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Notice to Members

58^th Annual General Meeting

Coastline Credit Union Limited

Coastline Credit Union Limited will be conducting its 58^th Annual General Meeting on Wednesday 20 November 2024 commencing at 5.45 pm at the Coastline Community Hub 26 Smith Street Kempsey.  

 Ordinary Business

1              Annual Report

To consider and receive the Directors Report, Financial Statements and Audit Report

2              Appointment of Director 

To consider, and if thought fit, to pass the following ordinary resolutions:

2.1          That Grant Devine be appointed as a director.

2.2          That Chris Browning be appointed as a director.

3              Directors Remuneration

To consider, and if thought fit, passing the following general resolution: That aggregate Directors fees for the 2024/25 financial year be set at $550,094 including statutory superannuation and Retirement Benefit Provision.

4          Amendments to Constitution

To consider and, if thought fit, to pass the following resolution as a special resolution to amend the Constitution:

That the Credit Union’s Constitution be amended as marked-up in the copy of the Constitution which is tabled at the Meeting and signed by the Chair of the Meeting for the purposes of identification.

The proposed amendments to the Credit Union’s Constitution are described in the Explanatory Notes to this Notice.  A copy of the Constitution marked-up with the proposed amendments is available here.  Alternatively, members can request a copy by contacting the Credit Union on 1300 36 1066.  A copy will also be available to view at the Annual General Meeting.  The above website will also include a clean copy of the amended Constitution with all the proposed changes adopted.

By order of the Board of Directors

Peter Townsend

Company Secretary – 17 October 2024

Proxies

A member including a body corporate entitled to attend and vote at this meeting of the Credit Union is entitled to appoint a proxy to vote on their behalf. A proxy need not be a member of the Credit Union.  

To have effect, proxy forms must reach Coastline’s registered office, 64 Elbow Street West Kempsey NSW 2440 not later than 48 hours before the start of the meeting. Proxy forms are available here or by calling 1300 36 1066.

Explanatory Notes

Agenda Item 4.  Amendments to Constitution

This special resolution will amend the Credit Union’s Constitution to:

• allow the Board to delegate its authority to expel a member for cause, and simplify the procedure to do so;
• add a new right to cancel a membership if a member does not hold any deposit or loan account with the Credit Union.

These changes are described in more detail below.

To be passed the special resolution requires the approval of at least 75% of the votes cast by members. 

Your directors unanimously support this special resolution and recommend that you vote FOR it.

Expulsion for Cause

The existing Constitutional rules allowing the Credit Union to expel a member for cause (if the member fails to discharge obligations to the Credit Union, is guilty of conduct detrimental to the Credit Union or obtains membership by misrepresentation or mistake) will be amended to:

• allow the Board of directors to delegate to the Chief Executive Officer its power to expel a member for cause;
• remove the member’s right to receive advance notice of, and to attend, a Board meeting at which the termination resolution is to be considered;
• require the Credit Union to give the expelled member at least 14 days’ notice of expulsion;
• clarify that the termination trigger of member conduct detrimental to the Credit Union applies when the member has engaged in such conduct, rather than requiring that they have been guilty of such conduct;
• clarify that the grounds for termination must be as reasonably assessed by the Board or its delegate.

Cancellation of Membership with No Accounts

The amendments will also add a new ground for member cancellation where a member no longer holds (individually or jointly) any deposit account or loan account with the Credit Union.  This allows the Credit Union to close the membership after a member’s last account is closed, whether by the member or the Credit Union, without the need for the member to request termination, or for the Credit Union to wait 12 months for dormancy. 

The Credit Union must give the member at least 14 days’ notice of intended cancellation.  The cancellation can only take effect if the member still does not hold any account with the Credit Union at the conclusion of this notice period.