A share is an instrument of a company that when purchased makes the holder part owner of that organization. A person must buy shares to become a member/owner of the St. Vincent and the Grenadines Teachers Co-operative Credit Union Ltd.
- The cost of a share is $5.00. However, a member must hold a minimum of 60 shares ($300) to become eligible to benefits
- Contributions to shares must be paid regularly. e.g. monthly, bi-annually or annually.
- Shares allow a member to obtain credit from the Credit Union. The size of share capital may therefore determine the amount of credit obtainable.
- Shares other than qualifying shares may be used as a primary form of security when a loan is granted
- Shares are not redeemable. However, a member may sell his/her shares to another member or potential member or one may ask the union to repurchase their shares
- Dividend is paid on shares based on the accumulated surplus in a given year
- Dividend may be withdrawn on the request of the member, otherwise it is added to the member's share capital.
- Can be used as collateral security for loans
- Holders may withdraw funds from this account upon a written request to the Board giving at least 3 months’ notice.
- Upon termination of membership, all savings along with interest, less any indebtedness will be returned to the member.
- Interest is paid of share deposit. The Board determines the annual rate.
Call (784)457-2947 or visit our nearest branch today for more details.