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Credit Union offers Investment Shares |
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Written by Administrator
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Friday, 04 November 2005 |
Members
of the locally owned Maleny Credit Union voted unanimously and
historically last Saturday to change its Constitution and offer up to
1.1 million Member Investment Shares.
| Maleny Credit Union Board Facilitator Peter Pammet "This is an important step in strengthening the autonomy of the Credit Union"
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The move follows intensive consulatation with members. Board Facilitator Peter Pamment said the issuing of Member Investment Shares was designed to build the Credit Unions' reserves, support business growth and provide members with an increased opportunity for economic participation. "For some time now the Credit Union has been experiencing very strong growth in demand from members for savings and loans,'' he said.
"To support this ongoing growth it has been necessary for MCU to boost its reserves by raising share capital from its members. The Member Investment Shares will attract fully franked dividends enabling members to take advantage of the franking credits built up by MCU over the years.
"The Credit Union continues to be owned by its members and each member continues to have only one vote. At the same time, we now have the ability to raise capital to underpin our future growth by boosting prudential reserves and improving member services. This is an important step in strengthening the autonomy of the Credit Union." "The MCU Board is pleased that the members supported the change to the Constitution which included improved protection against demutualisation," Mr Pamment said.
Manager John Ford said the MCU would remain mutual and stay true to its socially responsible practices. "The way we've structured the capital raising means the MCU will remain a mutual organisation,'' he said. "We will still be locally owned. Only members can own shares and there is a maximum shareholding limit of 10percent."
Mr Pamment said MCU members interested in Member Investment Shares should obtain a copy of the Offer Information Statement from either 28 Maple Street, Maleny, or www.malenycu.com.au.
Applications for Member Investment Shares close on Monday 5th December."
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Last Updated ( Monday, 04 September 2006 )
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Range News 2005 - ON 
