|
Maleny Credit Union proposes changes to its constitution |
|
Written by Administrator
|
|
Thursday, 15 September 2005 |
The board of the locally owned Maleny Credit Union (MCU) are proposing
changes to its constitution to permit a capital raising. MCU board
facilitator Peter Pamment said amendments to the constitution are being
recommended in order to permit a share issue to existing credit union
members.
|
Maleny Credit Union directors at a recent meeting. |
"The capital raised from the share issue will be used to support the ongoing growth of the credit union by boosting prudential reserves and improving member services," Peter said. "The issuing of shares to our members has been carefully drafted in order to maintain our mutual status, democratic principles and member focus."
Last financial year MCU grew its loan portfolio by 26 percent and has been experiencing strong membership growth in response to improved pricing and services. Currently, new credit union memberships are exceeding closed memberships by a ratio of five to one.
"The board was pleased that more local people were choosing to use the credit unions services," Peter said. "The purpose of the credit union is to serve its members, however the surge in demand requires us to boost our prudential reserves and invest further in member servicing." In developing these plans the board had proactively sought member involvement by conducting member focus groups and by holding a member information evening at the Maleny Community Centre.
We have also consulted extensively with our government regulators, ASIC and APRA, who have reviewed our proposed constitutional changes and capital raising plans. As a member owned democratic organization our next step is to invite members to vote on the draft constitution at our upcoming AGM on Saturday October 29 at the Old Witta School.
MCU members will be able to view the proposed new constitution from Wednesday September 21 at either 28 Maple Street, Maleny, or www.malenycu.com.au
|
|
Last Updated ( Friday, 15 September 2006 )
|
Range News 2005 - ON 
