The timeline allowing credit unions to hold their annual general meetings virtually has been extended until the end of June.
Credit unions are ordinarily required to ensure that their AGMs are held in person between October and January following their September financial year end.
However, as act signed into law late last year to help credit unions get around this requirement during the pandemic extended the timeline for credit unions to hold their 2020 Annual General Meetings to the end of April.
It also allowed for a temporary override of credit unions rules and allowed for all general meetings to be convened virtually.
The Minister with responsibility for Financial Services, Credit Unions and Insurance, Sean Fleming, welcomed the granting of approval for the extension by government.
"Credit unions are member owned not-for-profit cooperatives and members must continue to receive timely information on their credit union's financial position. It's important that general meetings can continue to proceed in a manner that is in line with legislative provisions, while adhering to public health guidelines," Minister Fleming said.
