MCCU Annual Report - page 21

MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
21
APPROPRIATION OF NET SURPLUS
The Treasurer, Mr. Astley Scott took the meeting through the Appropriation of Surplus outlined as follows:
Mr. Scott moved for the acceptance of the Appropriation of Surplus as outlined earlier, which was
seconded by Mr. Claude Rattray and carried.
FIXING OF MAXIMUM LIABILITY
Be it resolved that the Maximum Liability for which the Board of Directors may commit
Manchester Co-operative Credit Union (1977) Limited for the year 2013, shall not exceed a
ratio of twelve (12) times the Capital and Reserve Fund.
Mr. Astley Scott moved for the acceptance of the Fixing of Maximum Liability, seconded by
Mr. Kenneth Grant and carried.
NOMINATING COMMITTEE REPORT
MR.DAVID HARRIS,CHAIRMANOFTHE NOMINATINGCOMMITTEE,
REFERREDTOTHE RULES GOVERNINGTHE NOMINATION. THE
OTHER MEMBERS OF THE COMMITTEE ARE:
• Mrs. Karlene Kelly-Reid
• Miss Marcia Kirby
• Mr. Michael Gottshalk – Staff Liaison
Corrections:
Under the Board of Directors Rev. Joan Smith’s term should be one year and not two years, to
complete term for Mrs. Paulette Stephenson-Taylor. Mr. Alfred Daley served out the term for Mr.
Wilton Richards instead of retiring and was being nominated. Mrs. Paulette Stephenson-Taylor had
come to the end of her term, not retiring.
Pro le of new volunteers:
Mr. Harris read a brief profile of the new persons who were being nominated to serve as volunteers.
APPROPRIATIONS
UNDISTRIBUTEDNET SURPLUS
$ 86,424,066
BALANCE C/F TO NEXT YEAR
$ 26,524 ,066
INSTITUTIONAL CAPITAL
$ 45,000,000
$ 750,000
$ 5,000,000
$ 6,600,000
$ 250,000
$ 600,000
$ 1,700,000
($ 59,900,000)
SOCIAL OUTREACH
CAPITAL EXPENDITURE RESERVES
DIVIDENDS (10%)
DISASTER RELIEF FUND
SYDNEY CARTER SCHOLARSHIP
HONARARIUM
TOTAL
I...,11,12,13,14,15,16,17,18,19,20 22,23,24,25,26,27,28,29,30,31,...126
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