Estonian Credit Union - Eesti Pank
Notice of Annual Meeting
Estonian (Toronto) Credit Union Limited
958 Broadview Avenue, Toronto
Wednesday, April 6th, 2016 at 7:00 pm
Matters to be dealt with at the meeting include the re-election of directors with terms that are set to expire; the appointment of external auditors; and, the amendment of the By-laws of the Credit Union to provide for the closing of member accounts that have remained dormant for 10 years or more, despite regular attempts to communicate with the member as provided for in the Credit Union's Dormant Account Policay and that have no money in the account except the share account. A By-law amendment to this effect has been approved by the Credit Union's Board of Directors and will be presented to the membership for adoption at the upcoming Annual General Meeting - see below.
The agenda for the meeting will be as follows:
2. Adoption of the Agenda
3. Confirmation of the minutes of the previous Annual General Meeting
4. Report of the Chair, Board of Directors
5. Report of the Chief Executive Officer
6. Report of the Audit Committee
7. Report of the Auditor
8. New Business;
a) Adoption of By-law amendment
c) Appointment of the Auditors
c) Other Business that is properly brought to the attention of the Board of Directors
9. ECU-Ekbaum Scholarship Awards
Copies of the financial statements, the reports of the audit committee and the auditor, and the proposed by-law amendment will be available for inspection at the meeting and at the offices of the Credit Union at any time before the date of the meeting during regular business hours.
BY-LAW TO AMEND THE BY-LAWS OF THE
ESTONIAN (TORONTO) CREDIT UNION LIMITED
(the “Credit Union”)
WHEREASthe Credit Union finds it expedient to amend its by-laws to permit the expulsion of members, where a member ceases for any reason to hold the required number of membership shares in the Credit Union, including due to the payment of dormant account fees,
NOW THEREFORE BE IT ENACTED, and it is so enacted as a by-law of the Credit Union as follows:
By-law No. 1 of the Credit Union (the “By-laws”), be and are hereby amended by repealing section 2.06 thereof, and replacing it with the following:
2.06 Where a member:
i) ceases for any reason to hold the required number of membership shares in the Credit Union, including due to the payment of dormant account fees
ii) fails to abide by the Credit Union's By-laws,
iii) fails to repay indebtedness to the Credit Union in accordance with the conditions of repayment, or
iv) commits an act of misconduct in the affairs of the Credit Union,
the board of directors may give ten days' advance notice to such member of intent to remove him from membership, personally or by prepaid mail addressed to him at his Recorded Address., After giving the member an opportunity to be heard and to be represented at the Board meeting by a person authorized under the Law Society Act (Ontario) to represent the member, such member may be expelled from membership by resolution at such Board meeting. The Corporate Secretary shall, within five days of the resolution expelling a member being passed, notify the member of the decision of the Board by registered mail to the member’s Recorded Address. Subject to section 62(3) of the Act in respect of Shares, the Credit Union shall forthwith pay to a member so expelled any balance standing to the credit of such person on the books of the Credit Union, after deducting all amounts due from the member to the Credit Union.
PASSED by the Board of Directors of the Credit Union at a meeting duly held in Toronto, Ontario this 29th day of February 2016.