CREDIT UNION AUCKLAND INCORPORATED and FIRST CREDIT UNION INCORPORATED
CREDIT UNION AUCKLAND INCORPORATED (CUA) proposes to transfer its engagements (“Transfer of Engagements”) to FIRST CREDIT UNION INCORPORATED (“First”) 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 First will undertake to fulfil all engagements of CUA, by succeeding to all of the assets, property, rights, powers, and privileges of CUA, together with all liabilities and obligations of CUA. The Transfer of Engagements is similar to a merger between CUA and First.
As a small financial entity, CUA has been finding it difficult to compete due to relatively higher costs to meet and deliver services and, in recent years, the increased cost of compliance. This trend is expected to continue in the future.
First have a vision to continue to develop a strong, competitive and sustainable sector that delivers on its purpose of “people helping people” across New Zealand.
It is proposed that members of CUA will vote on the Transfer of Engagements at the Special General Meeting called for Thursday 18 April 2024 at 6.30pm. This will take place at the Danish Society Hall, 6 Rockridge Avenue, Penrose, Auckland and on online. If approved, the Transfer of Engagements will be subject to the further approval of the board of First and will remain subject to other conditions.
If the Transfer of Engagements is approved by members of CUA by way of special resolution and the Transfer of Engagements becomes unconditional, 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 CUA 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 or by email to compliance@companies.govt.nz. 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 1 June 2024.
The most recent Product Disclosure Statements and audited financial statements for CUA and First may be obtained online by accessing the Disclose Register www.disclose-register.companiesoffice.govt.nz (using the “Search for an Offer” function).
Further information may be obtained by visiting www.cua.co.nz or www.firstcreditunion.co.nz or by contacting info@cua.co.nz or welcome@firstcu.co.nz.