Public Notice Relating to Transfer of Engagements
Pursuant to Section 135B of the Friendly Societies and Credit Unions Act 1982
New Zealand Firefighters Credit Union (NZFCU) proposes to transfer its engagements (“Transfer of Engagements”) to Credit Union Baywide (CUB) 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 CUB will undertake to fulfil all engagements of NZFCU, by succeeding to all of the assets, property, rights, powers, and privileges of NZFCU, together with all liabilities and obligations of NZFCU. The Transfer of Engagements is similar to a merger between NZFCU and CUB.
The Transfer of Engagements has been proposed to take advantage of greater efficiencies, economies of scale and reduced compliance costs. It is anticipated that following the Transfer of Engagements, members of NZFCU will have access to more competitive products and services.
It is proposed that members of NZFCU will vote on the Transfer of Engagements at a Special Meeting called for 2 June 2021. Where approved, the Transfer of Engagements will be subject to the further approval of the Board of CUB, and any regulatory approvals required under the FSCU Act.
Where the Transfer of Engagements is approved by members of NZFCU by way of special resolution and by the Board of CUB, 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 FSCU 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 NZFCU 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 19 July 2021.
The most recent Product Disclosure Statements and audited financial statements for CUB and NZFCU may be obtained online by accessing the Disclose register at www.disclose-register.companiesoffice.govt.nz (using the “Search for an Offer” function).