The Rules have been updated to allow the Credit Union to hold electronic, hybrid or in-person meetings of members, as is now permitted under current legislation. This flexibility will allow more members to attend and vote at meetings of the Credit Union.

The Rules have been updated to reflect recent changes to legislation, which clarify how these types of members may be represented and vote at meetings of the Credit Union.

The Rules have been updated to extend the period that an individual must be a member of the Credit Union prior to being eligible to be nominated as a director candidate from 90 days to six months (although the nominating committee will have the ability to waive this six month waiting period). This Rule will ensure that director candidates have been members of the Credit Union for a reasonable period of time and are committed to the Credit Union before applying to become directors.

A new sub-Rule has been included to allow (but not require) the nominating committee to endorse or recommend director candidates and to include any such endorsements or recommendations in the notice of election to members. This change will help the Credit Union ensure that the board of directors is made up of people who have the required skills, personal attributes and experience to oversee a credit union.

The Rules have been updated to clarify that there is a 15-year term limit for directors of the Credit Union, regardless of whether a director serves the 15 years consecutively or not. The new wording replaces the current wording that refers to a term limit of six consecutive terms (which could bar a director from running after five years or 15 years, depending on how the director’s terms are calculated). Overall, the intent of the new wording is similar to what is stated in the current Rules, but will be more clear and will implement a term limit for directors based on total number of years served.

The quorum for general meetings of the Credit Union (such as AGMs) is being reduced to 25 members from 40 members. This lower quorum requirement is the same quorum that is reflected in the Rules of most other BC credit unions.

A number of housekeeping changes have been made in order to modernize the language of the Rules, including the use of gender neutral terminology as is consistent with the Credit Union’s inclusivity initiatives.

During the voting period described above, members will vote online through a secure website hosted by the Credit Union Executives Society (CUES).

Voter information will be used exclusively by the auditor of the Credit Union and the returning officer appointed by the Credit Union to administer the vote. Voter information will not be used for any other purpose or distributed to any other parties. The auditor and the returning officer will not disclose any personal information about any voter without the voter’s prior consent, unless the auditor or returning officer, as the case may be, has a good faith belief that such disclosure is necessary to comply with legal process or other legal requirements of any court, governmental authority or agency, to protect or defend rights, interests or property of the auditor or the returning officer. All ballots are to be received, authenticated and tallied by the returning officer. The Credit Union has appointed Heidi Harris, Governance Officer of the Credit Union, to serve as returning officer to oversee the process and tabulation of votes on the special resolution.

Results of the special resolution will be shared on our website at www.northsave.com following receipt of the results from the returning officer. Thank you in advance for taking the time to vote. If you have any questions about the voting process or the special resolution generally, please contact us at info@northsave.com.