Logi sisse läbi:

Your Say In Where The Credit Union Is

At the 2017 annual meeting of the Estonian (Toronto) Credit Union Ltd. (ETCU), members of the ETCU were provided the Board's perspective on the status of the Estonian House and the proposed Madison Project. The ETCU Board very much favours the Madison Project. However, members were not provided complete information as to their rights and powers as de facto owner/ shareholders of the credit union; namely, that members have the final say regarding the location of ETCU's place of business. Instead, members were told in no uncertain terms, that they voted for the present Board and, thus, members have authorized the Board to act on all matters. In saying so, the implication was that members have also relinquished control over the location of the credit union solely to the Board's discretion. This characterization is a bit misleading. In fact, members have full legal authority, for example, to decide on the location of the head office. The power held by the members of our credit union could have the residual effect of determining where the Estonian House in Toronto is located. Legal support for the powers provided to the members is clearly referenced in The Credit Unions and Caisses Populaires Act, 1994, Section 23 (1) and (2), Location of Head Office. https://www.ontario.ca/laws/statute/94c11

Location of head office
23. (1) A credit union shall have its head office in Ontario at the place indicated in its articles.
Change
(2) A credit union may by articles of amendment change the location of its head office to another place in Ontario. 1994, c. 11, s. 23.

A credit union is legally able to exist based on its Articles of Incorporation which are approved and monitored by the Financial Services Commission of Ontario (FSCO), a branch of the Ontario provincial government which oversees credit unions. The Articles of Incorporation clearly states the legal structure of a credit union and establishes how it must operate. Any deviation from the Articles can result in the FSCO revoking the rights of the credit union to carry on their business. The process for filing any amendment to the Articles of a credit union are outlined specifically by the FSCO. (See https://www.fsco.gov.on.ca/en/creditunions/Pages/filing-articles.aspx )

In addition to the legal operating structure, Articles of Incorporation lists the address of a credit union's main place of business. Without the correct address, Articles could be voided and a corporation could be found to be operating in contravention of the Act. If a credit union intends to change its address, the legal procedure is such that:

1) The Board of Directors must formally table a resolution, which states that the credit union intends to change the registered address listed in the Articles of Incorporation. At either a special meeting of the members of the credit union called specifically for this purpose, or as a separate resolution at an annual meeting, the change of address must be ratified by a vote of the members. This vote must take place. If there's no vote, there's no move. The vote of the members is the final legally binding decision regarding this matter, there is no appeal process by the Board.
2) If a change in location is approved by the members, the above resolution must be presented to the FSCO for consideration and approval. If the conditions of the Board resolution and vote of the members satisfy the FSCO, then the new address of the credit union would legally take effect in the Articles of Incorporation with FSCO's approval. However, if the members vote against the address change, the FSCO would accept the present address of the credit union continuing as the legal address in its Articles. For the ETCU, if the members were to vote against moving the credit union's head office, then there would be no change from the present address at 958 Broadview Ave.

Members should be aware of the fundamental importance of the Act, the Articles of Incorporation as well as the regulatory approval required for a credit union to exist and operate at its registered place of business. Inadvertently or not, the process related to changing ETCU's location seems to have been oversimplified as a decision of the Board. However, statutes and the oversight powers of the FSCO suggest that a Board's desire to change the main place of business in the Articles of Incorporation must be voted on by the members of a credit union.

ETCU's Board could have held a preliminary poll of its members at the most recent annual meeting to gauge if permanently moving the credit union's head office to the proposed Madison Avenue location had support of the members. That question was not asked. Last year's endorsement by the credit union of the joint Estonian House / Alterra proposal to rebuild Estonian House as part of mixed used development was consistent with the unwavering public representations and historical desire of credit union members to remain at 958 Broadview Ave. The Board's recent declaration to support the Madison Project seems like a sudden about-face. What prompted this? The ETCU's participation in the Letter of Intent with Build Toronto came as a mystery to most. Even though it had support to purchase the building at 11 Madison to manage risk and provide "continuity of service" during the anticipated Eesti Maja rebuild, the Board hasn't put the question about permanently moving to Madison before the general membership. (See ETCU News Release March 4, 2014 https://www.estoniancu.com/press-release/estonian-credit-union-acquires-property ). Perhaps the Board anticipates a vote against such a proposal. When asked a relevant question at the recent annual meeting, the Board seemed to have a pre-planned response, that being: (paraphrasing) the Board has been voted by the members to unconditionally decide on all matters pertaining to the ETCU; that would include moving. That presumptive mandate is clearly not supported by the legal and regulatory references noted above.

A special meeting of the Estonian House is being held on April 25th. The ETCU Board intends to vote their substantial block of Estonian House Limited shares in favour of selling 958 Broadview Ave., subsequently supporting the construction of a new centre and moving ETCU's head office to Madison Ave. Without a definitive mandate, is it prudent to go to a special meeting of your landlord and vote in favour of relocating that landlord? ETCU's Board risks facing a mandatory vote of their members that could result in overturning or negating their proposed move (as a tenant) from 958 Broadview Ave. When, and not if, the time comes for the ETCU membership to vote on their change of address the members of the Estonian (Toronto) Credit Union still have a final, legal say in the matter determining whether the ETCU will, itself, relocate to Madison.


Allan Meiusi, Toronto
Eesti Elu Nr. 17 - 28. aprill 2017

Eesti Elu Nr. 17 - 28. aprill 2017

Vaadake galeriid, mida huvitavat saab lugeda 28. aprilli Eesti Elu /Estonian Life paberlehest. Käesoleva nädala Eesti Elu pab...

FOTOD - Toronto Eesti Maja aktsionäride erakorraline koosolek

FOTOD - Toronto Eesti Maja aktsionäride erakorraline koosolek

Teisipäeval, 25. aprillil 2017.a toimus Toronto Eesti Majas Eesti Maja aktsionäride erakorraline koosolek Eesti Maja tuleviku teem...

Kaks kolmandikku Eesti Maja aktsionäridest hääletas Madisoni projekti poolt

Kaks kolmandikku Eesti Maja aktsionäridest hääletas Madisoni projekti poolt

Teisipäeva, 25. aprilli 2017.a õhtul toimus Toronto Eesti Majas Eesti Maja aktsionäride erakorraline peakoosolek Eesti Maja tulevi...

FOTOD - Koolikoori kontsert 'Tallinna teel' Toronto Eesti Majas

FOTOD - Koolikoori kontsert 'Tallinna teel' Toronto Eesti Majas

Pühapäeval, 23. aprillil 2017.a toimus Toronto Eesti Majas Toronto Eesti Seltsi Koolikoori kontsert "Tallinna teel", toetamaks Koo...

An Overview of the Madison Development Including a Response to the Majandusklubi Open Letter to Raivo Remmel, President of Estonian House in Toronto Limited

An Overview of the Madison Development Including a Response to the Majandusklu… (5)

This letter is an attempt to clarify some of the issues and questions that have arisen since the Town Hall meeting held at Estonia...

Estonian House – We should be GRATEFUL

Estonian House – We should be GRATEFUL (2)

Much has been written about our attachment to the house that has been our community home for the past 55 years. Much has been said...

A Third Generation’s Perspective On Eesti Maja Tulevik

A Third Generation’s Perspective On Eesti Maja Tulevik (7)

As a third generation member of the Toronto-Estonian community, I am writing this to articulate my reasons for supporting the prop...

Regarding Iler Campbell Request for Information to Estonian House Limited, published In "Eesti Elu" on April 21, 2017

Regarding Iler Campbell Request for Information to Estonian House Limited, pub…

To whom it may concern: The publishers of "Eesti Elu" hereby clarify that the policy of "Eesti Elu" is to not involve the newspape...

FOTOD - Avatud uksed Madison'i tänaval

FOTOD - Avatud uksed Madison'i tänaval

Pühapäeval, 23. aprillil 2017.a toimus Torontos Madisoni tänaval võimaliku uue Eesti Keskuse ideede tutvustamine ja avatud uksed.

FOTOD - ESTONIA KOORI KONTSERT „Teeme õhtulla iluda" Eesti Majas

FOTOD - ESTONIA KOORI KONTSERT „Teeme õhtulla iluda" Eesti Majas

Laupäeval, 22. aprillil 2017.a toimus Toronto Eesti Majas ESTONIA KOORI KONTSERT „Teeme õhtulla iluda".

FOTOD - Jüripäeva paraad Eesti Majas

FOTOD - Jüripäeva paraad Eesti Majas

Jüripäev märgib skautlikus-gaidlikus tegevuses sisehooaja lõppu ja välishooaja algust. Toronto skaudid-gaidid kogunesid traditsioo...

Dear Members of the Estonian Credit Union

Dear Members of the Estonian Credit Union

Next Tuesday April 25th, 2017, shareholders of the Estonian House will vote on a special resolution to empower the Estonian House ...

Eesti Kirjandusmuuseumi elulugude kirjutamise võistluse üks peapreemia tuli Torontosse

Eesti Kirjandusmuuseumi elulugude kirjutamise võistluse üks peapreemia tuli To…

Eesti Kirjandusmuuseumi Eesti Kultuuriloolise Arhiivi ja Eesti Rahvaluule Arhiivi, Ühenduse Eesti Elulood, Eesti Õppetöö Keskuse /...

Rootsieestlased korraldavad Stockholmis Läänemere julgeoleku teemalise juubelikonverentsi

Rootsieestlased korraldavad Stockholmis Läänemere julgeoleku teemalise juubeli…

Laupäeval, 22. aprillil toimub Stockholmis Rootsi Eestlaste Liidu (REL) ja Ülemaailmse Eesti Kesknõukogu (ÜEKN) eestvedamisel rahv...

Juhtkiri - EV100 on alanud

Juhtkiri - EV100 on alanud

Seisame Eesti 100 künnisel. Eesti riigi väärika saja-aastase juubeli pidulik märkimine on käivitatud, ametlikuks avaürituseks oli ...

ERAKONNA IRL HEA MÕTE JA MARKO MIHKELSONI RAHVUSLIKUD HUVID

ERAKONNA IRL HEA MÕTE JA MARKO MIHKELSONI RAHVUSLIKUD HUVID

Postimehes (10.04.17) avaldatud kirjutist „IRLi fraktsiooni liige rääkis Mihkelsoni parteist väljaviskamisest" sobib täiendada ava...

New Estonian language guides

New Estonian language guides

Let me introduce myself firstly. I was in Toronto two years ago, doing a Summer internship in the V...

Estonia 100 – the party has started

Estonia 100 – the party has started

The map on the poster shows the now imaginary borderline between what was Eestimaa and Liivimaa. Th...

*Giant Rummage Sale and Bake Sale/Friends' Café at the Estonian House*

*Giant Rummage Sale and Bake Sale/Friend…

Don't miss the upcoming Giant Rummage Sale!The Giant Rummage and Bake Sale will take place at the E...

Ottawa turismimess

Ottawa turismimess

Tunnustatud Ottawa reisi- ja puhkusemess, järjekorranumbriga 23, toimus sel aastal 25. ja 26. märts...

HIIGELBASAAR ja KOHVIK #26 laupäeval, 29. aprillil Eesti Majas kell 8 – 3

HIIGELBASAAR ja KOHVIK #26 laupäeval, 29…

HIIGELBASAAR pakub ideaalseid võimalusi neile, kes soovivad üleliigsest kraamist lahti saada ja suu...

Lõuna-Florida eestlaspere kevadpidu

Lõuna-Florida eestlaspere kevadpidu

Lõuna-Florida eestlaspere kevadpidu leidis aset 8. aprillil Boca Ratoni ilusas James A. Rutherfordi...

EESTI HETKED - Koks-koks!

EESTI HETKED - Koks-koks!

Nii tore on näha, et igal pool maailmas värvivad eestlased ikkagi sibulakoortega ja tutvustavad oma...

Noorte laulu- ja tantsupeo lõkkeid süüdati kõikjal maailmas

Noorte laulu- ja tantsupeo lõkkeid süüda…

16. aprillil, mil algas Eesti riigi 100. sünnipäeva tähistamine, süttisid Eestis ja kaugemalgi saja...

Kanada päevik - Kas mull või vaht

Kanada päevik - Kas mull või vaht

Toronto kinnisvara hinnad on viimase aasta jooksul tõusnud 22% võrra. Või nagu keegi matemaatik reh...

MUSIC - No snarls here

MUSIC - No snarls here

The concept of a most pleasant recent recording arose when the Estonian software development compan...

Meelelahutust - Kevade rõõmud

Meelelahutust - Kevade rõõmud

Millest alata? Tärkav rohelus, pakatavad pungad, mullakamarast ennast jõuliselt välja suruvad lille...

Eesti Kultuuri Koda - Eesti Maja kaitseks

Eesti Kultuuri Koda - Eesti Maja kaitsek… (4)

Eesti Kultuuri Koja üldkogu toetus Toronto Eesti Maja (958 Broadview Ave) kui Eesti paguluse mäluko...

