CNCU Special General Meetings – Important Update
At the SGM held on 10th April 2018, the risks and challenges facing CNCU were presented to the members in attendance, and some proposals were debated. It was made clear at the meeting that for any chance for CNCU to continue it would require at least 5 new suitably qualified Board members who have been approved and registered by the Prudential Regulatory Authority, a full-time manager, external funding and a new Business Plan.
It is the wish of the current Board members that there is a measured closure of CNCU in order to protect the members interests, and the dignity of our staff and volunteers.
The vote on a resolution to close the credit union did not reach the 2/3rds majority required, and therefore the SGM scheduled for the 24th April 2018 will now be a repeat of the first SGM. The facts will be presented again to members in attendance and there will be a repeat vote on the resolution to close the credit union. A second SGM will be arranged for the 8th May 2018 in order to ratify the outcome.
Please note that the Prudential Regulatory Authority has imposed restrictions and CNCU is unable to make any loans or accept new members.