Central 1 Announces Approval of Special Resolution
VANCOUVER, British Columbia, Dec. 17, 2018 (GLOBE NEWSWIRE) — Central 1 is pleased to announce that its members have passed a special resolution approving amendments to its Constitution and Rules (“Rules”). The amendments remove restrictions in the Rules on the pricing of payment transactions products and services offered by Central 1 and give Central 1 the flexibility to offer volume-based tiered pricing for processing of paper items, electronic items and other technology and payment processing services, where appropriate. The amendments are subject to regulatory approval.
In order to be approved, the special resolution was required to receive the approval of (i) not less than 66 2/3 per cent of the votes cast by the holders of Class A shares of Central 1, on the basis of one vote per Class A share held and (ii) not less than 50 per cent plus one of the Class A members voting on the special resolution.
This table sets out the results of the vote on the resolution:
|Special Resolution||Outcome of the Vote||Percentage of votes cast “for” and “against” the resolution on the basis of one vote per Class A share held||Percentage of Class A members voting on the resolution voting “for” or “against” the resolution|
|Special Resolution – Pricing||Carried||97.4%||2.6%||83%||17%|
About Central 1
Central 1 is a preferred partner for financial, digital banking and payment products and services – fueling the success of businesses across Canada. We leverage our scale, strength and expertise to power progress for more than 300 credit unions and other financial institutions, enhancing the financial well-being of more than 3.4 million customers from coast to coast. For more information, visit www.central1.com.
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