FINANCIAL CLAIMS SCHEME
The financial Claims Scheme (FCS) is an Australian Government scheme that provides protection and quick access to deposits in banking institutions in the unlikely event that an institution fails.
Under FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any authorised deposit taking institution (ADI) that is incorporates in Australia and authorised by the Australian Prudential Regulation Authority (APRA). MyLife MyFinance is an ADI.
The FCS can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the FCS will be administered by APRA.
In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.
The FCS limit of $250,000 applies to the sum of an account holder's deposits under the one banking license. Therefore, all deposits held by an account holder with a single banking institution must be added together towards the $250,000 FCS limit and this includes accounts with any other banking business that the banking institution may operate under a different trading name.
Further information is available at www.fcs.gov.au
NOTICE OF HEARING TO APPROVE COMPROMISE OR ARRANGEMENT
TO all the creditors and members of Transcomm Credit Co-operative Limited ACN 087 651 750
TAKE NOTICE that at 10.00am on the 24 day of June 2016 at 210 William Street, Melbourne, the Supreme Court of Victoria will hear an application by Transcomm Credit Co-operative Limited ACN 087 651 750 seeking the approval of a compromise or arrangement between the above-named company and its members as proposed by a resolution passed by the meeting of the members of the company held on 14 June 2016.
If you wish to oppose the approval of the compromise or arrangement, you must file and serve on the plaintiff a notice of appearance, in the prescribed form, together with any affidavit on which you wish to rely at the hearing. The notice of appearance and affidavit must be served on the plaintiff at its address for service before 9.00am on the date fixed for the hearing of the application.
The address for service of the plaintiff is Wisewould Mahony Lawyers, 419 Collins Street, Melbourne. Name of person giving notice or of person's legal practitioner R.Carpenter
15 June 2016
The Scheme Meeting and General Meeting of members were held yesterday morning at the Vibe Savoy Hotel, 630 Little Collins Street, Melbourne.
There were 57 members in attendance plus staff, Directors and invited guests. A further 962 members attended the meeting by proxy.
The proposed Scheme of Arrangement whereby MyLife MyMoney Superannuation Fund would acquire 100% of member shares in Transcomm Credit Union and each Transcomm Credit Union member to receive a one-off cash payment of $2093 in exchange for their shares was overwhelmingly supported by members.
A minimum of 75% of voting members was required for the Scheme to be approved. The result was 99.7% of voting members voted yes.
The Scheme is conditional upon receiving approval from the Supreme Court of Victoria and consent by the Commonwealth Treasurer. The outcome of these is expected to be known by late June 2016.
Subject to these approvals, the Scheme can be implemented and payment made to members by 8 July 2016.
Chief Executive Officer.
Transcomm Constitution Demutualisation - June 2016
Transcomm Constitution Demutualisation - June 2016 (marked up)
Letter to Members - March 2016
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