At the 2005, 2006 and 2008 Annual General Meetings the members adopted an updated Constitution. This new Constitution has been developed in consultation with our members and government regulators and is regarded as important to the future of the Credit Union. Significant changes to the Constitution in 2005 included:
- The introduction of a demutualisation defence clause;
- A clarification of meeting rules;
- Simplification of membership classes;
- Changes to the minimum and maximum number of Directors;
- Member Investment Shares – new Appendix A; and
- Changes to numbering and layout for consistency and ease of reading.
The 2006 changes were to:
- prohibit a person from being or remaining a Director if they are disqualified by law from being a director;
- put in place the process to assess persons for appropriate fitness and propriety before they can be elected as Directors;
- change the closing date for nominations to allow more time for checks to be carried out.
The 2008 change was to:
- change the term facilitator to chairman to better reflect how the board operates today.