Better Together in Saskatchewan
Horizon, Cornerstone, and Plainsview Credit Union members vote In Favor to become Better Together in Saskatchewan.
A summary of the Amalgamation Agreement is included with this Notice.
Copies of the Amalgamation Agreement, Articles of Amalgamation and Bylaws for the Amalgamated Credit Union are available at the Credit Union upon request.
The Board of Directors has established a voting period during which the members may vote on the resolution. It begins on the day the resolution is presented to the membership on Monday, June 15, 2020 and ends on Friday, June 19, 2020 at the times identified at the Credit Union branches and on the Credit Union website. Members may vote on the resolution, after presentment, electronically through the internet throughout the voting period and at polling stations established in Credit Union branches during the voting period. Members may participate in the meeting electronically through communication facilities established by the Credit Union. Details of how to participate in the meeting electronically are available at the branches and on the Credit Union website.
Member Vote Is Now Closed
The merger vote will be conducted electronically. Eligible members are able to vote anywhere, anytime during the voting period from any device connected to the internet. The Credit Union will provide connected devices in branch locations (during business hours) to enable those members who wish to vote in branch the opportunity to do so.
The voting period is from Monday, June 15 at 7:00pm to Friday, June 19 at 3:00pm.
How does electronic voting work?
- Beginning on Monday, June 15th at 7:00pm a a link will be posted to our credit union website that will take you to the electronic voting site.
- In order to vote, eligible members will be asked to validate themselves using two sources of information as follows:
- Date of birth
- The last 4 digits of their social insurance number
- Once the member has been validated, they will be able to vote.
- Once their vote is cast, they are asked to validate their vote and then submit.
What is the eligibility to vote?
In order to vote, you must be meet the following criteria:
- You must hold a valid membership with Horizon, Cornerstone or Plainsview Credit Unions.
- You must be sixteen (16) years of age or older.
Can I vote in branch?
Yes, you can visit any branch location during regular business hours to vote. The voting period is Monday, June 15th at 7:00pm to Friday, June 19th at 3:00pm.
How does my business vote?
In accordance with Section 86(2) of The Credit Union Act, 1998, businesses or corporations are able to authorize and appoint a delegate for the purpose of voting in the 2020 Membership Vote on the amalgamation of Horizon, Cornerstone and Plainsview Credit Unions. The membership vote takes place Monday, June 15 at 7:00pm and closes Friday, June 19 at 3:00pm. In order to vote, a Business Affidavit form must be completed and submitted – the deadline to submit the Affidavit form is Wednesday, June 17 at 3:00pm.
When will the results of the vote be announced?
The results of the vote will be announced on Monday, June 22, 2020.
In accordance with Section 86(2) of The Credit Union Act, 1998, businesses or corporations are able to authorize and appoint a delegate for the purpose of voting in the 2020 Membership Vote on the amalgamation of Horizon, Cornerstone and Plainsview Credit Unions. The membership vote takes place from Monday, June 15 at 7:00pm and closes Friday, June 19 at 3:00pm. In order to vote, the deadline to submit the completed Affidavit form is Wednesday, June 17 at 3:00pm.
SUMMARY OF THE AMALGAMATION AGREEMENT
The Amalgamation Agreement in summary states:
- Cornerstone Credit Union Financial Group Limited, Plainsview Credit Union and Horizon Credit Union, the Amalgamating Credit Unions, agree to amalgamate as one new Amalgamated Credit Union.
- Each member shall become a member of the new credit union on the date of amalgamation and receive the privileges thereof.
- The Amalgamated Credit Union shall become the owner of all assets, rights and things and be subject to all of the liabilities and obligations of each of the original credit unions.
- The Amalgamated Credit Union shall maintain a complete record of all assets, rights and things owned by it and all liabilities and obligations owned as a result of the amalgamation.
- The name of the Amalgamated Credit Union will be Cornerstone Credit Union Financial Group Limited.
- Each of the Amalgamating Credit Unions will provide full disclosure of its assets and liabilities.
- From the date of agreement until the amalgamation date each credit union shall consult with each other with regard to business operations and extraordinary expenses.
- The Amalgamation Agreement includes proposed Articles of Amalgamation (Schedule A) and bylaws (Schedule B) for the Amalgamated Credit Union.
- The first directors of the new credit union will be named as part of the Amalgamation Agreement. The Board of Directors will consist of 12 Directors.
- The Agreement shall become effective upon its approval by the members of each of the Amalgamating Credit Unions.
- The Auditor for the Amalgamated Credit Union shall be MNP LLP.
- The effective date of the amalgamation shall be the 1st day of January, 2021, provided upon unanimous agreement of the Amalgamating Credit Unions the amalgamation date may be postponed to a date up to and including January 1, 2022 in the event of a significant material event that necessitates the postponement.
The Articles of Amalgamation are the initial charter of the merged Credit Union outlining the name chosen, membership criteria, and number of Directors among other things.
The Bylaws describe the rules by which the merged Credit Union will operate. Bylaws include operating rules for directors (number of directors, representation, qualifications, elections, terms of office, etc), membership meetings, membership rights, allocation of surplus and more.
Credit Union Articles of Amalgamation
The Amalgamation Agreement describes the terms upon which Cornerstone, Horizon and Plainsview Credit Unions agree to amalgamate as one credit union under the provisions of The Credit Union Act, 1998. The Amalgamation Agreement includes the names of the directors, the auditor, the date of amalgamation, the name of the amalgamated credit union and other important terms of the amalgamation.
Upon membership approval of the amalgamation of Cornerstone, Horizon and Plainsview Credit Unions, these documents are completed and filed with the Registrar as of the starting date of the new Credit Union.