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Blue Mountains & Riverlands Community Credit Union Limited

Start Date 1 Oct 1974 End Date 31 Mar 2008

The Blue Mountains Credit Union was formed from the amalgamation of the Central Blue Mountains Community Credit Union and the Blaxland Credit Union on 1 October 1974. The credit union served residents from Lapstone to Bullaburra and any other person employed by the Blue Mountains City Council where payroll deductions are available. The registered office was located at 268 Macquarie Road, Springwood which was originally leased, but purchased in 1981 for $120,000. The Board met for the first time on 12 October 1974. A robbery and fire on 14 October resulted in the loss of some vital records.

Following an inquiry by the Registrar of Credit Unions G.H. Cambridge was appointed Administrator on 17 September 1977 although the administrator's meetings commence on 6 October 1976 and continue until 24 September 1982. The Administrator transferred his responsibilities to an Advisory Committee that met on 27th August and 24 September, 1982. The new board met for the first time on 29 October 1982.

Originally there were branches in Blaxland and Lawson. It would appear that the Lawson branch was short-lived. The Blaxland Branch moved to The Arcade, Great Western Highway, Blaxland in 1977. In order to extend services to the Upper Blue Mountains an office was opened at shop 5, Pioneer Place Katoomba on I December 1986.

A Special General Meeting held on 25 January 1989 resolved to change the name of the credit union to Blue Mountains and Riverlands Community Credit Union Ltd . The new name was registered by the Registrar for Credit Unions on 7 February 1989. In April the same year a branch was opened at 30 Woodriffe Street Penrith. The Penrith Branch closed on 15 November 1993.

The Credit Union was granted Financial Services Licence no 243159 under section 913B of the Corporations Act, 2001 by the Australian Securities and Investments Commission that became effective from 1 March 2004.

It appears that the Blaxland Branch closed in 2005 or 2006.

On 4 September 2007 the Board met to consider the 'transfer of engagement s" to Reliance Credit Union or Sydney Credit Union. A Special General Meeting of members on 18 March 2008 approved a voluntary total transfer of business to [that is a merger with] Sydney Credit Union Limited.The merger took place on 1 April 2008 The banking license of Blue Mountains and Riverland Community Credit Union Limited was revoked on 2 April 2008

Postscript

Following the resolution to amalgamate the business name ‘Blue Mountains Credit Union’ was registered with the Australian Securities and Investments Commission as number NSW BN98353126. The applicants advised that there was no intention to trade using this name.Representation at Springwood and Katoomba continued as the Springwood office and the Katoomba branch both became branches of Sydney Credit Union.

Series Held by Australian Credit Union Archives

S0823 Annual Reports (year ended) 30 June 1975 - (year ended) 30 June 2007

S2644 Information Leaflets 1975 – 1985?

S/2731 Minutes of Board Meetings, 12 Oct 1974 - 29 Jul 1997

S/2732 Board Papers, 26 Aug 1996 - 25 Mar 2008

S/2733 Administrator's meetings and working papers, 26 Aug 1976 - 31 Jul 1978

S/2735 Records of the Audit Committee (1999- 2005) Board Risk Committee (2005- 2007) 20 Jul 1999 - 28 Nov 2007

S/2736 Minutes of the Corporate Governance Committee 13 Jul 1999 - 19 Feb 2008

S/2737 Constitution of the Blue Mountains and Riverlands Community Credit Union Limited, 1 Oct 1974 - 31 Mar 2008

S/2738 Bond Proposals 25 Oct 1985 - 22 Sep 1988

S/2739 Minutes of Annual General Meetings 26 Sep 1975 - 18 Mar 2008

S/2742 Premises 22 Feb 1989 - 23 Nov 1995

S/2743 Australian Financial Services Licence 18 Dec 2003 -

S/2744 Merger files 18 Jun 2007 - 12 May 2008