Would You Like To Be a NSCU Director?

CALL FOR 1988
BOARD NOMINATIONS

The Nomination Committee is seeking candidates to stand
for election to the Board of Directors at the. Annual Meeting.
Directors are elected on a three-year rotating basts.,

Chosen from the ranks of our members, these Directors repre-

_ sent your interests in the major policy decisions for the Credit

“Union and carry on our proud 47-year tradition of member owner-

ship. Now is the time to exercise your democratic rights as a

member. If you know of a member who might run for a Direc-

torship, or. if you wish to seek election yourself, please pick up
a nomination form at any branch.

Completed nomination forms are to be forwarded to the
Nomination Committee at the Administration Office at #301-112
fonsdale North Vancouver, B.C. V7M 2H2 by February 26,

NB. Ail nominees must comply with the Credit Union Act.

33 - Sunday, January 17, 1988 -

SPECIAL RESOLUTIONS

Nosth Shore Credit Union's Board of Directors ts proposing and seeking
membership approval for the following Special Resolutions.

Special Resolution #1
a. Admit Jotnt share owners

‘to full memberships

The Credit Union presently has
hundreds of joint spousal accounts
under which the Credit Union Act on-
ly allows the first named to vote at an-
nual meetings. This Rule will allow
both to vote if they hold the minimum
amount of shares required. This will
eliminate the need for a joint member

‘to open a separate membership in

order £0 enjoy all the privilege of full
bership.

Add 1.1 (a) ‘Resolved that an ap-
‘plication for membership in the Credit
Union need not be accompanied by
payment for the purchase of Equity
Shares of the Credit Union where the
applicant is a joint owner of at least
the minimum number of Equity
Shares required for mernbership in the
Credit Union,”

b. Equity Share Maximum

As Tax Rules are now being chang-
ed so that equity shares will be a
qualified investment for RRSP’s it is
proposed that the limit be increased
to make equity shares more attractive
as an investment for members.
Amend Rule 2.12 “Resolved, that
Rule 2.12 be amended by deleting the
words ‘one thousand (1,000)" and
substituting therefor the words “five
thousand (5,000)".

c. Board Authority to Waive
Purchase of Equity Shares
As our rules are presently very firm
that every member attaining the age
of 19 must purchase the minimum 25
equity shares, many people have gone
elsewhere because of their inabllity to to
conform to the Rule. There have also
been other occasions that have caus-
ed members to discontinue their
membership due to their financial cir-
cumstances. It is therefore proposed
that the Board be authorized to waive
the purchase of equity shares for

4 specific individuals or groups, such as

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students, when the situation is
warranted.
Add 2.6 (d) “Resolved, that the
rectors may from time to time
establish policies to waive the pur-
chase in whole or in part of shares
that would otherwise be required to
be purchased, paid for and held by a
member."

d. Change of Titles.

Within the business community, the
titles “president” and “vice-president”
are most commonly used to designate
senior management positions in a
company, whereas officers elected
from the ranks of a board of directors

bear the titles “chairman” and “vice-
hal aanaiae :

In order to conform with general
business usage and to avoid confusion
between executive management and
executive board positions, the direc-
tors of the Credit Union recommend
this Special Resolution. Please note
that passage of this Resolution will ef-
fect only a change in title, and not a
change in function or responsibility of
. the position involved.

Amend Bule 4.7 “Resolved, that

ule 4. rescinded and the follow-
ing be substituted therefor:-
The Directors shall meet within thir-
ty days cr such longer time as the
. Superintendent may allow after each
Annual General Meeting and shall
elect from their oum members a Chair-
man and a Vice-Chairman and may
appoint additional officers as they
may deem necessary; and further, that

any and all references to the postions
“President” and “Vice-President” tn the
Rules of the Credit Union be amend-
ed to read “Chairman” and “Vice-
Chairman” respectively.”

e. Multiple Annual Meetings
As our bri are now widely
separated it is difficult for members to
attend one meeting: This Rule will ex-
tend the opportunity to all members
to participate in the democratic func-
tions of the Credit Union. {t will also
give the members at each meeting the
platform to deal with more local
issues.

id 5.1 (a) “Resolved, that at the
discretion of the Board of Directors,
the Credit Union may hold general
meetings of members whether annual,
half yearly, periodical or special by
holding two or more meetings of
members at different times and
ploces, which meetings together shall
constitute a single meeting, and

a. the total of the votes cust at the
meetings shall be counted after
the last of the meetings has been
held to ascertain whether a
resolutior:, including a Special
Resolution, submitted to the
moetings he has been adopted or re-

jected; and

b. a resolution is deemed to have
been passed by the required ma-
jority if submitted to all the
meetings and if the total of the
votes cast in favor of the resolu-
tion at the meetings constitutes
the required majority of the total
votes cast as If it had been effec-
tively done at a single meeting.”

Special Resolution #2

Amend Corporate Name

This Resolution modifies our name
in accordance with the overwhelming
tesponse of the membership survey
completed in the spring of 1987. In
view of the fact that 40% of our bran-
ches are not located in the “North
Shore Community” and the name
“North Shore” in itself identifies the
community, the Board of Directors
recommend we simplify our name by
deleting the word “Community” and
placing it in our slogan “Partners in
your Community.”

“Resolved, that the North Shore Com-
munity Credit Union change its cor-
Porte name. a NORTH SHORE

North Shore News

A MESSAGE FROM
MANAGEMENT

The past twelve months have been
some of the most pleasant of the
decade. We have experienced unpre-
cedented growth while remodelling or
rebuilding the majority of our offices.
We have constructed new buildings at
Whistler and North Bumaby and
tenovated Lynn Valley, Marine Drive,
Village and Davie branches. In the
coming year, we will review the other
four.

The only surprise we had during the
year was the market adjustment in
October. This event caused interest
rates to drop but only back to the level
of a year ago.

Since we have experienced a very
satisfactory eamings-year, your Board
is taking an aggressive stance in order
to maximize provisions for present
and potential future loan write-offs;
the impact will increase expenses for
1987 but reduce them over future
years. This will in tum minimize our
incorne tax this year as well as place
us in a very strong positior: to weather
any unexpected downtums in the
economy at any time in the future.

We expect a stable 1988 and look
forward to another successful year.

Both Management and Board ex-
tend their appreciation to the
members for their tremendous sup-
port during the past year.

May we take this opportunity to
wish all our members a very happy
and prosperous New Year.

—R.E. Davies
Chief Executive Officer

A PROBLEM — SOLVER: WITH A
REPUTATION FOR PERFORMANCE.

-@ BOARD PROFILE:

© PRESIDENT JACK BRIGHT .
NEW SERVICE CHARGES IN 88,
| ; NOTICE OF DIVIDENDS _

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