Page 71 - ECU_Annual_Report_2018

Annual Report 2018 EASTERN CREDIT UNION

Resolutions

1. Patronage Refund
Be it resolved.

That a patronage refund of 7.5 % be declared for the financial year ended 31 December 2018 and credited to members’
st
Deposit Accounts.

2. Dividend

Be it resolved:
st
That in accordance Bye- Laws 15(b) (v) a dividend of 2.25% be approved for the financial year ended 31 December 2018
be credited to members’ Share Accounts consistent 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
Be it resolved:

That in accordance with Bye- Laws 6(a) (1), 6(b)(1), (ii) and (iii), a dividend of 5% be approved for the financial year
st
ended 31 December 2018 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.

4. Auditors

Be it resolved:
That the firm PwC be retained as Auditors for the year 2019.

5. Education Fund

Be it resolved:
That in accordance with Bye Law 25(b), 5% of the realised surplus for the financial year ended 31st December 2018 be
appropriated to the Education Fund.

6. Loan Write Offs
Be it resolved:
That 152 accounts valued $8,776,646.26 representing accounts that were statute barred and where efforts to collect

have been pursued and repayments seemed uncertain, be written off against provisions set aside for such loans.

NAVIGATING THE FUTURE TOGETHER 69