sJU5 398im5WjrIJirbeG-Credit Union AGM Booklet 2024 - Flipbook - Page 19
19 Credit Union AGM Booklet 2024
18.
TESTIMONIAL – Brooke Bodden
18.1
Jeffrey Wilson, Assistant Manager of Member Services, read the testimonial of Brooke Bodden, a
youth member.
19.
RESOLUTION NO. 2
19.1
The Treasurer advised that Resolution No. 2 was a statutory obligation pursuant to the
Cooperative Societies Act (2020 Revision) and Rule 37. She read Resolution No.2 as proposed
by the Board:
a) BE IT RESOLVED that this AGM of the Credit Union approves the maximum liability of $5
million for the 昀椀nancial year 1 August 2023 to 31 July 2024.
19.2
The Treasurer explained that Resolution No. 2 was standard banking practice and would enable
the Credit Union to borrow funds not exceeding $5 million, if necessary. The Second Vice
Chairperson con昀椀rmed that the Credit Union had never used the provision in the past, and she
explained that it was good to have in case of an emergency because the Board would be
authorised to act instead of waiting to convene a Special General Meeting of the membership.
19.3
Mr. Osbert Smith asked who the Credit Union would borrow from if the need arose. The MC
advised that the Board would carefully consider the options available and choose based on the
most favourable terms, allowing the Credit Union to maximise the bene昀椀t.
19.4
Steven Atterley motioned to accept Resolution No. 2, as presented. The motion was seconded by
Keehon Moore and carried unanimously.
20.
TESTIMONIAL – Phoenix Singh
20.1
The pre-recorded testimonial of Phoenix Singh, a youth member, was displayed on the screen.
21.
RESOLUTION NO. 3
21.1
The CEO provided a detailed explanation of the rationale for Resolution No. 3. In doing so, she
advised that over the past two years, loans increased by double digits; however, due to external
economic factors such as the high cost of living in the Cayman Islands, members were saving
less. The CEO explained that the Credit Union was subject to mandatory liquidity ratios; therefore,
it could not lend all its available cash but relied on member deposits to support the level of
lending. She advised that in 2020, the membership approved non-member 昀椀xed deposits for
core employers, and subsequently, the Cayman Islands Government, in recognising the Credit
Union as a viable 昀椀nancial institution, deposited $31 million on 昀椀xed deposit. The CEO explained
that with Resolution 3, the allowance for non-member deposits would be extended beyond the
core employers to Caymanian individuals and business owners. She read Resolution No.3 as
follows:
a) WHEREAS the demand for loans exceeds funds available from time to time; and
