Notice of Special General Meeting (SGM)
We hereby give notice of a Special General Meeting of Money Matters Credit Union Ltd (MMCB) to be held as follows:
Special General Meeting (SGM) Details:
• Date: Tuesday, 29 October 2024
• Time: 6:30 PM
• Location: Online via Zoom
Purpose of the Meeting
The purpose of this meeting is to present the members of Money Matters Community Bank with a proposal to merge with Plane Saver Credit Union Ltd. This merger is a significant opportunity that will strengthen our services and provide greater benefits to all members. The merger involves the transfer of all the assets and liabilities of Money Matters Community Bank to Plane Saver Credit Union.
Background
This meeting will be the first of two required to approve the proposed merger with Plane Saver Credit Union. The resolution asks members to approve the merger, which will bring the following benefits:
1. Enhanced dividends/savings interest: Members of MMCB would be eligible to receive a minimum 2% dividend and up to 5% on their savings account.
2. Improved services: MMCB members would benefit from enhanced products, services, and technology offerings.
3. Better rates and terms: The increased efficiency and economies of scale could result in lower, more competitive rates on savings and loans.
4. Access to additional loan products: MMCB members would gain access to car and business finance loans, with limits as high as £35,000.
5. Greater financial education resources: A larger entity could invest more in financial literacy programs.
6. Increased community impact: The combined resources would allow for greater investment in local communities.
7. Enhanced stability and security: MMCB members would benefit from the financial stability of the larger entity.
8. Discount Network: MMCB members would benefit from discounts on services like gyms, supermarkets, and insurance providers.
Resolution to be Proposed
At this meeting, the following resolution will be presented:
“This meeting of members of Money Matters Community Bank hereby resolves to transfer the stock, property, and other assets, and all engagements of the society to Plane Saver Credit Union Limited, in consideration of Plane Saver Credit Union Limited issuing to each member of Money Matters Community Bank paid-up shares equal to the amount standing to the credit of each member in the share ledgers of Money Matters Community Bank on the date when the transfer of engagements becomes effective.”
There will also have to be a vote to amend the credit union’s rule book.
Voting Requirements
For the resolution to pass at this meeting, at least two-thirds of the members present must vote in favour.
Zoom Details:
Dennis M. O’Connor, Jr., Chairman
Date of Notice: 7th of October 2024
