AGM

_________________________________________________________________


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

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 Cornerstone Credit Union Financial Group Limited.
  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.

Amalgamation Agreement

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

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.

Credit Union Articles of Amalgamation

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.

Upon membership approval of the amalgamation of Cornerstone, Horizon and Plainsview Credit Unions, these documents are completed and filed with the Registrar as of the starting date of the new Credit Union.

Board of Director Election Results Expand/Collapse

Board of Director Election Results:

The results of the election for Cornerstone Credit Union's Board of Directors are as follows:

District 1 - Tisdale, Archerwill & Rose Valley - 1 position available -  Leanne Huvenaars was elected by acclamation

District 2 - Wynyard, Ituna & Rose Valley - No positions available

District 3 - Yorkton, Saltcoats & Theodore - 2 positions available - Cheryl Denesowych & Larry Malinowski were elected by acclamation

At Large - 2 positions available - Lonnie Kaal & Tom McIntyre were elected by acclamation

 

Find Branch/ATM

Enter address, postal code or branch name