RECOMMENDATIONS

 

1. AUDITORS 

 

BE IT RESOLVED that The Board of Directors appoint Moore TT, Chartered Accountants, Auditors, for the year 2021.

 

2. DIVIDENDS

 

BE IT RESOLVED that a Dividend of 3.5.% be paid on members’ average annual shareholdings for the year ended 31st December 2020, as follows:

 

(I) Members in good standing, as per their request.

(ii) Delinquent Members – to loans and interest.

 

3 HONORARIUM

 

WHEREAS it has been the accepted practice of The Huggins Credit Union Co-operative Society Ltd. to approve the payment of Honorariums to certain elected offices at the AGM and 

 

WHEREAS the membership, at its 2020 AGM approved honorariums be paid in the amounts of Four Thousand dollars ($4,000.00) to the Treasurer and Four Thousand dollars ($4,000.00) to the Secretary, for the year ended 2019,

 

BE IT RESOLVED that an Honorarium in the sum of Four Thousand ($4,000.00) be paid to the Treasurer and Four Thousand dollars ($4,000.00) to the Secretary of the Society, for the year ended 31st December 2020.  

 

I so Move

 

4. AMENDMENTS TO EXISTING BYE LAWS

 

Interpretation

WHEREAS the Board of Directors has reviewed the existing Bye law Number 1

 

BE IT RESOLVED that Bye law Number 1 (c), (d) and (e) be included which states:

 

1 ( c)“Meetings of the Society means any General or any Meeting of the Board or the Credit, Supervisory or any other Committee whether in person, virtual or hybrid as indicated on the Notice.”

 

1 (d) “ An “inactive member” is a members who did not purchase at least 5 shares for a period of 6 months”

 

1 (e) “ “Member in good standing” means a member who is not in violation of the terms of his loan contract neither is he delinquent nor inactive”

 

BE IT FURTHER RESOLVED that this Annual General Meeting held on May 15th 2021, hereby accepts the recommendation from the Board of Directors, of the Huggins Co-operative Society Limited, to include Bye Law Number 1 (c), (d) and (e)

 

I So Move

 

Payment of Nominee

WHEREAS the Board of Directors has reviewed the existing Bye law Number 15 (iii)

 

AND WHEREAS due to the amendment of # 41 (3) of the Co-operative Societies Act Chapter 81:03

 

BE IT RESOLVED that Bye law Number 15 (iii) which states:

 

“On receiving satisfactory proof of death of a nominator, the Board of Management shall pay to the nominee in the manner directed by the nomination, the sum representing the full value of the shares and dividends and the sum held on deposit less any sum due to the credit union subject to the limit of $5,000.00. Entry of such payment shall be made in the proper book and thereupon the value so dealt with shall be extinguished” 

 

be amended to now read

 

“On receiving satisfactory proof of death of a nominator, the Board of Management shall pay to the nominee in the manner directed by the nomination, the sum representing the full value of the shares and dividends and the sum held on deposit less any sum due to the credit union not exceeding the amount prescribed in the Act. All other monies due to the deceased member from the Society shall fall into his estate. Entry of such payment shall be made in the proper book and thereupon the value so dealt with shall be extinguished”

 

BE IT FURTHER RESOLVED that this Annual General Meeting held on May 15th 2021 hereby accepts the recommendation from the Board of Directors, of the Huggins Co-operative Society Limited, to amend Bye Law Number15 (iii)

 

I so Move

 

General Meetings

WHEREAS the Board of Directors has reviewed the existing Bye law Number 18

 

AND WHEREAS due to the amendment of # 18 (1) of the Co-operative Societies  Regulations, Co-operative Societies Act Chapter 81:03

 

BE IT RESOLVED that Bye law Number 18 which states: 

 

“The Annual General Meeting shall be held as early as possible after the end of the financial year and not later than one month after the receipt of the audited accounts. At least seven (7) days notice shall be given to all members. The notice shall state the time and place of the meeting and the business to be transacted” 

 

be amended to now read:

 

“The Annual General Meeting shall be held as early as possible after the end of the financial year and not later than three (3) months after the receipt of the audited accounts. At least seven (7) days notice shall be given to all members. The notice shall state the time and place of the meeting and the business to be transacted” 

 

BE IT FURTHER RESOLVED that this Annual General Meeting held on May 15th 2021 hereby accepts the recommendation from the Board of Directors, of the Huggins Co-operative Society Limited, to amend Bye Law Number 18

 

I so Move

​

Board of Management

WHEREAS the Board of Directors has reviewed the existing Bye law Number 22 (i)

 

AND WHEREAS it has been the practice of Huggins Credit Union Co-operative Society Limited to appoint an Assistant-Secretary at the first meeting of the Board of Directors held after the Annual General Meeting

 

BE IT RESOLVED that Bye law Number 22 (i) which states: 

 

“The Board of Management shall at their first meeting to be held within fourteen (14) days of the date of each Annual General Meeting, elect from their own members a President, a Vice-President, a Secretary and Treasurer ” 

 

be amended to now read:

 

“The Board of Management shall at their first meeting to be held within fourteen (14) days of the date of each Annual General Meeting, elect from their own members a President, a Vice-President, a Secretary, an Assistant Secretary and a Treasurer ” 

 

BE IT FURTHER RESOLVED that this Annual General Meeting held on May 15th 2021 hereby accepts the recommendation from the Board of Directors, of the Huggins Co-operative Society Limited, to amend Bye Law Number 22 (i)

 

I so Move

 

WHEREAS the Board of Directors has reviewed the existing Bye law Number 32

 

BE IT RESOLVED that Bye law Number 32 (vii) (f), (g), (h) and (i) be included which states:

 

32(vii)(f) “Is convicted of any offence involving dishonesty or criminal offence.”

 

32(vii)(g) “Contravenes Bye Law 32 (v).”

 

32(vii)(h) “Is not in good standing for a period of 3 months.”

 

32(vii)(i) “Becomes the General Manager or Internal Auditor of another financial co-operative.”

 

BE IT FURTHER RESOLVED that this Annual General Meeting held on May 15th 2021, hereby accepts the recommendation from the Board of Directors, of the Huggins Co-operative Society Limited, to include Bye Law Number 32 (vii) (f), (g), (h) and (i)

 

I So Move

 

Audit of Accounts

WHEREAS the Board of Directors has reviewed the existing Bye law Number 34

 

AND WHEREAS due to the amendment of # 48 (1) of the Co-operative Societies Regulations, Co-operative Societies Act Chapter 81:03

​

BE IT RESOLVED that Bye law Number 34 (i) be included which states: 

 

“The accounts of the Society shall be audited within four (4) months of the end of the Financial year” 

 

BE IT FURTHER RESOLVED that this Annual General Meeting held on May 15th 2021 hereby accepts the recommendation from the Board of Directors, of the Huggins Co-operative Society Limited, to include Bye Law Number 34 (i)

 

I so Move