The Energy Credit Union
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Welcome to an exclusive financial institution that has been meeting our member’s financial needs from start to finish for over seven decades. We believe that our members deserve an opportunity to achieve well being and help our community prosper as a whole. You will see that we offer everything you may find at a major financial institution, but with unique benefits that ownership brings. The Energy Credit Union serves active and retired employees of Toronto Hydro Corporation, Signals, Electrical, Communications (SEC) of the Toronto Transit Commission, Southlake Regional Health Centre, Gerdau, as well as individuals employed by any municipality as defined in the Municipal Act, 2001, individuals employed in any health care facility operating in the Province of Ontario and related persons or affiliated entities of the aforementioned. Each member must hold twenty shares of $5.00 for a total of $100.00. This entitles each member to one vote at membership meetings held at least annually, and a vote in the selection of the Board of Directors. Any member of the Credit Union may also hold, additional membership Shares, provided that the total number of membership Shares does not exceed two hundred and five (220) such shares for an additional share total of $1,000.00. By unanimous membership approval, members at The Energy Credit Union`s recent Annual General Meeting (AGM) held on Friday, April 4th 2014 approved a special resolution passing an amendment to section 2.03 of By-Law No. 1 of The Energy Credit Union Limited. Previously, the Board of Directors determined that it is desirable in the interests of the Credit Union to raise additional capital by increasing the minimum required shareholding. This was approved and will be done in two steps. Effective April 4, 2015, no person shall become a member of the Credit Union until that person has fully paid for a total of at least ten (10) five-dollar ($5) Capital Shares, and effective April 4, 2016, no person shall become a member of the Credit Union until that person has fully paid for a total of at twenty (20) five-dollar ($5) Capital Shares. Basically what this means to you as a member is that the Credit Union’s Capital Shares have increased. Members will have two deadlines to keep in mind. By April 4, 2015 current members will need to increase their Capital Shares to a total of $50, and by April 4, 2016 current members will need to increase their Capital Shares to a total of $100. All new members who join our credit union after April 4, 2014 will be required to have a total of twenty (20) five-dollar ($5) Capital Shares totaling $100.
Author: Prostobank Consulting
Source: banks website