Credit Union Annual Report 2022 - Flipbook - Page 34
RESOLUTIONS TO THE 47TH AGM
RESOLUTION NO. 1
WHEREAS the Annual General Meeting of Members has both the right and responsibility to sanction the
appropriation and distribution of any surplus; and
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 dividend not exceeding 6 percent per
annum on fully paid shares; and
WHEREAS the undistributed surplus of the Credit Union as ascertained by the Audit as at 31 July 2022 is
CI$12,249,921; and
WHEREAS the payment of the Statutory Reserve shall be CI$2,449,984 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 2022 is CI$9,799,881;
BE IT RESOLVED that this Annual General Meeting approve the payment of a dividend of 2.3% and
thereafter the following distribution of CI$9,799,881, after payment to the Statutory Reserve.
a.
Payment of Dividend 2.3%
$9,468,388
b.
Educational Grants to members for July 2022
$200,000
c,
Remaining balance to training of members, volunteers, and staff
$131,493
Proposed by:
The Board of Directors
RESOLUTION NO. 2
As a requirement of the Cooperative Societies Law ® and Article XVI of the Credit Union Rules (2012
Revision) (the “Rules”), BE IT RESOLVED that this Annual General Meeting of CICSA Co-operative Credit
Union Limited, approve the maximum liability of CI$5,000,000.00 for the financial year 1 August 2022 to 31
July 2023.
Proposed by:
The Board of Directors
Credit Union ANNUAL REPORT 2022
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