ST.VINCENT AND THE GRENADINES POLICE CO-OPERATIVE CREDIT UNION LTD
WHEREAS a resolution of the members of the St. Vincent and the Grenadines Police Co-operative Credit Union Ltd (PCCU) was passed at the Annual General Meeting (AGM)which was held on the 30th April 2019.
AND WHEREAS it has come to light that certain changes are to be made to the resolution referred to above.
AND WHEREAS the resolution passed at the AGM on 30th April 2019 will be rescinded on a motion to be moved and passed at a Special AGM. The old resolution will then deemed to be void and of no effect and the contents of the updated resolution below is to replace and supersede the said resolution.
NOW THEREFORE the resolution is hereby amended to read as follows:
- WHEREAS the Co-operatives Societies Act No 12 of 2012 of the laws of St. Vincent and the Grenadines (“the Act”) Governs the St. Vincent and the Grenadines Police Co-operative Credit Union Ltd (PCCU);
- AND WHEREAS Part V of the Act stipulates the methods of financing the PCCU;
- AND WHEREAS the Capital Structure of St Vincent and the Grenadines Police Co-operative Credit Union Limited (PCCU) is required to be further restructured;
- AND WHEREAS the Financial Services Authority (FSA) has directed the PCCU to implement a new capital structure in order to comply with the relevant provisions of the said Co-operative Societies Act;
- AND WHEREAS by virtue of the provisions of Part V of the Act – Financing, 96 (2) “A co-operative society shall issue qualifying shares and equity shares, provided that the value of qualifying shares and equity shares owned by the members shall not fall below the equivalent of ten percent of the asset worth of the co-operative society as a result of any redemption of shares”, and the requirement of 10% Institutional Capital, the PCCU would like to designate at least 2 classes of shares viz Qualifying Shares and Equity Shares;
- AND WHEREAS qualification for membership of the PCCU shall be satisfied by each member holding 40 fully paid up Qualifying Shares at a par value of $5.00 each;
- AND WHEREAS every member of the PCCU is entitled to purchase Equity Shares of the amount limited by the By-laws or the Board from time to time;
- BE IT RESOLVED THAT PCCU will introduce equity shares at a minimum of $500.00. This amount will be transferred from both permanent preference shares and/or ordinary shares. This amount will be transferred beginning July 2019 for a period of five (5) months ($100.00 per month) unless otherwise instructed by member. The sum of $500.00 can be redeemable after the period of three (3) years.
- BE IT ALSO RESOLVED THAT all members of the Christmas Club are to be members of the credit union, having 40 fully paid up Qualifying Shares at a par value of $5.00.
- BE IT ALSO RESOLVED THAT the following relevant and respective bye-laws be amended as follows:
Article 8 – Shares
24 (1) There shall be at least one class of shares held by the society, namely: Common Shares
To read as follows:
There shall be at least two (2) classes of shares held by the society, namely Qualifying and Equity Shares
Moved by: _______________________________________________
Seconded by: _______________________________________________
Secretary Board of Directors: _______________________________________________