Duca Financial Services Credit Union Ltd.

take notice of the intention of DUCA Financial Services Credit Union Ltd. (the “Credit Union”) to apply to the Superintendent for approval of a special resolution duly passed by the members of the Credit Union at a duly convened meeting of members held on April 17, 2018, concerning a proposal to reduce the minimum membership share capital requirement for individuals and artificial entities, and return the resulting excess capital represented by Membership Shares held by current members to such members. This notice is filed under subsection 72(4) of the Credit Unions and Caisses Populaires Act, 1994 (Ontario), as amended.

A true copy of the special resolution is set out below:

“Now therefore be it resolved as a special resolution of the members of DUCA Financial Services Credit Union Ltd. that:

  1. the stated capital account for the Membership Shares issued by the Credit Union be reduced by reducing the minimum membership share capital requirement for individuals and artificial entities from five (5) ten-dollar ($10.00) shares to one (1) one-dollar ($1.00) share, in accordance with the provisions of section 72 of the Credit Unions and Caisses Populaires Act, 1994 (Ontario), as amended (the “Act”);
  2. the Credit Union is authorized and directed to apply to the Superintendent of Financial Services (the “Superintendent”) for approval of the resolution set out in paragraph (a) above, pursuant to the provisions of section 72 of the Act; and
  3. the resolution set out in paragraph (a) above shall have no effect unless and until it is approved in writing by the Superintendent.

dated April 27, 2018.

Anthony Niessen
Corporate Secretary

(151-P152)