ARGYLE – A special meeting is being called by the Deposit Insurance Corporation of Ontario to inform the membership of the Arnstein Credit Union about its status and future.
A notice was taken out in a local paper last week announcing the meeting and that the 2011/12 audited financial statement is available at the Credit Union and will be available at the meeting.
The Credit Union has been under the administration of DICO since March of this year following a shakeup of its board of directors.
Director Larry Price has filed a court challenge of the Crown agency’s handling of the Credit Union’s affairs and the matter is going through discovery at the moment.
He believes the membership and the whole community need to come out to the Aug. 16 meeting.
“We’re really beating the bushes to get our membership out and the whole community,” said Price. “It is just devastating that we are losing credit unions through merger or closure.”
Price says DICO has closed or merged 84 credit unions in Ontario in the past six years.
An appeal of the process that lead to the Credit Union being ordered to go under administration has been turned down by DICO’s own ombudsman and Price says he plans to appeal that decision to the provincial Ombudsman’s Office before the end of this week.
Calls to DICO at press time were not returned.
The notice states the special meeting is scheduled to begin at 6:30 p.m. in the Royal Canadian Legion in Port Loring.