sJU5 398im5WjrIJirbeG-Credit Union AGM Booklet 2024 - Flipbook - Page 18
18 Credit Union AGM Booklet 2024
16.
TESTIMONIAL – Wayne Panton
16.1
The pre-recorded testimonial of the Hon. Wayne Panton, former Premier of the Cayman Islands,
was displayed on the screen.
17.
RESOLUTION NO. 1
17.1
The Treasurer read Resolution No. 1, as proposed by the Board:
a)
WHEREAS the AGM of members has both the right and responsibility to sanction the
appropriation and distribution of any surplus and
b)
WHEREAS the surplus of the Credit Union, after the Statutory Reserve, shall be utilised
as the AGM may decide to, among other things, pay to members a dividend not
exceeding 6% per annum on fully paid shares; and
c)
WHEREAS the undistributed surplus of the Credit Union as ascertained by the audit as of
31 July 2023 is $16,714,585; and
d)
WHEREAS the payment of the Statutory Reserve shall be $3,342,917, representing 20%
of the audited net income; and
e)
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
2023, is $13,371,668;
f)
BE IT RESOLVED that this AGM of the Credit Union approves the payment of a dividend
of 3% and, thereafter, the following distribution of $13,371,668 after payment to the
Statutory Reserve.
g)
•
Payment of dividend of 3%, in the amount of $12,971,154;
•
Educational grants to members for July 2023, in the amount of $250,000; and
•
The remaining balance to training of members, volunteers and staff, in the amount of
$150,514.
BE IT RESOLVED that any funds approved by members for dividends that remain
undistributed after the dividend payment date due to account closure and or member
accounts not being in good standing be recorded in the statutory reserve.
17.2
Uche Obi pointed out that the allocation for the educational grant was referenced as 2022 on the
screen; however, the AGM Booklet referred to 2023. The Second Vice Chairperson con昀椀rmed a
typographical error in the presentation displayed on the screen, and she advised that the
reference to 2023 in the AGM Booklet was correct.
17.3
There were no questions or further comments concerning Resolution No. 1.
17.4
Sheila Rankine moved to accept Resolution No. 1, as presented. Elizabeth Whittaker seconded
the motion, which carried unanimously.
