NOTICE CONCERNING THE PETITION TO CALL A SPECIAL MEETING
OF PSFCU MEMBERS
October 9, 2012
On September 11, 2012, PSFCU received a petition from members demanding a special meeting. Although the petition contained 974 valid signatures, a sufficient number to call a Special Meeting, after a legal review, it was determined to be invalid because of the following reasons:
- Paragraph 6 is invalid because it seeks an unauthorized replacement process and an unauthorized special election, in violation of PSFCU bylaws.
- Paragraphs 1-5 are invalid because the invalid Paragraph 6 automatically rules out all the remaining paragraphs. There are serious discrepancies between the English and Polish versions of Paragraphs 1-5.
- Intent of signers is unclear because both the English and Polish versions were presented to the members simultaneously, making it impossible to ascertain which version they read and agreed to by signing.
- Entire petition is invalid because under the law, if one provision of the document is invalid, it invalidates the entire document.
As a result of the above, the petition has been determined to be invalid. In accordance with the law and the PSFCU bylaws, the Chairwoman of the PSFCU Board of Directors cannot call a special meeting of members based on an invalid petition.
Chairwoman of the
PSFCU Board of Directors