Result of Special General Meeting on AusCycling

Result of Special General Meeting on AusCycling

23Dec2020

A special general meeting (SGM) of Cycling NSW (CNSW) was held tonight via online video conference.

At the SGM, the constituent clubs of CNSW voted on a proposal by which CNSW would transfer its assets to AusCycling on a staged basis as follows:

  • initially, CNSW will retain a cash amount of 50% of its net assets and transfer the balance to AusCycling; and
  • at the end of a two-year guarantee period, CNSW will transfer its remaining assets to AusCycling.

Completion of the transfer would be subject to AusCycling satisfying certain commitments during the guarantee period, including:

  • using all reasonable endeavours to ensure the CNSW racing calendar for 2021 and 2022 continues to a standard consistent with past events;
  • using all reasonable endeavours to provide the CNSW development program for 2021 and 2022;
  • retaining Dunc Gray Velodrome as a facility; and
  • employing all existing CNSW staff.

At the SGM, 45 constituent clubs entitled to a total of 84 votes cast votes on a special resolution to give effect to the proposal.

Four of the votes cast were against the resolution, with all other votes in favour. As 75% or more of the votes cast were in favour, the resolution was passed.

CNSW understands that the board of AusCycling has also approved the proposal.

The CNSW board will now work with AusCycling to put the proposal into effect. The board will provide updates in the new year about the next steps and their effects on members and clubs.

If you are an existing CNSW member, your insurance will continue until the expiry date of your membership.

Current CNSW members whose memberships have expired, or are expiring, should renew their memberships at https://www.auscycling.org.au/membership.