PERTH, Australia — The members of the Police and Nurses Credit Society, an Australian credit union, have voted to prevent people from joining the credit union solely to benefit from any possible demutualization in the future. Rumors about possible demutualization have swirled around PNCS lately.
According to a report in the WA Business News, a business journal serving Western Australia, the 170 people attended a special meeting on Aug. 16 and almost 1,300 members voted on an amendment to the bylaws which would prevent newly joining members from benefiting from any possible demutualization for at least two years. The vote was 1,228 in favor to 58 against, according to the paper.
"Members have clearly voted to protect the integrity of the Society by ensuring only members who have contributed to the Society's success will benefit from any demutualization following an appropriate proposal," Fred Huis, CEO of PNCS was quoted as saying after the vote.
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