Virtual AGM

June 15th, 2020


DATE: Monday June 15th, 2020
5:00 pm registration opens / 5:15 pm meeting starts
PLACE: Virtual via Zoom Meeting link
Click here to register.

Meeting Agenda items include:

  • Report on 2019 operations
  • Appointment of Auditors
  • Returning officer report on election/acclamation of directors
  • Considerations and if thought fit to approve by special Resolution an Amalgamation Agreement between Cornerstone Credit Union Financial Group Limited, Horizon Credit Union and Plainsview Credit Union.

How do I register for the Virtual AGM?

Click here to register.

In this video we walk you through how to register for our Virtual AGM.

Summary of the Amalgamation Agreement

The Amalgamation Agreement in summary states:

1. Cornerstone Credit Union Financial Group Limited, Plainsview Credit Union and Horizon Credit Union, the Amalgamating Credit Unions, agree to amalgamate as one new Amalgamated Credit Union.

2. Each member shall become a member of the new credit union on the date of amalgamation and receive the privileges thereof.

3. The Amalgamated Credit Union shall become the owner of all assets, rights and things and be subject to all of the liabilities and obligations of each of the original credit unions.

4. The Amalgamated Credit Union shall maintain a complete record of all assets, rights and things owned by it and all liabilities and obligations owned as a result of the amalgamation.

5. The name of the Amalgamated Credit Union will be .

6. Each of the Amalgamating Credit Unions will provide full disclosure of its assets and liabilities.

7. From the date of agreement until the amalgamation date each credit union shall consult with each other with regard to business operations and extraordinary expenses.

8. The Amalgamation Agreement includes proposed Articles of Amalgamation (Schedule A) and bylaws (Schedule B) for the Amalgamated Credit Union.

9. The first directors of the new credit union will be named as part of the Amalgamation Agreement. The Board of Directors will consist of 12 Directors.

10. The Agreement shall become effective upon its approval by the members of each of the Amalgamating Credit Unions.

11. The Auditor for the Amalgamated Credit Union shall be MNP LLP.

12. The effective date of the amalgamation shall be the 1st day of January, 2021, provided upon unanimous agreement of the Amalgamating Credit Unions the amalgamation date may be postponed to a date up to and including January 1, 2022 in the event of a significant material event that necessitates the postponement.

Member Voting: June 15th 7:00pm – June 19th 3:00pm

Member Vote

The merger vote will be conducted electronically. Eligible members are able to vote anywhere, anytime during the voting period from any device connected to the internet. The Credit Union will provide connected devices in branch locations (during business hours) to enable those members who wish to vote in branch the opportunity to do so.

The voting period is from Monday, June 15 at 7:00pm to Friday, June 19 at 3:00pm.

How does electronic voting work?

· Beginning on Monday, June 15th at 7:00pm a a link will be posted to our credit union website that will you to the electronic voting site.

· In order to vote, eligible members will be asked to validate themselves using two sources of information as follows:

  •  Date of birth (dd/mm/yyyy)
  • The last 4 digits of their social insurance number

· Once the member has been validated, they will be able to vote.

· Once their vote is cast, they are asked to validate their vote and then submit.

What is the eligibility to vote?

In order to vote, you must meet the following criteria:
  • You must hold a valid membership with Cornerstone, Horizon or Plainsview Credit Unions
  • You must be sixteen (16) years of age or older.

Can I vote in branch?

Yes, you can visit any branch location during regular business hours to vote. The voting period is Monday, June 15th at 7:00pm to Friday, June 19th at 3:00pm.

How does my business vote?

Affidavit of Voting Rights - In accordance with Section 86(2) of The Credit Union Act, 1998, businesses or corporations are able to authorize and appoint a delegate for the purpose of voting in the 2020 Membership Vote on the amalgamation of Cornerstone, Horizon and Plainsview Credit Unions.  The membership vote takes place from Monday, June 15 at 7:00pm and closes Friday, June 19 at 3:00pm.  In order to vote, the deadline to submit the completed Affidavit form is Wednesday, June 17 at 3:00pm.

When will the results of the vote be announced?

The results of the vote will be announced on Monday, June 22, 2020.

Amalgamation Agreement Expand/Collapse

The Amalgamation Agreement describes the terms upon which Cornerstone, Horizon and Plainsview Credit Unions agree to amalgamate as one credit union under the provisions of The Credit Union Act, 1998.  The Amalgamation Agreement includes the names of the directors, the auditor, the date of amalgamation, the name of the amalgamated credit union and other important terms of the amalgamation.

Articles of Amalgamations Expand/Collapse

The Articles of Amalgamation are the initial charter of the merged Credit Union outlining the name chosen, membership criteria, and number of Directors among other things.

Bylaws for the Amalgamated Credit Union Expand/Collapse

The Bylaws describe the rules by which the merged Credit Union will operate.  Bylaws include operating rules for directors (number of directors, representation, qualifications, elections, terms of office, etc), membership meetings, membership rights, allocation of surplus and more.