Credit Union Annual Report 2021 V2 - Flipbook - Page 33
Credit Union ANNUAL REPORT 2021
RESOLUTIONS TO THE 46TH AGM
RESOLUTION NO. 1
RESOLUTION NO. 2
WHEREAS the Annual General Meeting of Members
As a requirement of the Cooperative Societies Law ® and
has both the right and responsibility to sanction the
Article XVI of the Credit Union Rules (2012 Revision) (the
appropriation and distribution of any surplus; and
“Rules”), BE IT RESOLVED that this Annual General Meeting
WHEREAS the surplus of the Credit Union, after statutory
reserve, shall be utilised as the Annual General Meeting
may decide to, among other things, pay to members a
of CICSA Cooperative Credit Union Limited, approve the
maximum liability of CI$5,000,000.00 for the financial year
1 August 2021 to 31 July 2022.
dividend not exceeding 6% per annum on fully paid shares;
and
Proposed by:
WHEREAS the undistributed surplus of the Credit Union as
ascertained by the Audit at 31 July 2021 is CI$10,625,884;
and
WHEREAS the payment of the Statutory Reserve shall be
CI$2,125,177 representing 20% of the audited Net Income;
and
WHEREAS the undistributed surplus, before dividends,
and after deduction of the required statutory reserve of the
Credit Union, as ascertained by the Audit as of 31 July 2021
is CI$8,500,707; and
BE IT RESOLVED that this Annual General Meeting approve
the payment of a dividend of 2.1% and thereafter the
following distribution of CI$8,500,707, after payment to the
Statutory Reserve.
(a) Payment of Dividend
2.1%
$7,744,225
(b) Educational Grants to members for July 2022
$300,000
(c) Benevolent Fund (member beneficiaries)
$250,000
(d) Remaining balance to training of members,
volunteers and staff
Proposed by:
$206,482
The Board of Directors
The Board of Directors
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