Let’s think about our community’s future

Let’s think about our community’s future (7)

For full disclosure, I am a member of the Estonian House Board of Directors. The views in this arti...

Heritage in transition: Estonian House, the new project, and value-congruent decision-making

Heritage in transition: Estonian House, … (2)

"For a great city is one where differences not only exist, but where differences create lively enco...

Kultuuripärandi üleminek: Eesti Maja, uus projekt ja väärtuste kohaselt otsuste tegemine

Kultuuripärandi üleminek: Eesti Maja, uu…

"Eesti Maja 2.0 peab ennast esitama sellise paigana, kus noor eestlane on uhke käima niikuinii – ku...

Your Say In Where The Credit Union Is

Your Say In Where The Credit Union Is

At the 2017 annual meeting of the Estonian (Toronto) Credit Union Ltd. (ETCU), members of the ETCU ...

Kiri Majandusklubilt: Eesti Maja - The Business decision

Kiri Majandusklubilt: Eesti Maja - The B… (6)

April 18. 2017 Raivo Remmel , Eesti Maja Esimees Oleme Majandus Klubis arutanud pikemalt ...

Avalik Eesti 3

Avalik Eesti 3 (1)

Avalik Eesti 3 on pühendatud Eesti ühiskonna murrangulisele ajale, mil tuleb valida ja otsustada, m...

EESTI MAJA TULEVIKUST?

EESTI MAJA TULEVIKUST? (5)

Mind hakkas huvitama mõiste "konsolideerima", mida Eesti Maja müüki soosivad isikud nii tihti kas...

FOTOD - 'Alice Imedemaal': Toronto Eesti Seltsi Lasteaia moenäitus

FOTOD - 'Alice Imedemaal': Toronto Eesti… (1)

Laupäeval, 8. aprillil 2017.a toimus Toronto Eesti Maja suures saalis üks meie ühiskonna populaarse...

Kommentaar - Suur ja mõjukas eesti kultuur või odavad helmed?

Kommentaar - Suur ja mõjukas eesti kultu… (1)

Küsin, kas olete lugenud Käsu Hansu nutulaulu? Jah, just neid tartu murdes kirjutatud 32 salmi, mis...

VIDEO - Toronto Eesti Koolikoor esines Ehatares

VIDEO - Toronto Eesti Koolikoor esines E…

Hoolega juuli alguses Tallinnas toimuvaks laulupeoks valmistuv Toronto Eesti Koolikoor Reet Lindau ...

TEPP lasketiir Eesti Majas läbis edukalt valitsuse kontrolli

TEPP lasketiir Eesti Majas läbis edukalt… (1)

Nagu enamikule Torontos ja Toronto ümbruses elavatele eestlastele hästi teada, tegutseb Eesti Maja ...

Nädala portree - Heidi ja Ron Kuus: partnerid nii elus kui äris

Nädala portree - Heidi ja Ron Kuus: part…

Abielupaar Heidi ja Ron Kuus on edukad äriinimesed, juhtides ühiselt suurt ettevõtet. Nagu selgub, ...

Facebook Twitter Youtube Rss Google plus
 
Teata sündmusest,
saada lugu või vihje!

See e-posti aadress on spämmirobotite eest kaitstud. Selle nägemiseks peab su veebilehitsejas olema JavaSkript sisse lülitatud.
 

 Eesti Elu üksiknumbrid
on müügil Torontos:

 

  • Eesti Elu kontoris (3 Madison Ave. / 310 Bloor St. W.)
  • e-store'is Toronto Eesti Majas (958 Broadview Ave)
  • Leaside Pharmacy's (Suomi Koti juures) 795 Eglinton Ave. E.

  

Telli leht siit!

 

 
Teata sündmusest,
saada lugu või vihje!

See e-posti aadress on spämmirobotite eest kaitstud. Selle nägemiseks peab su veebilehitsejas olema JavaSkript sisse lülitatud.
 
Eesti Elu - 3 Madison Ave., Toronto, ON M5R 2S2 - Ajalehe Tellimine - Kuulutuste tellimine - Tel: 416-733-4550 - Fax: 416-733-0944 - e-mail: See e-posti aadress on spämmirobotite eest kaitstud. Selle nägemiseks peab su veebilehitsejas olema JavaSkript sisse lülitatud.
This material may not be published, broadcast, rewritten, or redistributed. ©2012 Eesti Elu. All rights reserved.
Made by CyberQA & Confirmo