(April 11- 16:20 ET) – Credit Union Central of Nova Scotia has opened its doors to participation from credit unions in Newfoundland. Following approval of the changes to its by-laws, Central Board Chair Bill Mills said, “This decision marks an important milestone in our system’s history.”

“This is the first time a Central has opened its democratic structure to credit unions outside their province,” said Mills, “and that credit unions in both provinces will benefit from strengthening this relationship.”

Unanimous approval of the by-law changes came from credit union delegates gathered from throughout the province at Central’s Annual Convention held in Halifax April 10 and 11.

The change means that Newfoundland credit unions will now have two representatives on Central’s board of directors and be entitled to participate in Annual General Meetings based on the same delegate representation formula used for Nova Scotia credit unions.

A number of financial services are provided to credit unions by Nova Scotia Central including statutory liquidity management, settlement and clearing services, line of credit and various investment products.