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The Energy Credit Union
Each member must hold thirty-five capital shares of $5.00 for a total of $175.00. This share amount will increase by $25 increments to $200 by 2024. Please see below. This entitles each member to one vote at membership meetings held at least annually, and a vote in the selection of the Board of Directors. Any member of the Credit Union may also hold, additional membership Shares, provided that the total number of membership Shares does not exceed two hundred and thirty (230) such shares for an additional share and capital share combined total of $1,175.00.
BE IT RESOLVED THAT:
1.Section 2.03 of By-Law No. 1 as passed by the Board of Directors on January 29, 2014 and approved by the Members on April 4, 2014 shall be amended by deleting the first sentence thereof and substituting the following:
2.03
(a)Effective April 17, 2021, no person shall become a member of the Credit Union until that person has fully paid for a total of at least twenty-five (25) five-dollar ($5) Membership Shares and any Member failing to maintain ownership of at least this minimum number of shares shall thereupon, and subject to the provisions of the Credit Unions and Caisses Populaires Act, become disentitled to exercise any of the rights of membership and shall be subject to expulsion in accordance with procedures set out in this By-law and the Act.
(b)Effective April 17, 2022, no person shall become a member of the Credit Union until that person has fully paid for a total of at least thirty (30) five-dollar ($5) Membership Shares and any number of shares shall thereupon, and subject to the provisions of the Credit Unions and Caisses Populaires Act, become disentitled to exercise any of the rights of membership and shall be subject to expulsion in accordance with procedures set out in this By-law and the Act.
(c)Effective April 17, 2023, no person shall become a member of the Credit Union until that person has fully paid for a total of at least thirty-five (35) five-dollar ($5) Membership Shares and any Member failing to maintain ownership of at least this minimum number of shares shall thereupon, and subject to the provisions of the Credit Unions and Caisses Populaires Act, become disentitled to exercise any of the rights of membership and shall be subject to expulsion in accordance with procedures set out in this By-law and the Act.
(d)Effective April 17, 2024, no person shall become a member of the Credit Union until that person has fully paid for a total of at least forty (40) five-dollar ($5) Membership Shares and any Member failing to maintain ownership of at least this minimum number of shares shall thereupon, and subject to the provisions of the Credit Unions and Caisses Populaires Act, become disentitled to exercise any of the rights of membership and shall be subject to expulsion in accordance with procedures set out in this By-law and the Act.
What It Means To Be a Member
Basically what this means to you as a member is that the Credit Union’s Capital Shares have increased
Members will have four deadlines to keep in mind. By April 2021 current members needed to increase their Capital Shares to a total of $125, by April 2022 current members need to increase their Capital Shares to a total of $150, by April 2023 current members need to increase their Capital Shares to a total of $175 and by April 2024 current members need to increase their Capital Shares to a total of $200. This required share amount will increase as per the schedule listed above. Please contact us if you have any questions.
Each year the profits we make are either put towards additional free products or services, into the Credit Union’s financial reserve to increase our financial stability or given back to the member in the form of loan interest rebates and bonus interest.
