VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 1, 2017) - Central 1 Credit Union (Central 1) is pleased to announce that its members have passed four (4) special resolutions, and four (4) ordinary resolutions at its Annual General and Special Meeting held on April 28, 2017 (Meeting).
In order to be approved, each of the special resolutions must receive the approval of: (i) greater than 50% of the votes cast by the holders of Class "A" shares based on one member, one vote; and (ii) greater than 66 2/3% of the votes cast by the holders of Class "A" shares on the basis of one vote per share. Special Resolution 17-AGM-S-1 (Share Restructuring) and Special Resolution 17-AGM-S-1 (Capital Calls) were also required to be passed on the same basis by holders of Class "B" shares and Class "C" shares, each voting separately as a class.
All special resolutions passed. Below are the voting results for the Class "A" shares. Holders of Class "B" shares and Class "C" shares each passed the Share Restructuring and Capital Calls special resolutions by a show of hands.
| Special Resolutions | Outcome | Votes cast by the holders of | Votes cast by the holders of | ||
| Votes | Votes | Votes | Votes | ||
| Special Resolution 17-AGM-S-1 provides for the creation of a new class of shares, Class F Shares, to serve as the primary form of capital for the Mandatory Liquidity Pool. | Carried | 79% | 21% | 92% | 8% |
| Special Resolution 17-AGM-S-2 removes the ability of Central 1 to trigger unlimited capital calls on Class A, Class B, Class C and Class D shares and provides for limited capital calls. | Carried | 79% | 21% | 95% | 5% |
| Special Resolution 17-AGM-S-3 allows for remote electronic voting at annual general meetings and the filling of casual vacancies on the Board of Directors. | Carried | 100% | 0% | 100% | 0% |
| Special Resolution 17-AGM-S-4 proposes a number of housekeeping amendments. | Carried | 100% | 0% | 100% | 0% |
At the Meeting, Class "A" Members approved the appointment of the auditors and authorized the directors to fix the auditors' remuneration, the 2017 dues assessment and the 2017 flow-through dues assessment resolutions. Class "A" Members in the British Columbia region approved the 2018 British Columbia Province-Wide Program and dues budget resolution. Class "A" Members in the Ontario region approved the 2018 Ontario awareness campaign dues.
Effective at the conclusion of the Meeting, Central 1's Board of Directors is composed of the following directors: