STEELSANDS CREDIT UNION INCORPORATED and NEW ZEALAND EMPLOYEES CREDIT UNION INCORPORATED
New Zealand Employees Credit Union Incorporated (“NZCU Employees”) proposes to transfer its engagements (“Transfer of Engagements”) to Steelsands Credit Union Incorporated (“NZCU Steelsands”) in accordance with section 135(3) of the Friendly Societies and Credit Unions Act 1982 (“FSCU Act”).
Under the Transfer of Engagements, it is proposed that NZCU Steelsands will undertake to fulfil all engagements of NZCU Employees, by succeeding to all of the assets, property, rights, powers, privileges of NZCU Employees, together with all liabilities and obligations of NZCU Employees. The Transfer of Engagements is similar to a merger between NZCU Employees and NZCU Steelsands.
The Transfer of Engagements has been proposed to provide for a larger, stronger and more efficient unified credit union capable of taking advantage of economies of scale and reduced compliance costs. It is anticipated that following the Transfer of Engagements, members of NZCU Employees and NZCU Steelsands will have access to more competitive products and services.
It is proposed that members of NZCU Employees will vote on the Transfer of Engagements at a Special Meeting called for 21 October 2020. Where approved, the Transfer of Engagements will be subject to the further approval of the Board of NZCU Steelsands, and any regulatory approvals required under the FSCU Act.
Where the Transfer of Engagements is approved by members of NZCU Employees by way of special resolution and by the Board of NZCU Steelsands, the special resolution will be filed with the Registrar of Friendly Societies and Credit Unions (“Registrar”) pursuant to sections 135C(1) and 82(3) of the FSCU Act. Under section 82(4) of the Act, a period of six weeks is then allowed for objections to be made in respect of the Transfer of Engagements.
Where you consider that you may be adversely affected by the Transfer of Engagements to a substantial extent or, where you are entitled to claim a benefit from NZCU Employees and are dissatisfied with the provision made for that claim, you may object to the Transfer of Engagements pursuant to section 85 of the FSCU Act.
Objections may be made in writing to the Registrar at Private Bag 92061, Victoria Street West, Auckland 1142, within the six-week objection period. Any objection should be clearly stated and describe the remedy sought.
It is anticipated that the Transfer of Engagements will take effect on or around 3 December 2020.
The most recent Product Disclosure Statements and audited financial statements for NZCU Employees and NZCU Steelsands may be obtained online by accessing the Disclose register at www.disclose-register.companiesoffice.govt.nz (using the “Search for an Offer” function).
Further information may be obtained by visiting www.nzcuemployees.co.nz/ or www.nzcusteelsands.co.nz/ or by contacting NZCU Employees Kona Hatalafale email: konah@nzcuemployees.co.nz or NZCU Steelsands Bruce Ross email: Bruce.Ross@bluescopesteel.com.