GPSCCU Annual Report 2013
Resolutions
1.
ALLOCATION OF SURPLUS
.
WHEREAS the Credit Union paid interest of 5% on Regular Shares amounting to $3,841,078 to its Members during 2013
And WHEREAS the Board has approved a further payment in the form of LOAN INTEREST REBATE of 3% amounting to $478,530
which will to be paid to members within one week of the AGM
And WHEREAS the Credit Union earned a surplus of $1,884,860 for the year ended December 31st 2013 and a balance of
$1,225,158 remains unallocated after making the required Statutory and other allocations for the year
AND WHEREAS the highest rate of dividends on Equity Shares allowable under the Co-operative Society’s Act and Regulations
is 6%
BE IT RESOLVED
That a dividend payment on EQUITY SHARES of 6% amounting to $355,247 is paid to Members.
2.
APPOINTMENT OF AUDITORS - 2014
WHEREAS the Annual General Meeting of 1999 approved the firm of Pannell Kerr Forster as the Credit Union’s Auditor and the
firm has been providing auditing services to the Credit Union since that date
AND WHEREAS the firm continues to provide satisfactory service to the Credit Union
86
BE IT RESOLVED
That the firm of Pannell Kerr Foster be appointed as the Credit Union’s auditors for the year 2014.
3
APPROVAL OF BUDGET
WHEREAS it is required under the Credit Union’s By-laws (section 37(2h) that the budget be approved by the Annual General
Meeting
AND WHEREAS this budget is presented for the consideration of the meeting on pages 83 - 85 of the Annual Report and is
highlighted as follows: