Notice of Servus Credit Union Ltd. Annual General Meeting
Wednesday, March 12, 2008
The Francis Winspear Centre for Music
#4 Sir Winston Churchill Square, Edmonton
Registration and reception at 5:30 p.m.
Meeting commences at 7:00 p.m.
Your attendance at the Annual General Meeting is requested as we seek approval of an amalgamation of Servus Credit Union Ltd., Community Credit Union Ltd. and Common Wealth Credit Union Limited. All members on record as of January 31, 2008 will be entitled to vote at the Annual General Meeting.
Members will be asked to vote on the following special resolution:
BE IT RESOLVED that the amalgamation between Common Wealth Credit Union Limited, Community Credit Union Ltd. and Servus Credit Union Ltd. be approved in accordance with the Amalgamation Agreement dated February 19, 2008.
Summary Of Amalgamation Agreement
Amalgamation Agreement between Common Wealth Credit Union Limited and Community Credit Union Ltd. and Servus Credit Union Ltd. (the "Predecessor Credit Unions").
1. Capitalized terms not defined in this agreement shall have the meaning set forth in the Credit Union Act.
2. a. The name of the amalgamated credit union shall be Servus Credit Union Ltd. (the "Amalgamated Credit Union") however, prior to the submission of the articles of amalgamation to the Minister, the Proposed Board (as hereinafter defined) will select a name subject to the approval of the President & Chief Executive Officer of the Credit Union Deposit Guarantee Corporation.
b. There is no Bond of Association.
c. The Amalgamated Credit Union shall operate as a full service credit union with no restrictions on business other than those imposed by law.
d. The effective date of the amalgamation shall be the 1st day of November, 2008 (the "Amalgamation Date").
The following are proposed directors of the Amalgamated Credit Union (the "Proposed Board").
|
Name |
Term Expires |
|
William Anhorn |
2012 |
|
Terry Cooper |
2010 |
|
Peter Elzinga |
2012 |
|
Peter Galloway |
2012 |
|
Douglas Hastings |
2012 |
|
Merv Loewen |
2010 |
|
Stanley Odut |
2011 |
|
Bob Porozni |
2010 |
|
Greg Preston |
2011 |
|
Penny Reeves |
2011 |
|
Lloyd Robinson |
2010 |
|
Alison Starke |
2011 |
3. Share Conversion
a. All common shares of the Predecessor Credit Unions shall become common shares in the Amalgamated Credit Union, on a "one for one" basis.
b. Series A Investment Shares of Common Wealth Credit Union Limited shall be converted on a "one-for-one" basis into Series A Investment Shares of the Amalgamated Credit Union.
c. Series A Investment Shares of Community Credit Union Ltd. shall be converted on a "one-for-one" basis into Series B Investment Shares of the Amalgamated Credit Union.
d. Series A Investment Shares of Servus Credit Union Ltd. shall be converted on a "one-for-one" basis into Series C Investment Shares of the Amalgamated Credit Union.
e. Series B Investment Shares of Servus Credit Union Ltd. shall be converted on a "one-for-one" basis into Series D Investment Shares of the Amalgamated Credit Union.
f.Series B Investment Shares of Community Credit Union Ltd. shall be converted on a "one-for-one" basis into Series E Investment Shares of the Amalgamated Credit Union.
4. By-Laws
A copy of the proposed by-laws for the Amalgamated Credit Union is available upon request.
5. Management and Operations
The Amalgamated Credit Union will continue to operate with an organizational structure combining the management teams of the Predecessor Credit Unions in place immediately before the Amalgamation Date.
Agreed to this 19th day of February, 2008, and subject to approval by two thirds of the members present at the general meeting of each Predecessor Credit Union at which this agreement is dealt with, and such other approvals as required by the law.
The Annual General Meeting will be simultaneously broadcast on the Internet for the convenience of members. Click here for live webcast.
Members can submit questions in advance of the Annual General Meeting to info@servuscu.ca.
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