skip to Main Content

Update on Equity Shares

Dear Valued Member:

A Resolution to bring the Equity Shares of the Credit Union into conformity with section 95 subsection 1 of the Cooperative Society Act of 2012 was passed by the membership at our 42nd Annual General Meeting, held at the Russell’s Auditorium on December 1, 2020, and subsequently sanctioned by the Financial Services Authority.

The Resolution mandates that all members including new members are required to hold a minimum of one hundred (100) Equity Shares (also referred to as Permanent Shares) at par value of $5.00 per share, an aggregate value of five hundred dollars.

Members whose Equity Shares falls below this minimum requirement are asked to make the necessary arrangement to comply with the Resolution. You are therefore asked to complete the instruction sheet below in duplicate, and submit it to any of our branches located in Kingstown, Barrouallie, Bequia, Canouan, and Union Island by January 31st, 2021. Failure to provide us with guidance, the Management will therefore take the necessary steps to make the adjustment.

The Credit Union reserves the right to do an automatic transfer of shares from your share deposit or ordinary deposit account to your equity shares account once the account meets the requirement since the resolution was duly constituted.

We anticipate your co-operation; we will be happy to discuss the process with your further. Thank you for making SVGTCCU your Credit Union of choice.

Respectfully yours,

Jasmine Huggins-Daly (Mrs.)

Chief Executive Officer

Click here for Equity Shares Instruction Form

This Post Has 0 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top