort to vote on this.
The Grand Forks Credit Union Board of Directors is proposing a Special Resolution. The purpose of the resolution is to enable the Board to eliminate the requirement of members to purchase and hold an extra $75 in Class A Shares as a condition of obtaining a mortgage loan from the Credit Union. As a result of eliminating this requirement, approximately $80,175 Class A Member Shares will be redeemed at a par value of $1 each.
To enable the Board to make this change an amendment to the Credit Union’s Rules is required. This amendment must be approved by the Credit Union’s members.
Members can vote on this Special Resolution in our branch, located at 447 Market Avenue, Grand Forks, BC, during the six business days July 18, 2017 to July 25, 2017 inclusive during our regular business hours Tuesday through Saturday. Members unable to vote in our branch may obtain a mail in ballot by submitting a written request no later than July 7, 2017 to Box 2500, Grand Forks, BC V0H 1H0; Fax 250-442-5644; email at svaugeois@gfcu.com, or in person at the branch in Grand Forks. The mail ballot must be received in the Credit Union no later than 5 pm on July 25, 2017 in order to be counted.
To enable the Board to make this change an amendment to the Credit Union’s Rules is required. This amendment must be approved by the Credit Union’s members.
Members can vote on this Special Resolution in our branch, located at 447 Market Avenue, Grand Forks, BC, during the six business days July 18, 2017 to July 25, 2017 inclusive during our regular business hours Tuesday through Saturday. Members unable to vote in our branch may obtain a mail in ballot by submitting a written request no later than July 7, 2017 to Box 2500, Grand Forks, BC V0H 1H0; Fax 250-442-5644; email at svaugeois@gfcu.com, or in person at the branch in Grand Forks. The mail ballot must be received in the Credit Union no later than 5 pm on July 25, 2017 in order to be counted.
BE IT RESOLVED as a Special Resolution of Grand Forks District Savings Credit Union, that the Grand Forks District Savings Credit Union Rules be amended by deleting Article 2.13 in its entirety and substituting therefore the following:
2.13 - Change in Membership Share Requirements – The directors may, by resolution, determine that the number of Class “A” Membership Equity Shares required to be owned by a member shall be increased or decreased, PROVIDED THAT:
- the directors may not determine that the total number of Class “A” Membership Equity Shares required to be owned by a member shall exceed 1000 Class “A” Membership Equity Shares
- on any one occasion, the directors may not determine to increase the number of Class “A” Membership Equity Shares required to be owned by more that 25 Class “A” Membership Equity Shares
- a determination by the directors pursuant to this Rule may be made no more frequently than once per financial year
- a subsequent determination by the directors shall not be made to have effect within 6 months of the last such determination
- subject to Rule 2.18, a determination by the directors pursuant to this Rule shall not be effective until the expiration of not less than 90 days after notice of a determination is deemed to have been received by the members
Original Article Referred to in the Special Resolution
2.13 - Increase in Membership Share Requirements – The directors may, by resolution, determine that the number of Class “A” Membership Equity Shares required to be owned by a member shall be increased, PROVIDED THAT:
- the directors may not determine that the total number of Class “A” Membership Equity Shares required to be owned by a member shall exceed 1000 Class “A” Membership Equity Shares
- on any one occasion, the directors may not determine to increase the number of Class “A” Membership Equity Shares required to be owned by more that 25 Class “A” Membership Equity Shares
- a determination by the directors pursuant to this Rule may be made no more frequently than once per financial year
- a subsequent determination by the directors shall not be made to have effect within 6 months of the last such determination
- subject to Rule 2.18, a determination by the directors pursuant to this Rule shall not be effective until the expiration of not less than 90 days after notice of a determination is deemed to have been received by the members
