As a result of the continued excellent performance of the Credit Union, the Board of Directors presented a share distribution to the membership at our annual general meeting on April 19th, 2018.
At that time we proposed a $55.00 share distribution to be made into the Capital Share account of each member, which would not impact the Credit Union’s capital position and ability for continued growth.
Following the AGM, our lawyer advised us that distributing shares in this manner is contrary to the Credit Unions and Caisses Populaires Act. We apologize for the miscommunication.
In order to rectify this, we will be paying out to each member a one-time dividend valued at $55.00.
These funds will be deposited directly into your credit union Savings Account instead. The Credit Union will complete this by May 12, 2018. The dividend will be treated as an interest payment as laid out by the Income Tax Act.
The above will fulfill the Board of Directors obligation as presented at the 2018 AGM.