sJU5 398im5WjrIJirbeG-Credit Union AGM Booklet 2024 - Flipbook - Page 22
22 Credit Union AGM Booklet 2024
n) The First Vice-Chair elaborated on Resolution 3, reiterating and expanding the CEO’s
points. She explained that accepting non-member deposits aimed to help the Credit
Union manage its liquidity ratio, especially since member savings had decreased. She
noted that if the ratio dropped below the standard, the Credit Union would need to cut
back on lending to members, which could negatively affect 昀椀nancial results and dividend
payouts. She emphasized that, without extra liquidity from non-member deposits, the
Credit Union couldn’t have supported additional member loans from those leaving
commercial banks due to high-interest rates. First Vice-Chair Bothwell assured members
that the Board carefully assessed the risks before allowing non-member deposits,
con昀椀rming it as a strategy to be used only when necessary.
21.3
Camile Beckford motioned to accept Resolution No. 3 as presented. The motion was seconded
by Rosworth McLaughlin II and carried unanimously.
22.
TESTIMONIAL – Elena Bazil
22.1
Theodora Bodden, New Accounts Representative, read the testimonial of Elena Bazil.
23.
RESOLUTION NO. 4
23.1
The CEO provided a high-level overview of the rationale for moving the development fund into the
institutional capital of the Credit Union to rebuild its special reserve. She clari昀椀ed that the transfer
did not require cash movement, merely from one line item of the balance sheet to another. The
CEO read Resolution No. 4 as follows:
a) WHEREAS the development fund was established as a special reserve in 1992 of
$627,904 from undistributed surplus for future development of the Credit Union; and
b) WHEREAS the Credit Union has funded capital development projects from recurrent
revenue and did not need to utilise the special reserve; and
c) WHEREAS the Board plans to increase the amount transferred to Statutory Reserve to
increase the capital adequacy and ensure 昀椀nancial soundness of the Credit Union; and
d) BE IT RESOLVED that the AGM of the Credit Union approves that the $627,904 in the
Development Fund be transferred to Statutory Reserve to strengthen our capital
reserves.
23.2
Langley Powery moved to accept Resolution No. 4 as drafted. Eziethamae Bodden seconded the
motion, which was approved by a majority vote of the membership, with John Bothwell dissenting.
24.
TESTIMONIAL – Alexandra Mattocks
24.1
Michael Gocul, Assistant Loans Manager, read the testimonial of Alexandra Mattocks.
25.
RAFFLE PRIZE DRAWING
25.1
Shane Mascal was invited to draw the Whova participation prize of $250. Alexandra Forbes, who
attended the meeting via Whova, won.
