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EASTERN CREDIT UNION Annual Report 2018

24.0 EDUCATION COMMITTEE’S REPORT
The Chairman of the Education Committee, Mr. Clyde Herbert, provided a summary of the Report. Apart
from its regular activities, the Education Committee has earmarked the following events for the 2018–
2019 term:

• Resumption of the “Youth Conversation”.
• Mathematics Contest, “Magnificent Mental Minds – 2018”.
• Project to acknowledge contributions of senior citizens to the growth and sustainability of Eastern
Credit Union.
24.1 Adoption

The Report of the Education Committee was unanimously adopted on a motion moved by Mr. James
George Thomas (Port of Spain Branch) and seconded by Ms. Joan Hinds (San Fernando Branch).

25.0 RESOLUTIONS
1. Patronage Refund

The following Resolution was unanimously approved on a motion moved by Mr. Wayne Estrada and
seconded by Mrs. Pearl Yatali-Gonzales (Barataria Branch):

Be it resolved that a Patronage Refund of 7% be declared for the financial year ended 31
st
December 2017 and credited to members’ Deposit Accounts.

2. Dividends

The following Resolution was unanimously approved on a motion moved by Mr. Wayne Estrada, on
behalf of the Board, and seconded by Mr. David Taitt (St. Joseph Branch):

Be it resolved that in accordance with Bye-Laws 15(b) (v) a dividend of 2.5% be approved for the
financial year ended 31 December 2017 to be credited to members’ Share Accounts consistent
st
with Bye-Law 25 (c) (i); and be it further resolved that dividends due to members whose accounts
have become delinquent be credited to their outstanding loan and interest balances.

3. Special Shares

The following Resolution was unanimously approved on a motion moved by Mr. Wayne Estrada, on
behalf of the Board, and seconded by Ms. Helen Bernard (St. Joseph Branch):

Be it resolved that in accordance with Bye-Law 6 (a) (1), 6 (b) (1), (ii) and (iii), a dividend of 7% be
declared and credited to members’ Deposit Accounts and be it further resolved that dividends
due to members whose Special Share Accounts are below the required amount be credited to
their Special Share Accounts.

18 NAVIGATING THE FUTURE TOGETHER