You are a member of the Credit Union, not a customer
Together, members create a community with a common goal; to help one another financially. Members savings are pooled together to create an opportunity for others to borrow affordably and fairly, either through loans or mortgages. The interest charged on lending contributes toward the Credit Union’s profits and surplus profits which are shared with members every year, in the form of a dividend. Dividends are usually paid following our Annual General Meeting (AGM).
The AGM is one of the most important days in the Credit Union’s calendar. It allows Directors and members to come together and have their say on what matters. Members of the Credit Union are entitled to a vote at the AGM as every member has one vote, regardless of how much they hold in savings. Voting gives you the chance to help make key decisions which could make a real difference to your Credit Union. We pride ourselves on being a mutual organisation and welcome members to become involved in our AGM’s.
NOTICE
In accordance with Rule 79 of the approved Rule Book of No1 Police Credit Union Limited (trading as No1 CopperPot Credit Union) notice is given that the Annual General Meeting (AGM) will take place at Slater House, Oakfield Road, Cheadle Royal Business Park, Cheadle SK8 3GX at 1pm on Thursday 14th December 2023.
The meeting will consider
- The receipt of the accounts and balance sheet and the reports of the Board of Directors and the auditor;
- The appointment of an auditor as recommended by the Board of Directors;
- The election of the Board of Directors;
- The application of surplus;
- Rule changes.
At the 2019 AGM the board set out its succession plan for the next three years. In which this plan would see three of the long-standing Directors of the Credit Union, Christopher Burrows, Arthur Elstone and Peter Henson stand down over the forthcoming three years. This was as we welcomed three new Non-Executive Directors onto the Board, all of whom are actively serving within the Police Family.
In accordance with the plan Mr Elstone and Mr Burrows have stood down reducing the number of Non-Executive Directors to 8. The Board has requested that Mr Henson remains on the Board for a further two years to continue to share his knowledge and experience. Thus, a motion is put before the AGM for the Board to consist of 8 Non-Executive Directors until 2025 when the numbers will reduce to 7.
Key documents for the AGM
Board election
This year there are three Non-Executive Directors standing for re-election. You can read more about these directors below and the rest of our Board of Directors here.
Peter joined the Board in 2002 and is also the nominated Non-Executive Director on the Audit and Risk Committee. He is a retired Police Inspector and is now Treasurer for the Police Treatment Centres and the Police Children’s Charity.
Melanie worked as an Independent Adviser to the Board from 2016 and joined the Board in 2020. She had a successful career in banking and now designs and delivers workshops and bespoke coaching and mentoring programmes for SMEs. She is a family member of a retired officer.
Helen joined the Board in 2014 and took the position of Vice-Chair in December 2022. She is a serving member of Police Staff in the North West.
Rulebook updates
The following proposed rule updates will be voted upon at the AGM. Members will be eligible to vote on each of the rule amendments.
| Rule Number | Details of Changes/Amendments |
| Rule 3 | CURRENT RULE The objects of the Credit Union are: a. The promotion of thrift among its members of the society by the accumulation of their savings; b. The creation of sources of credit for the benefit of its members at a fair and reasonable rate of interest; c. The use and control of members’ savings for their mutual benefit; and d. The training and education of members in the wise use of money and in the management of their financial affairs.
PROPOSED CHANGES An additional object to be included covering legislative changes as per the Finance Act 2023. The new object allows the Credit Union to undertake a wider provision of financial services.
PROPOSED RULE The objects of the Credit Union are: a. The promotion of thrift among its members of the society by the accumulation of their savings; b. The creation of sources of credit for the benefit of its members at a fair and reasonable rate of interest; c. The use and control of members’ savings for their mutual benefit; and d. The training and education of members in the wise use of money and in the management of their financial affairs. e. The board may decide to introduce new products in lines with legislative changes in the interest of members to pursue the goals of the Credit Union. The optional object includes;
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| Rule 109 | CURRENT RULE Regular meetings of the Board of Directors shall be held at least monthly, or in accordance with other guidance given by the relevant authority. The date, time and place of such meetings shall be decided from time to time by the Board. All meetings shall be called in such a manner as the Board shall determine.
PROPOSED CHANGES Removal of the requirement for the Board of Directors to meet at least monthly to be in line with regulatory guidance to allow for flexibility of meetings in the future.
PROPOSED RULE Regular meetings of the Board of Directors shall be held in accordance with guidance given by the relevant authority. The date, time and place of such meetings shall be decided from time to time by the Board. All meetings shall be called in such a manner as the Board shall determine. |
Slater House, Oakfield Road
Cheadle Royal Business Park
Cheadle, Cheshire
SK8 3GX
© 2023 No1 CopperPot Credit Union
