Whereas The Gateway Co-operative Credit Union (2017) Limited has over 78,547 members and assets of over $13.16 Billion as at December 31, 2023 and
Whereas EduCom Co-operative Credit Union Limited has over 92,000 members and assets of over $15.21 Billion as at December 31,2023 and
Whereas both Credit Unions can benefit from the pooling of resources and the resultant economies of scale
Be it resolved that the Special General Meeting of the EduCom Co-operative Credit Union Limited agreed that the Credit Union shall be amalgamated with the Gateway Co-operative Credit Union(2017) Limited as long as the members of that Credit Union agree on the following conditions:
The name of the amalgamated society shall be decided by both Credit Unions.
The effective date of amalgamation and registration of the amalgamated Society shall be January 1, 2025
The rules of the amalgamated societies shall be decided on by both Credit Unions and approved by the Registrar Co-operative Societies and Friendly Societies.
The Registered Head Office of the amalgamated Society shall be decided by both Credit Unions and shall be included in the new rules.
All members of each of the amalgamating societies Gateway Co-operative Credit Union (2017) Limited and EduCom Co-operative Credit Union Limited when the resolution of amalgamation is registered shall be members of the amalgamated society each of whom respectively shall have recorded in the books of the amalgamated society the like amounts of shares, loans, deposits, dividends and interest as are shown in his/her account in the books of the society of which he or she is a member at the date of such registration.
The amalgamated society shall be credited with all the assets of Gateway Co-operative Credit Union (2017) Limited and EduCom Co-operative Credit Union Limited at the date of registration and shall undertake all the obligations affecting both of the said Credit Unions at such date.
The Board of Gateway Co-operative Credit Union (2017) Limited duly appointed by its members shall be given the right to assume all responsibilities to ensure that the regulatory financial, accounting and operating standards of the Co-operative movement are duly adhered to in discharging this obligation.
The interim Board of Directors, Supervisory and Credit Committees shall be decided by both Credit Unions and approved by the Registrar of Co-operative Societies and Friendly Societies until the first Annual General meeting of the amalgamated Credit Union.