NOTICE CONCERNING THE PETITION TO CALL A SPECIAL MEETING OF PSFCU MEMBERS

February 1, 2013

On January 9, 2013, PSFCU received a petition from members demanding a special meeting.

The petition included requests naming the Chairperson and the First Vice Chairperson of the PSFCU Board of Directors, who each determined that Article XVI, Section 4 of the PSFCU Bylaws (entitled “Conflicts of interest prohibited”) applies and did not participate in the determination required of the Chair under Article IV, Section 3 of the PSFCU Bylaws (entitled “Special meetings”). Therefore, that duty was undertaken by the Second Vice Chairperson as the ranking vice chair under Article VII, Section 5 of the PSFCU Bylaws (entitled “Vice chair”).

After a legal review, the petition was determined to be invalid because of the following reason:
The petition is invalid because it fails to specify a reason or reasons for the requested action. Under the circumstances, further examination of the petition for any additional defects was discontinued.
As a result of the above, the petition has been determined to be invalid. In accordance with the law and the PSFCU bylaws, the Second Vice Chairperson of the PFSCU Board of Directors, as ranking vice chair and exercising all the powers, authority, and duties of the Chair, cannot call a special meeting of members based on an invalid petition.

Iwona Podolak                                          Małgorzata Gradzki
Second Vice Chairperson                              Secretary of the
of the PSFCU Board of Directors                    PSFCU Board of Directors