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October 7, 2019
TO: MEMBERS OF SUNRISE CREDIT UNION LIMITED
On November 6, 2019 a Special Meeting of the Members of Sunrise Credit Union Limited will be held to consider the proposed amalgamation of:
SUNRISE CREDIT UNION LIMITED (“Sunrise”)
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MINNEDOSA CREDIT UNION LIMITED (“Minnedosa”)
The Special Meeting will commence at 5:15 p.m. with registration starting at 5:00 p.m.. The Special Meeting will be held at Sunrise Credit Union, 2nd Floor, 2305 Victoria Avenue, Brandon, MB.
The Special Resolution to be put before Members at the Special Meeting is set forth below. To obtain member approval of the Amalgamation Agreement, the Special Resolution requires a majority in favour of not less than 2/3 of the votes cast at the Special Meeting.
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SPECIAL RESOLUTION
WHEREAS the respective Boards of Directors of Sunrise Credit Union Limited and Minnedosa Credit Union Limited have recommended that the credit unions amalgamate in accordance with the provisions of the Amalgamation Agreement dated July 1, 2019;
AND WHEREAS the respective Boards of Directors of the credit unions consider it to be in the best interests of their members to enter into the Amalgamation Agreement and to amalgamate pursuant to the terms and conditions set out therein;
BE IT RESOLVED AS A SPECIAL RESOLUTION OF SUNRISE CREDIT UNION THAT:
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Summary of Amalgamation Agreement
An Amalgamation Agreement dated July 1, 2019 has been approved by the respective Boards of Directors of Sunrise Credit Union Limited and Minnedosa Credit Union Limited. The Agreement provides for the amalgamation of Sunrise Credit Union and Minnedosa Credit Union into one credit union effective July 1, 2020. The name of the new credit union resulting from the amalgamation will be Sunrise Credit Union Limited. The new credit union will have its registered office in Brandon, Manitoba.
As of July 1, 2020, all branches of both amalgamating credit unions will remain open as branches of the new credit union for as long as they remain viable. All employees will become employees of the new credit union, and all members will belong to the new credit union. All liabilities and assets of each amalgamating credit union will transfer to the new credit union. The common shares, surplus shares and preference shares of each amalgamating credit union will transfer at par value to the new credit union on a one-for-one basis.
Copies of the Amalgamation Agreement are available for review at all branches of the amalgamating credit unions. Please inquire with management.
Right of Dissent
Pursuant to Section 127 of The Credit Unions and Caisses Populaires Act, Members of the amalgamating credit unions have the right to dissent to the proposed amalgamation. Dissenting Members wishing to register their opposition are advised to send a written objection to the amalgamation to their credit union at or before the meeting of Members referred to in this Notice.
SUNRISE CREDIT UNION LIMITED
By Order of the Board of Directors