Westforce Credit Union and First Credit Union Incorporated
Westforce Credit Union ("Westforce") 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 Westforce, by succeeding to all of the assets, property, rights, powers, and privileges of Westforce, together with all liabilities and obligations of Westforce. The Transfer of Engagements is similar to a merger between Westforce and First.
The Transfer of Engagements has been proposed to a larger, more resilient credit union (First) to secure the future of Westforce’s members. First have a similar vision to continue to develop a strong, competitive and sustainable sector that delivers on its purpose of ‘people helping people’ across New Zealand.
Having a larger credit union can enable First to provide efficiencies, better pricing for savings and lending rates, more competitive fees, greater ease of access across an extended branch network throughout the central and upper North Island in Avondale, Papakura, Pukekohe, Whangarei, and Royal Oak and online channels, enhanced technology to improve services, and wider access to capital.
It is proposed that members of Westforce will vote on the Transfer of Engagements at a Special Meeting called for 16 June 2022. 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. It does not need to be approved by members of First.
If the Transfer of Engagements is approved by members of Westforce 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.
If a person considers that they may be adversely affected by the Transfer of Engagements to a substantial extent or, where they are entitled to claim a benefit from Westforce or First and are dissatisfied with the provision made for that claim, they 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 email@example.com. 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 August 2022.
The most recent Product Disclosure Statements and audited financial statements for Westforce 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 contacting firstname.lastname@example.org.