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MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LTD.
financial institution we have to make sure that proposal, based on the fact that we would be
the loan is repayable. He said that in recent carrying forward almost $20 million, we should
times we have cut down on the number of note that it is very important for us to always have
documents that members are asked to take a strong undistributed surplus carrying forward.
in, especially for multiple borrowers. He asked One of the main reasons is that we were quickly
that Mr. Sharpe visits one of the branches to approaching the Bank of Jamaica Regulations and
get further clarification. they have certain demands. One such demand is
the amount of capital that the Credit Union must
On a motion moved by Mr. Jeremaine McKenzie have; however, we are not certain of the extent
and seconded by Mr. Stanley Skeene, the of the demand from BOJ; therefore, we need to
Treasurer’s Report and the Auditor’s Report were have a strong reserve outside of the ‘bonafide’
adopted. institutional capital.
APPROPRIATION OF NET SURPLUS Mr. Allen further explained that the Disaster Relief
Fund was set up primarily to assist members in
The Treasurer, Mr. Alfred Daley took the meeting cases where they might face a natural disaster.
through the Appropriation of Surplus outlined as Over the many years we have not been called
follows:- upon to pay out much from that Fund. Outside of
the Disaster Relief Fund, there is the Social
Undistributed Net Surplus $93,315,361.00 Outreach Fund that is also used to assist
Appropriations: members.
Institutional Capital $60,000,000.00 Mr. Allen noted that on top of the $2.6 million that
Social Outreach $ 1,000,000.00 was already there, $100,000.00 would be
Dividend (7.5%) $ 7,800,000.00 sufficient to add to the Disaster Relief Fund.
General Loan Loss Reserves $ 1,500,000.00 Mrs. Betisha Chambers asked if it is that persons
Disaster Relief Fund $ 100,000.00 do not know about the Fund why it was not being
Sydney Carter Scholarship $ 1,000,000.00 used, because she has known of persons who
have faced disasters and it was the first she was
Honorarium $ 2,000,000.00 knowing that this fund was available and wanted
Total ($73,400,000.00) to know how to access it. Mr. Daley informed her
Balance C/F to next year $19,915,361.00 that every year at the A.G.M. it is made known
that an amount is being put aside for this
Mr. Renford Douglas recommended that an purpose.
additional One Million Dollars be distributed to the
Disaster Relief Fund. Mr. Daley said that he Mr. Daley moved for the acceptance of the
appreciated Mr. Douglas’ recommendation; how- Appropriation of Surplus as outlined earlier which
ever, this money that is put aside each year is was seconded by Mrs. Sharon Peart and carried.
hardly ever used, therefore we are not overly
anxious to add a large amount to it.
FIXING OF MAXIMUM LIABILITY
Mr. Harris Senior said he was in support of the
proposal as this money could be put where it can Be it resolved that the Maximum Liability for
earn interest, especially given the fact that we are which the Board of Directors may commit
prone to disasters these days. He further said that Manchester Co-operative Credit Union (1977)
even if it is not used it is good to have it for the Limited for the year 2017, shall not exceed a ratio
benefit of our members if a disaster should strike. of twelve (12) times the Capital and Reserve
Fund.
Mr. Lenroy Allen rose to further discuss the motion
to increase the Disaster Relief Fund by One Million Mr. Alfred Daley moved for the acceptance of the
Dollars. He said that while it was a noteworthy Fixing of Maximum Liability, it was seconded by
Ms. Charmaine Smith and carried.
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“Where Service Exceeds Expectation”
