PROPOSED MERGER |RENFREWSHIREWIDE CREDIT UNION

Please note that there is a merger proposed between ourselves and RenfrewshireWide Credit Union.

Merger with RenfrewshireWide Credit Union

At the AGM held on 27th. February 2019 the members gave the Board permission to progress the work which would lead to a merger (known as a Transfer of Engagements) with RenfrewshireWide Credit Union. You will be pleased to know that this work is almost complete.

The Board now needs the members’ approval to finalise the merger. This has to be done at two Special General Meetings (SGMs):

Wednesday 21st August 2.00pm Green Tree Café (Moat Centre) Rothesay

Wednesday 4 September 2.00pm Green Tree Café (Moat Centre) Rothesay

At each meeting the following special resolution will be put to the members for approval:

“This meeting of the members of Bute and Cowal Credit Union Ltd. hereby resolves to transfer the whole of the stock, property and other assets and all engagements of the credit union to the RenfrewshireWide Credit Union in consideration of the RenfrewshireWide Credit Union issuing to each member of Bute and Cowal Credit Union paid up shares equal to the amount standing to the credit of each member in the share
ledgers of Bute and Cowal Credit Union Ltd. on the date when transfer of engagements becomes effective”

(regarding shares this means that each member will receive RenfrewshireWide CU shares equal in number and value to what they hold in BCUL)

At the August meeting the special resolution must be passed by a majority of not less than two-thirds of members present and entitled to vote.

At the September meeting the special resolution must be confirmed by a majority of members present and entitled to vote.

As detailed at the February AGM the merger will ensure the sustainability and quality of our services and increase their range. Services will be available which make full use of all the components of modern communications and internet banking; we will be able to
engage more actively with our local communities. There will be much greater assurance of maintaining Board and staff members at viable levels. A point made strongly at the AGM was that RenfrewshireWide Credit Union has a fundamental belief in the importance
of local offices and being able to offer their members face to face contact with staff.

If you have any questions please do not hesitate to contact the staff at your local office.

For full details of RenfrewshireWide CU their website is: www.rwcu.co.uk

Janet O’Sullivan
President

Click here to access the pdf document from a link on the BCCU website