Although meetings are often convened by the secretary under the authority of the board, the secretary has no independent implied power to convene a meeting or issue legal proceedings without a Board resolution. The Secretary may countersign the Common Seal if the Constitution permits. The Secretary is also usually responsible for maintenance of the company registers. In Bulletin 6, we discussed the obligation of Credit Unions to send every member a copy of the financial reports, unless they opt out. As part of the review of matters relating to the transfer of credit unions to the Corporations Law, this and other issues are being reviewed.
Members can change their mind at any time in the future.
A Regulation is expected to be gazetted by the end of June.