30 November 2016
A special general meeting of Eden Save Credit Union has been arranged for Wednesday 14th December 2016 at 6.30 pm at the Penrith Methodist Hall, Wordsworth Street. Penrith. The formal notice convening this meeting and the agenda can be found here.
The purpose of the special general meeting is to give members an opportunity to consider and vote on proposed changes to the Credit Union rules which are necessary to enable Eden Save Credit Union to accept a transfer of the assets and liabilities of South Lakeland Credit Union.
On the 5th of October South Lakeland Credit Union advised Eden Save Credit Union that the South Lakeland Credit Union Board had authorised a request that Eden Save Credit Union consider taking over South Lakeland Credit Union. This followed issues faced by the Board of South Lakeland Credit Union in the establishment of systems and infrastructure necessary to develop the Credit Union in line with their Business Plan.
A due diligence exercise was undertaken to enable the Eden Save Credit Union Board to determine if the transaction was of potential benefit to the members of the Credit Union.
Our Board of Directors met on 31st October 2016 to consider the findings of due diligence and authorised terms upon which Eden Save Credit Union would seek members approval to the rule changes necessary to allow the transfer to go ahead.
South Lakeland Credit Union held a general meeting of their members on 23rd November 2016 at which a resolution seeking approval for the transaction was carried.
The Eden Save Credit Union rule changes necessary to facilitate the transaction are shown on the notice. The Board of Directors recommends approval to these changes.
Notice of Special General Meeting of Eden Save Credit Union on December 14th 2016 at 6.30pm at the Penrith Methodist Church, Wordsworth Street, Penrith, CA11 7QY.
Signed & Dated : Doug Elsby (Secretary) 24th November 2016
- Apologies received
- Confirmation of quorum
- Chair’s Briefing on proposed merger with South Lakeland Credit Union via “Transfer of Engagements”
- Resolutions to be voted on at the General Meeting:
- To expand the common bond area of Eden Save Credit Union to include South Lakeland District as well as Eden District
- To change the name of Eden Save Credit Union to Eden & South Lakeland Credit Union
- Close of Meeting