Steelsands Transfer of Engagements

NZCU Steelsands Incorporated

In accordance with the Friendly Societies and Credit Unions Act 1982, by way of public notices in regional newspapers and on our website, we advised Members that NZCU Steelsands Incorporated had asked to transfer their credit union to us. This is formally called a Transfer of Engagements. Under the rules of FCU, your board has to approve or otherwise any request for a TOE. FCU have over the years followed this process for a variety of credit unions that have asked to transfer to us – such as United Credit Union, NZCU Rotorua, NZCU North, Credit Union Health, CU Bay of Plenty, Te Aroha Community Credit Union and most recently Westforce Credit Union. Not all of these credit unions were in good shape when they transferred to us, but through the hard work and diligence of board and staff, the transfers have all been successful.
 
NZCU Steelsands Incorporated members formally voted on Tuesday 18^th October to transfer their credit union to First Credit Union.

Today (Wednesday 19th October) your board resolved as follows:
 
In accordance with rule 76 of its Rules and section 135 of the Friendly Societies and Credit Unions Act 1982, the Board resolves, on behalf of the members of First, to accept a transfer of NZCU Steelsands Incorporated engagements and undertakes to fulfil those engagements (the same having been approved by special resolution of the members of NZCU Steelsands Incorporated at a meeting held on 18 October 2022). The Board further resolves to do all things necessary or desirable to give effect to this resolution.
 
The transfer will occur on or around 1 December 2022 subject to regulatory approvals.

As a small financial entity, NZCU Steelsands Incorporated has been finding it difficult to compete due to relatively higher costs to meet and deliver services and, in recent years, the increased cost of compliance. This trend is expected to continue in the future. The Transfer of Engagements to First Credit Union will provide a more secure future of  NZCU Steelsands Incorporated for its members, and will create increased opportunities to deliver improved products and services in the future. 

The Board, Management and staff of First Credit Union look forward to welcoming NZCU Steelsands' members in December.