The next regular SUS Board meeting will be held on the CEP Campus, Friday May 31st, 2013 at 9:30 a.m. – 12:30 p.m. in room A1424
Agenda: {TBA}

April 19th meeting minutes: Download

April 5th meeting minutes: Download

March 15th meeting minutes: Download

March 1st meeting minutes: Download

* Please note all Board meetings are scheduled for 9:30 a.m. unless otherwise noted, and the location rotates between the Abbotsford, Chilliwack CEP campuses, and Mission Campus.

Attn. UFV students! The Visual Arts Student Association is hosting elections this coming September, please see our Facebook page for more info!

Positions available are Associate Director and Event Planner

https://www.facebook.com/pages/Visual-Arts-Student-Association/313698932081341

 Extraordinary General Meeting 2pm May 27th Abbotsford UFV at Aftermath

Agenda:

1. Welcome                                                                                                                           

2. Items for Adoption

2.1 –Minutes, Extraordinary General Meeting November 28^th, 2012

2.2 – Agenda, Annual General Meeting, May 27^th, 2013
3. Decision Items

3.1 WHEREAS:

1. The University of the Fraser Valley (“UFV”) and the Society wish to develop a building on UFV’s Abbotsford campus for their joint use (the “Project”);
2. The Society is prepared to contribute up to $10,000,000 for the purposes of the Project, plus debt service costs, and such amount represents greater than 25% of the Society’s annual budget;
3. Bylaw 51(4) of the bylaws of the Society (the “Bylaws”) prohibits the Society from borrowing an amount greater than 25% of the Society’s annual budget unless approved by a referendum as contemplated in the Bylaws;
4. In order to comply with Bylaw 51(4) of the Bylaws, the Society held a referendum whereby the members of the Society authorized the Society to secure a $10,000,000 mortgage to facilitate the funding of the Project;
5. The Society has accepted, or intends to accept, an offer of credit (the “Offer of Credit”) from First West Credit Union (“First West”) whereby First West and possibly other lenders (collectively, the “Lender”) will agree to make available to the Society a credit facility in the amount of $10,000,000;
6. Section 35(3) of the Society Act provides that a society must not issue a debenture unless the issuance of the debenture is authorized by a special resolution (as defined in the Society Act);
7. Bylaw 51(2) of the Bylaws provides that a debenture will not be issued by the Society without the authorization of a special resolution (as defined in the Society Act) being, among other things, a resolution passed in a general meeting by a majority of not less than 75% of the votes of those members of a society who, being entitled to do so, vote in person or, if proxies are allowed, by proxy;
8. The Offer of Credit will require that the Society grant certain security to the Lender, which security may include the following debentures and other documents:

(a)    a registered mortgage or assignment of an option to lease to be granted by UFV to the Society;

(b)   a registered mortgage of a lease to be granted by UFV to the Society;

(c)    a registered general security agreement charging all the present and after-acquired personal property of the Society and all proceeds thereof;

(d)   a commercial promissory note for $10,000,000;

(e)    a tripartite agreement between UFV, the Society and the Lender; and

(f)    such other documents, instruments, agreements, security and debentures as the Lender or its solicitors may require as a condition of providing funding to the Society

(collectively, the “Security Documents”);

9. In compliance with the requirements of the Society Act and the Bylaws, the members of the Society wish to authorize the execution, issuance and delivery of the Security Documents by the Society to the Lender;
10. An Extraordinary General Meeting (as defined in the Bylaws) has, in accordance with Bylaw 11 of the Bylaws, been called for May 27^th,2013 and the Society has given its members at least 14 days’ notice of such meeting; and
11. All Executive Officers (as defined in the Bylaws) of the Society are Directors (as defined in the Bylaws) of the Society.

RESOLVED THAT:

1. The Society be and is hereby authorized to borrow up to $10,000,000 from the Lender for the purposes of the Project, and to pay all debt service costs on the credit facility established by the Lender.
2. The Society be and is hereby authorized to execute, issue and deliver to the Lender the Offer of Credit and the Security Documents and to perform its obligations thereunder.
3. The execution, issuance and delivery of the Offer of Credit and the Security Documents by any two Executive Officers (as defined in the Bylaws) of the Society be and are hereby authorized or ratified, as the case may be.
4. Any two Executive Officers (as defined in the Bylaws) of the Society be and are hereby authorized and directed for and on behalf of the Society to do all such acts and things and to execute and deliver for and in the name and on behalf of the Society (under its seal or otherwise) all agreements and documents (including certificates, declarations, affidavits, reports and opinions) as they determine to be necessary or advisable, or as the Lender may require, for the purpose of giving effect to these resolutions, the doing of such acts and things and the execution of such agreements and documents being conclusive evidence of such determination.
5. Any one Executive Officer (as defined in the Bylaws) of the Society be and is hereby authorized and directed for and on behalf of the Society to file these special resolutions with the Office of the Registrar of Companies for British Columbia and to execute and deliver all such documents as may be necessary or desirable in connection therewith.
6. The general power to issue debentures conferred by these resolutions will expire one year from the date of these resolutions.

4. Question Period

5. Adjournment