The Superintendent of Financial Institutions has provided consent for Osoyoos Credit Union, Revelstoke Credit Union, and Summerland Credit Union to move forward with a member vote on the proposed merger.
Having a say in the future of your financial institution is one of the benefits of credit union membership. The legislation governing Osoyoos Credit Union requires our members’ approval on the special resolution. To pass, each of these resolutions requires a YES vote from two-thirds or more of voters.
Notice of Special Resolution: All Eligible Voting Members of Osoyoos Credit Union
BE IT RESOLVED, as a special resolution, that the Amalgamation Agreement between Osoyoos Credit Union, Summerland Credit Union and Revelstoke Credit Union under section 20 of the Credit Union Incorporation Act (BC) be and is hereby approved, and accordingly:
(a) Osoyoos Credit Union is hereby authorized and directed to execute the Amalgamation Agreement; and
(b) the directors of Osoyoos Credit Union are hereby authorized and directed to take the steps necessary to complete the amalgamation of Osoyoos Credit Union, Summerland Credit Union and Revelstoke Credit Union in accordance with the terms and subject to the conditions contained in the Amalgamation Agreement.
The Board of Directors recommends voting YES to a merger with Revelstoke Credit Union and Summerland Credit Union.
More Information
Please refer to the Supplemental Information Package for more information relating to the voting process and vote timeline, and to the Amalgamation Agreement that members and shareholders are voting on.
Membership Voting Information
When to Vote
Voting is open from Monday, May 26, 2025 through to Monday, June 2, 2025.
General Voting Rules
• Electronic ballots may be cast beginning at 9:30 a.m. on Monday, May 26, 2025. All electronic ballots must be received by 5:00 p.m. on Monday, June 2, 2025. Ballots received after such time will be deemed invalid.
• All ballots to be cast at the branch must be dropped off at OCU’s branch during regular branch hours. All ballots to be cast at the branch must be received by 10:00 a.m. on Monday, June 2, 2025. Ballots received after such time will be deemed invalid.
• Failure to complete the ballot pursuant to the voting instructions may render your ballot invalid.
• Only one vote per member will be counted. If a member casts more than one ballot, all ballots cast by that member will be deemed invalid. However, if one of the ballots is an electronic ballot and the other is a non-electronic ballot, the electronic ballot will be counted and the non-electronic ballot will be deemed invalid.
Who Can Vote
Personal Members (Individuals)
Each individual who meets the following requirements is entitled to one (1) vote:
• The individual is a member in good standing in accordance with the Rules of OCU as of December 31, 2024.
• The individual is 19 years of age or older.
• The individual owns at least 25 Class “A” Membership Equity Shares. If Class “A” Membership Equity Shares are jointly held, each joint holder will be entitled to one vote on the special resolution provided that each joint holder holds a minimum of 25 shares; otherwise, only the first person named on the account is entitled to vote.
Business Members
Business members include organizations, partnerships, incorporated companies, incorporated associations, societies and unincorporated associations. Each business member who meets the following requirements is entitled to one vote:
• The business member is a member in accordance with the Rules of OCU as of December 31, 2024.
• The business member owns at least 25 Class “A” Membership Equity Shares. The business member’s vote is cast by an authorized representative who may be a member or non-member of OCU and who is 19 years of age or older.
• The business member’s vote is cast by an authorized representative who may be a member or non-member of OCU and who is 19 years of age or older.
How to Vote
Members may vote using one of the following methods:
Voter Confidentiality
Voter information collected during the merger voting process will be used exclusively by OCU, CUES and Louise Toth, the returning officer appointed by OCU, to administer the vote. Voter information will not be used for any other purpose or distributed to any other parties. OCU, CUES and Louise Toth will not disclose any personal information about any voter without the voter’s prior consent, unless OCU, CUES or Louise Toth, as applicable, has a good faith belief that such disclosure is necessary to comply with legal process or other legal requirements of any court, governmental authority or agency, or to protect and defend rights, interests or property of such party.
Vote Results
Results of the vote will be shared on OCU’s website and on www.yourfuturecu.ca following the tabulation of results.
Questions
If you have any questions about the voting process or the Proposed Merger generally, please fill out the contact form or email us at proposedmerger@ocubc.com.
Membership Information Sessions
In addition to the information in the Member Guide and the Supplemental Information Package, join one of the virtual member information sessions or in-branch open house events to ask questions and learn more about the Proposed Merger.
