Page 21 - ECU_Annual_Report_2018

Annual Report 2018 EASTERN CREDIT UNION

4. Appointment of Auditors
The following Resolution was unanimously approved on a motion moved by Mr. Wayne Estrada, on
behalf of the Board, and seconded by Mrs. Bernadette Stewart (St. Joseph Branch):

Be it resolved that the firm PricewaterhouseCoopers be retained as the Auditors for the year 2018.

5. Education Fund
The following Resolution was unanimously approved on a motion moved by Mr. Wayne Estrada, on
behalf of the Board, and seconded by Ms. Loma Warner (Barataria Branch):

Be it resolved that in accordance with Bye-Law 25 (b), 3% of the realized surplus for the financial
year ended 31 December 2017 be appropriated to the Education Fund.
st
6. Maximum Liability
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 the Maximum Contingent Liability to be maintained by Eastern Credit Union
Co-operative Society Limited be fixed at $3.0 billion for the year 2018.

7. Loan Write-Offs
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 1,647 accounts valued at $33,551,857.99 representing accounts that were
statute barred and where efforts to collect have been pursued and seemed uncertain, be written-
off against provisions set aside for such loans.

26.0 OTHER BUSINESS

26.1 General Issues

Member made the following suggestions:

a) Revamp/address inadequate phone system.

b) Faded receipts are the norm nowadays. Members should either photocopy or photograph
receipts using cell phone.

c) Collaborate with larger credit unions to consider investment opportunities such as constructing
small plazas as a means of generating wealth, providing rental space to members who own
businesses and keeping the movement from further decline.

NAVIGATING THE FUTURE TOGETHER 19