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Annual Report 2006

Resolutions

  1. Allocation of Surplus:

    Whereas The Communal Co-operative Credit Union Limited has net income of $578,786 for the year ended December 31st 2006.

    And whereas after making the transfers to the Development Fund and the Statutory Reserves and the provision of bonus payments on the Retirement and The Education Savings plans there remains a balance of $397,047.

    Be it resolved that a dividend payment of 6% be paid to shareholders of The Communal Co-operative Credit Union for the year ended 2006.
  2. Equity (permanent) Shares

    Whereas in accordance with Article VIII 24 (a) of the Byelaws the Credit Union is required to establish equity (permanent) shares which are not withdrawable;

    and at present the Credit Union does not have equity (permanent) – non withdrawal shares.

    Be it resolved that the Credit Union establish equity shares of $5.00 par value and that every member is required to have a minimum of forty (40) shares (to maintain membership) to be set up by transfers from his/her savings within two (2) months after the passing of this resolution and that no maximum amount of shares will be prescribed.


    3.           
  3. Appointment of Auditors

    Whereas the Accounting Firm of PKF continues to provide satisfactory service as the Credit Union’s auditors.

    Be it resolved that the firm PKF be reappointed as the auditors for the year 2007.