Credit Union changes rules

The rules by which Island Savings Credit Union is governed may soon change.

The rules by which Island Savings Credit Union is governed may soon change. Members are encouraged by directors to study the old rules along with the new rules. Unfortunately this involves reading through 60 pages of legalese and so most members will rely on the summary sent out with monthly statements.

One of the many changes is one which will allow the board of directors to set their own remuneration, rather than allowing the membership to vote on this at an annual general meeting. These changes mean that the membership will lose more and more control over what was once a community endeavour.

If the membership feels that it is a good idea to let directors decide what they should pay themselves out of our money, then the special resolution will certainly pass.

The vote takes place at any ISCU branch between March 18 and 22. I shall vote “no”!

David Ridley

Lake Cowichan

 

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