West Sussex Credit Union

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08 September 2010

Annual General Meeting 2010

Notice of Annual General Meeting of West Sussex Credit Union Ltd

The first Annual General Meeting was held in the Gordon Room, Worthing Town Hall on Thursday 4^th March 2010 at 2.30pm.

Agenda

Welcome
Board of Director’s Report
Financial Report
Auditor’s Report
Supervisory Committee Report
Proposed Rule Changes as listed on Appendix 1
Dividend Resolution – please refer to Appendix 2
Differentiated Dividend Resolution – please refer to Appendix 2
Elections to Board of Directors
Elections to Supervisory Committee
Any other Business
Questions & Answers

RESOLUTIONS TO AMEND THE RULES OF WEST SUSSEX CREDIT UNION LIMITED

(Note. These resolutions will not take effect until approved by the Financial Services Authority)

Rules Resolution 1.

Rule 11 - Applications for membership

That Rule 11 d and e be amended to read:

d. he or she has paid an initial membership fee of an amount recommended from time to time by the Board of Directors. Such fee shall be returned to him or her if their application is refused; and

e. he or she has paid for at least a £3 share in the credit union;

Rules Resolution 2

Rule 29 – Insuring members’ loans

Rule 29 be amended to read:

The Board of Directors may enter into arrangements with a person carrying on the business of insurance for the purpose of providing insurance coverage on the liability of any member to the credit union.

Rules Resolution 3

Rule 57 – Timing and notification of meetings

Rule 57 be amended to read:

Regular meetings of the boards of directors shall be held not less often than once in every 9 weeks, the date, time and place to be decided by the directors. A minimum of 6 meetings should be held in each year.

All meetings shall be summoned in such a manner as the Board may from time to time determine.

Resolution 4

Section J : Credit Committee and Loan Officer.

Rule 67 - Role and responsibilities

Rule be amended to read:

The credit union may have a Credit Committee.

Appendix 2

Dividend Resolution

The West Sussex Credit Union Board of Director’s propose a 1% dividend for the financial year 2008/09.

Resolution

The resolution is that West Sussex Credit Union Ltd pay a 1% dividend calculated on an average share value of all full shares held in the 2008/09 financial years. This dividend will be payable to those in membership of the credit union on the date of the AGM.

Differentiated Dividend Resolution

This meeting delegates powers to the Board of Directors in accordance with rule 34.2 to establish differentiated dividend payments on share accounts where an incentive is offered by an external agency.