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Credit Union AGM Booklet 2024
Rules for General Meetings
This report is prepared in accordance with our Credit Union Rules, Rule 26A-X, Meeting of Members, which sets out
the authority of members, how votes are decided, the format and agenda for the meeting, the deadline for the meeting,
and who may call a meeting.
Authority of Members
Rule 26A states, “The supreme authority of the Credit Union is vested in the general meeting of members at which every
member in good standing has a right to attend and vote on all questions.”
Functions of Members
Rule 26C outlines the functions of members during a general meeting as follows: Electing, at an annual general
meeting, the Board of Directors and members of the Credit and Supervisory Committees, and removing them in
accordance with these Rules; Receiving reports on operations for the previous 昀椀nancial year, from the Board of
Directors, the Treasurer and Auditor, and the Supervisory and Credit Committees; Amending the Rules; Deciding
on the maximum liability; Approve the distribution of surplus as declared by the Board of Directors; Calling Special
General Meetings, if necessary; and Deciding/voting on special resolutions.
Voting
Rule 26D states, “Each member in good standing shall have one vote only and there shall be no voting by proxy;
provided that in the case of an equality of votes, the Chairman shall have a second or casting vote.”
Rule 26E states, “Any question submitted for the decision of the members present at a meeting shall be decided by
a majority of votes.
Rule 26G states, “Any general meeting of the members may be held by telecommunication including video conferencing
technology. The system so employed must provide access to the meeting in a manner by which each person attending
can be properly identi昀椀ed.”
Rule 26H states, “The Annual General Meeting of members shall be convened by the Board of Directors not later than
two months after the report on the audit of the accounts of the Credit Union for the past 昀椀nancial year by a person
authorised by him, is received by the Board of Directors.”
Agenda
Rule 26I states, “The order of business at Annual General Meetings shall be: Ascertainment that a quorum is present,
Taking apologies for absence, Con昀椀rmation and approval of the Minutes of the last Annual General Meeting and of any
intervening Special General Meeting and discussions of matters arising therefrom, Reports of: Board of Directors, Any
sub-committees, Credit Committee, Supervisory Committee, Treasurer and Auditor, Distribution of Surplus, Maximum limit
of borrowing by the Credit Union, Elections and Adjournment.”
The deadline for calling a general meeting is two months after completion of the external audit as per Rule 26H
The Board of Directors, members, and the Supervisory Committee may call general meetings per Rules 26V-X.
