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  • Notice of 55th Annual General Meeting

    SOUTHERN CROSS CREDIT UNION LIMITED

    ABN 82 087 650 682

    Notice of 55th Annual General Meeting

    The Annual General Meeting of Southern Cross Credit Union Ltd will be held on 30th November 2021 at the Credit Union’s Corporate Service Centre, Corner Pearl and Turnock Streets Kingscliff commencing at 4pm. The business of the meeting will be as follows:

     

    Agenda

    1. Opening by Chairperson
    2. Apologies
    3. Confirmation of minutes of the last Annual General Meeting
    4. Business arising from those minutes
    5. Special Resolution to amend the Constitution for:
    6. Mutual Capital Instruments
    7. Director Eligibility
    8. Chairman’s Report
    9. Directors and Financial reports
    10. Election of Directors
    11. Remuneration of Directors
    12. General Business
    13. Close

     

    By order of the Board of Directors

    Brett Myles

    Company Secretary

     

    Item 5 Constitutional Amendments

    To consider, and if thought fit, pass the following resolutions as a special resolution:

    That the Credit Union’s Constitution be amended with effect from the close of the Meeting as described in the Explanatory Notes and set out in the marked-up copy of the Constitution signed by the Chair of the Meeting for identification purposes and tabled at the Meeting.

    Item 5 – Explanatory Note for the Constitutional Amendments

    1. Mutual Capital Instruments

    Mutual Capital Instruments (MCIs) represent a unique means of acquiring capital for mutual entity members. By issuing MCIs as a type of share, mutual entities can generate capital to raise their funds to support various strategic initiates, whilst maintaining their mutual status. MCIs are regulated by Part 2B of the Corporations Act 2001 (Cth).

    The Corporations Act provides a 3-year window during which the mutual can make MCI amendments to their Constitution by special resolution in general meeting, without triggering any Constitutional procedures that would otherwise apply to this process.

    For the credit union to be take advantage of the MCI capital raising option contemplated by the Part 2B.8, Division 3 of the Corporations Act, the eligible mutual entity must provide:

    • that it intends to be a MCI mutual entity for the purposes of the Corporations Act. Principles of Mutuality page 8 and (clause 2.1).
    • that all MCIs it issues must be fully paid. (Clause 6.2.2)
    • that dividends in respect of MCIs are non-cumulative (Clause 6.2.3)
    • a description of the rights attached to MCIs with respect to participation in surplus assets and profits,(Clause 6.3.2) and
    • that debts owed to a holder of a MCI by way of a divided are to rank ahead of all other debts owed to members in a winding up but rank below all other debts. (Clause 6.3.2)
    1. Section 13.2 Eligibility to be a Director

     Clause 13.2.1 (a) be amended to extend the eligible criteria to be a Credit Union Director to include the requirement that the person nominating to be a Director, has been a member continuously for at least 3 months prior to the date of holding the election.  This requirement to be a Director does not apply to Board appointed casual Directors appointed under Clause 13.4 (b).

    A copy of the Constitution with the above proposed amendments marked-up is available to members on request.