Credit Union Member Quotes from Credit Union Act, Justifying Calling Special Meeting

The credit union, in one of its releases, had announced June twenty-sixth as the date for the A.G.M., complete with elections of new officers, the release of the annual audit, and announcements of dividends and rebates. But Castillo explained that there still needs to be a special meeting, and she quoted from the Credit Union Act which empowers the credit union’s Supervisory Committee as an autonomous body. And, even though the membership is more than thirty-two thousand, Mayet said the Credit Union Act allows a Special Meeting to be called by even a small number of members.

Mayet Castillo

Mayet Castillo, Interim Chairlady, St. Francis Xavier Credit Union Supervisory Committee

“Here is a copy of the Act. I think that the Supervisory Committee, we have the power to call a Special Meeting. And right now we have two thousand members or a little bit more that are calling that Special Meeting for the twenty-ninth May of this year. When we call a meeting the bi-laws state that with twenty-five members, we can call a meeting. That’s a quorum – or signatures, sorry. Twenty-five members can call a meeting and we have over two thousand. Our laws, and we are looking within our laws that tell us how to go forward. It says that twenty-five members can trigger the Special General Meeting. A thousand members is a quorum for an Annual General Meeting.”