SGM

Second Special General Meeting 12.30 p.m. 19 July 2018 PCS Headquarters, Clapham Junction.

The members at the first Special General Meeting on 4 July voted unanimously for the merger with 1st Class Credit Union.
PCS Credit Union Secretary Es Chorlton, speaking on behalf of the Board, said that all the negotiating aims had been met and although there were a few minor items to tidy up, there were no issues that would stand in the way of a merger. He said that the new merged credit union was not second best but would provide a better service for members and a better return for savers while keeping and extending the links with PCS.
The Directors report under latest news on the PCS Credit Union website gives a summary of why the Board is recommending the merger along with other information.
 
The Regulator requires us to have two Special General Meetings to go ahead with the merger and the second one will be at 12.30 on 19 July at PCS Headquarters.
The Board invites all members to come to the meeting to take part in this important vote

 

Please find below the previous notice of the SGMs.

Notice of two Special General Meetings

Merger with 1st Class

The 2018 Annual General Meeting endorsed negotiations to merge with 1st Class Credit Union. It set out the negotiating aims and said that any proposed merger would be put to two Special General Meetings. The negotiations are nearing conclusion and therefore notice is given of the following in accordance with the guidance from the Regulator:-

A Special General Meeting will be held at PCS Headquarters, 160 Falcon Road, London, SW11 2LN on Wednesday 4 July 2018 at 12.30p.m.

and

A Special General Meeting will be held at PCS Headquarters, 160 Falcon Road,London, SW11 2LN on Thursday 19 July 2018 at 12.30p.m.

Resolution

The Special General Meeting on 4 July is to vote on the following motion:

“That this meeting of members of the PCS Credit Union hereby resolves to transfer the whole of the stock, property and other assets and all engagements of the credit union to the 1st Class Credit Union.
This is in consideration of the 1st Class Credit Union issuing to each member of the PCS Credit Union

  • paid up shares equal to the amount standing to the credit of each member in the share ledgers of the PCS Credit Union,
  • debiting each member of the PCS Credit Union with the like amounts of loans as are debited to each member in the books of PCS Credit Union

This will happen on the date when the transfer of engagements becomes effective.”

Further information

A meeting with 1st Class will be held on 27 June and a report issued shortly after and before the SGM so that members will have up to date details of the negotiations to inform their decision.

Directors Report from the meeting on the 27th June

Voting

A 2/3 majority will be required at the SGM on 4 July.
Second SGM
The second SGM on 19th July will be to ratify the decision of the first and a simple majority will be required.
By order of the Board
E Chorlton,
PCS Credit Union Secretary.

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