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What are the different type of shares?

Qualifying Shares

A qualifying 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 SVG Teachers Co-operative Credit Union Ltd.

The cost of a share is $5.00. However, person must hold a minimum of sixty (60) shares with a value of three hundred dollars ($300) to be considered a member and become eligible for benefits.

Qualifying Shares are not redeemable.

Equity Shares

Equity Shares represent a member’s ownership in SVG Teachers Cooperative Credit Union. Each member is required to purchase a minimum of one hundred (100) shares at five dollars ($5.00) per share in accordance with the resolution which was passed at the 42nd Annual General Meeting in 2020. However, members are encouraged to purchase additional Equity Shares at any time.

Equity Shares are non-withdrawable but redeemable in accordance with SVG Teachers Cooperative Credit Union’s By-laws. An annual dividend may be paid on Equity Shares based on the financial performance of the Credit Union.

The dividend may be withdrawn on the request of the member.

Share Deposit

The SVG Teachers Co-operative Credit Union grants members credit based on the number of shares a member has. The size of the share capital may, therefore, determine the amount of credit obtainable. Members can use share deposits as collateral for loans. Contributions to shares must be paid regularly. e.g. monthly, bi-annually or annually.

Members may withdraw funds from this account with a written request to the Board of Directors, giving at least 3 months’ notice or incur a fine.

Upon termination of membership, all savings along with interest, less any indebtedness will be given to the members. Interest is paid on share deposit; the annual rate is determined by the Board of Directors.

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