Maldon & District Financial Services Ltd (MDFSL) is the company that operates The Maldon & District Community Bank Branch. The company is made up of members.
Our members provided the initial capital to form our company and start up a Community Bank branch in Maldon in 1999. Each member’s financial contribution is called a pledge. We still have many of the original members who signed up in 1999, and also new members have joined along the way (an application form is available below for interested new members). The board considers membership applications for approval. The board, according to the constitution, has the right to decline a membership request.
In a nutshell, the members of the company own the business. Members appoint a board of directors (who must also be members) to oversee the management of the company. The Bendigo Bank supplies and operates the banking systems, but our company employs the staff. We share the income with Bendigo Bank, and return our share of the profits to the community in the form of grants and sponsorships (over 80 % of the profits go back to the community in this way). We also reward our members with an interest payment (usually 7 – 8 % return on their pledge amount) as an acknowledgement for the money that provides the capital for the company.
We currently have around 170 members.
Members have voting rights at AGMs or special meetings of the company, which includes voting for directors. Members can also nominate themselves or other members to stand for election as a director of the company.
Application for Membership of MDFSL
(a) An application for membership must be in writing, signed by the Member and will be in such form as the Board, from time to time, prescribes. The application for membership must include a nominated pledge amount of no less than $500 and no more than $2,000.
(b) Where an applicant is a Corporation:
i. it must appoint a natural person as its representative in its application for membership
ii. where membership is granted, the appointed representative may exercise all rights to which the Member is entitled for as long as that person remains the appointed representative of the Member
iii. the rights which the appointed representative may exercise include the right to be elected to any position within the Company and its Board
iv. notice of any change of appointed representative must be given to the Company in writing by the corporate Member
v. a representative elected to any position within the Company will cease to hold office on ceasing to be the appointed representative of a Member unless the Board otherwise decides
vi. a corporate Member is responsible for the actions of its appointed representative and is subject to any disciplinary action which may be taken against the Member in respect of the actions of its appointed representative
(c) At the next meeting of the Board after receiving any membership application, the Board will determine whether to accept or reject the application. The Board is not required to provide any reason for the rejection of an application.
(d) Where an application has been accepted for membership, the Secretary will send the applicant written advice of acceptance and the applicant must pay the nominated pledge amount to the Company. Upon receipt of the pledge amount, the applicant will be a Member.
(e) Where an applicant fails to pay the nominated pledge amount within two months of receiving notice of their acceptance for membership, their offer of membership automatically lapses.
(f) As of July 2016, new member pledges and increases to existing pledges are limited to $500 at any one time.
MDFSL retains a single waiting list of requests for membership and current members requesting increases to their pledge. This list is processed in order of date of request.
New members and members who have increased their pledge can request to have their details re-added to the waiting list to increase their pledge.
If your application for membership is approved and your nominated pledge amount is greater than $500, your details will be re-added to the waiting list to increase your pledge.
Please contact the Executive Officer to find out more about becoming a member of MDFSL.
Download an MDFSL – Membership Application form