sJU5 398im5WjrIJirbeG-Credit Union AGM Booklet 2024 - Flipbook - Page 48
48 Credit Union AGM Booklet 2024
Resolutions to the 49th 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 per cent per annum on fully paid shares; and
WHEREAS the undistributed surplus of the Credit Union as ascertained by the Audit as at 31 July 2024 is CI$22,623,948;
and
WHEREAS the payment of the Statutory Reserve shall be CI$CI$4,524,789, 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 2024, is CI$18,099,159;
BE IT RESOLVED that this Annual General Meeting approves the payment of a dividend of 4% and, thereafter the following
distribution of CI$18,099,159 after payment to the Statutory Reserve.
a)
b)
c)
d)
e)
Payment of Dividend
Educational Grants to members for July 2023
Benevolent Fund
Information Technology Fund
Remaining balance to training of members, volunteers and staff
$17,643,881
$205,000
$50,000
$150,000
$50,278
AND 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 in good standing be recorded in the Statutory Reserve.
Proposed by: The Board of Directors
RESOLUTION NO. 2
As a requirement of the Co-operatives Societies Act (Revision 2020) and Rule 37 of the Credit Union Rules (Revision 2023)
(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 up to the next Annual General Meeting in November 2025.
Proposed by: The Board of Directors
