VANCOUVER, May 3, 2018— Central 1 Credit Union (Central 1) is pleased to announce that its members have passed a special resolution amending its Constitutions and Rules, four dues resolutions and a resolution re-appointing its auditors, at its Annual General and Special Meeting held on May 3, 2018 (Meeting).
In order to be approved, the special resolution was required to receive the approval of: (i) not less than 50% plus one of the Class “A” members voting on the resolution; and (ii) not less than 2/3rds of the votes cast by Class “A” members voting on the resolution, on the basis of one vote per Class A share held.
The special resolution passed. Below are the voting results on the special resolution:
Central 1 announced on April 2, 2018 that Rick Hoevenaars, Angela Kaiser, John Kortram and Rob Wellstood were re-elected in Central 1’s 2018 director elections. Each re-elected director was elected to a three year term commencing at the conclusion of the 2018 annual general meeting and expiring at the conclusion of the 2021 annual general meeting. In addition, Central 1’s board of directors has appointed two additional directors, each for a term of three years commencing at the conclusion of the 2018 annual general meeting and expiring a the conclusion of the 2021 annual general meeting. At the Meeting, Class “A” Members approved, by ordinary resolution, the appointment of the auditors to hold office until the conclusion of the next annual general meeting of Central 1 at a remuneration to be set by Central 1’s board of directors, the 2018 operating dues and the 2018 flow-through dues. Class “A” Members in the British Columbia region approved, by ordinary resolution, the 2019 British Columbia Marketing Program dues. Class “A” Members in the Ontario region approved, by ordinary resolution, the 2019 Ontario Marketing Program dues .
Effective at the conclusion of the Meeting, Central 1’s Board of Directors is composed of the following directors:
Also, on May 3, 2018, Bill Kiss and Rick Hoevenaars were elected as Board Chair and Vice-Chair, respectively, for a term of one (1) year.
About Central 1
With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $18.1 billion in assets. It provides wholesale financial products, trust services, payment processing solutions and direct banking services to about 300 credit unions and institutional clients from coast to coast. In addition, Central 1 is the primary liquidity manager, payments provider and trade association for its 42 member credit unions in B.C. and 67 Ontario member credit unions. Its members represent a consumer-oriented, full-service retail financial network that collectively serves 3.4 million members and holds more than $126.8 billion in assets. For more information, visit www.central1.com.
Caution Regarding Forward Looking Statements
This press release contains forward-looking statements based on assumptions, uncertainties and management’s best estimates of future events. These include, without limitation, statements contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, directors fulfilling their expected terms of office and corporate governance schedules. Important risk factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws
Director, Member & External Communications
Central 1 Credit Union
T 604.754.6581 or 1.800.661.6813 ext. 6581