We once again thank you for your support and patience while we safely navigate the challenges that this global pandemic has presented.
One such challenge has been the mandate to postpone our 72nd Annual General Meeting originally carded for April 18, 2020. Since then, many of you have inquired about when dividend payments would be made. As you know, dividends are paid subsequent to the approval of the membership at an Annual General Meeting (AGM).
In response to the unprecedented events of 2020, the Commissioner for Co-operative Development has given special consideration to the matter in accordance with Section 47(2) of the Co-operative Societies Act (CSA) 81:03, and subsequently advice for Credit Unions to follow. We are pleased to announce that we have approval to distribute an interim payment to members. Listed on page 127 of our 2019 Annual Report (which is available on our website or from our branches) is a proposal to declare a dividend of 3% on shareholdings.
The Society will therefore be making an interim amount of 2.25% (75% of the proposed amount) available to you on July 1, 2020.
The remaining 25% will become payable after the Resolution is passed at the AGM. Though we are working to ensure we can host our meeting safely and, as soon as possible, the date and format has to be guided by Government pronouncements related to size and type of gatherings.
We will communicate with you, our valued members as soon as we can provide additional information or a new meeting date.