The Annual General Meeting of Southern Cross Credit
Union Ltd will be held on 30th November 2021 at the
Credit Union’s Corporate Service Centre, Corner Pearl
and Turnock Streets Kingscliff commencing at 4pm. The
business of the meeting will be as follows:
AGENDA
1. Opening by Chairperson
2. Apologies
3. Confirmation of minutes of the last Annual General Meeting
4. Business arising from those minutes
5. Special Resolution to amend the Constitution for:
a. Mutual Capital Instruments
b. Director Eligibility
6. Chairman’s Report
7. Directors and Financial reports
8. Election of Directors
9. Remuneration of Directors
10. General Business
11. Close
By order of the Board of Directors
Brett Myles
Company Secretary
ITEM 5 CONSTITUTIONAL AMENDMENTS
To consider, and if thought fit, pass the following resolutions
as a special resolution: That the Credit Union’s Constitution
be amended with effect from the close of the Meeting as
described in the Explanatory Notes and set out in the markedup
copy of the Constitution signed by the Chair of the Meeting
for identification purposes and tabled at the Meeting.
Item 5 – Explanatory Note for the Constitutional Amendments
a. Mutual Capital Instruments
Mutual Capital Instruments (MCIs) represent a unique means of
acquiring capital for mutual entity members. By issuing MCIs as
a type of share, mutual entities can generate capital to raise their
funds to support various strategic initiates, whilst maintaining their
mutual status. MCIs are regulated by Part 2B of the Corporations
Act 2001 (Cth).
The Corporations Act provides a 3-year window during which the
mutual can make MCI amendments to their Constitution by special
resolution in general meeting, without triggering any Constitutional
procedures that would otherwise apply to this process.
For the credit union to be take advantage of the MCI capital raising
option contemplated by the Part 2B.8, Division 3 of the Corporations
Act, the eligible mutual entity must provide:
• that it intends to be a MCI mutual entity for the purposes of the
Corporations Act. Principles of Mutuality page 8 and (clause 2.1).
• that all MCIs it issues must be fully paid. (Clause 6.2.2)
• that dividends in respect of MCIs are non-cumulative
(Clause 6.2.3)
• a description of the rights attached to MCIs with respect to
participation in surplus assets and profits,(Clause 6.3.2) and
• that debts owed to a holder of a MCI by way of a divided are to
rank ahead of all other debts owed to members in a winding up
but rank below all other debts. (Clause 6.3.2)
b. Section 13.2 Eligibility to be a Director
Clause 13.2.1 (a) be amended to extend the eligible criteria to be
a Credit Union Director to include the requirement that the person
nominating to be a Director, has been a member continuously for
at least 3 months prior to the date of holding the election. This
requirement to be a Director does not apply to Board appointed
casual Directors appointed under Clause 13.4 (b).
A copy of the Constitution with the above proposed amendments
marked-up is available to members on request.
NOTICE OF 55TH ANNUAL GENERAL MEETING
SOUTHERN CROSS CREDIT UNION LIMITED – ABN 82 087 650 682