Tied to our vision, anchored by our values, building on our strengths
7.
INVESTMENTS IN EQUITY SHARES
Whereas it has been the practice of the Credit Union to pay dividends at a rate of six percent (6%) which is the highest rate
allowable by law;
And Whereas the Credit Union is desirous of maintaining this return on Equity Shares to members;
And Whereas the proposed Co-operative Societies’ Regulations is requiring that Credit Unions be only allowed to pay dividends
if the ratio of its Equity Shares to total Assets is at least 5%;
And Whereas the Credit Union’s ratio of Equity Shares to Total Assets currently stands at 3.5%;
And Whereas the ratio can be improved through increased Equity Share investments by Members;
BE IT RESOLVED AS FOLLOWS:
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That the membership requirement as per section VII 13(1)(b) of the Credit Union’s BY-Laws be amended to provide for
every member to invest in Qualifying and other Equity Shares
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That every member be required to hold a minimum of ten (10) QUALIFYING SHARES
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That every member shall be required to invest in at least fifty (50) EQUITY SHARES during the first five years of membership
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That existing members be required to invest in at least fifty(50) EQUITY SHARES over the next five years.
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