NOTIFICATION TO MEMBERS
REVISION OF BY-LAW AMENDMENT
At our Annual General Meeting on April 16th, 2015, a number of by-law amendments were
presented to our members and subsequently approved by the members present.
It has come to our attention that one of these updates, namely, by-law 2.01 (e), relating to the
allowable number of Credit Union members outside of our bond of association is inconsistent
with the Credit Union and Caisse Populaire Act. The by-law amendment passed contemplated
the allowance for up to 10% of Credit Union membership outside of our bond of association.
The “Act” restricts this to 3%, such approval to be granted specifically by the Board of
Directors. Accordingly, we have reverted back to the following by-law:
By-Law 2.01 (e)
Persons not otherwise qualifying for membership under the Credit Union’s bond of association, as
long as the aggregate number of such members does not exceed three percent (3%) of the number
of members of the Credit Union, the admission to membership of such persons or entities has been
specifically approved by the Board of Directors, and the names of such persons or entities admitted
to membership on this basis are identified as such in the records of the Credit Union;
The Fire Department Employees Credit Union apologizes for any inconvenience this may have
caused and would like to assure members that we are currently operating within the context of the
original by-law of a maximum of 3% off bond membership.
July 15, 2015