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Report of the Nominations

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Report of the Nominations For The Year Eended December 31, 2010 PG 44 Vision and Mission Statements VISION STATEMENT Enhancing people s lives as the first choice in business and financial services. MISSION
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Report of the Nominations For The Year Eended December 31, 2010 PG 44 Vision and Mission Statements VISION STATEMENT Enhancing people s lives as the first choice in business and financial services. MISSION STATEMENT Building financially strong communities by safeguarding members investment and exceeding expectations through professional, convenient and courteous service. Contents Notice of the 2 nd Annual General Meeting... 3 Agenda... 4 Credit Union Prayer... 5 Standing Orders... 6 Minutes of 1 st Annual General Meeting... 7 Board of Directors Report Report of the Treasurer Report of the Credit Committee Report of the Supervisory Committee Report of the Nominating Committee Report of the Auditors Statement of Financial Position Statement of Comprehensive Income Statement of Cash Flows Notes to Financial Statements... 34 Notice of the 2 nd Annual General Meeting Notice is hereby given that the second (2nd) Annual General Meeting of the FND Enterprise Co-operative Credit Union Limited will be held at the Conference Room of the Ocean Terrace Inn on Thursday August 18 th, 2011 at 5:30pm to conduct the following business: 1. To confirm minutes of the 1 st Annual General Meeting held on Saturday October 2, To consider matters arising from the minutes of the 1 st Annual General Meeting 3. To receive and approve the reports of the Board of Directors, Treasurer, Credit Committee and Supervisory Committee for the year ended December 31, To consider and approve the Auditors Report and Financial Statements for the Year ended December 31, To approve dividends to be paid for the period ending December To elect officers to the Board of Directors, Credit Committee and Supervisory Committee. 7. To set maximum liability for the ensuing year. 8. To appoint Auditors for the ensuing year 9. To transact any other general business of the Society. By Order of the Board of Directors: Mr. Auckland Hector Secretary June 10, 2011 NOTE: Transportation will be provided for members travelling from Nevis from the Ferry Terminal (upon request); and light refreshment will be served at the end of the meeting. PG 3 Agenda THEME: CHALLENGING ECONOMY?... EMBRACE THE CO-OPERATIVE SPIRIT 5:30 p.m p.m. REGISTRATION- - Door Prizes for early Registrants!!! 6:00 p.m. - 6:30p.m. OPENING SESSION 1. Commencement, Invocation and Silent Tribute for departed brothers and sisters. 2. Chairman s Opening remarks. 3. Feature Address 4. Adjournment BUSINESS SESSION 5. Call to order and Reading of the Notice of the Annual General Meeting. 6. Ascertainment of a Quorum and Apologies for Absence 7. Confirmation of Minutes of the 1 st Annual General Meeting 8. Matters Arising from the minutes of the 1st Annual General meeting 9. Reports and Adoptions: (a) (b) (c) (d) (e) Board of Directors Treasurer Auditors Credit Committee Supervisory Committee 10. Declaration of Dividends 11. Elections of Officers 12. Setting of Maximum Liability 13. Appointment of Auditors 14. Any Other Business 15. Vote of Thanks 16. Adjournment PG 4 Credit Union Prayer Lord, make me an instrument of thy peace Where there is hatred, let me sow love; Where there is injury, pardon; Where there is doubt, faith; Where there is despair, hope; Where there is darkness, light; and Where there is sadness, joy. O divine Master, grant that I may not So much seek to be consoled as to console; To be understood as to understand; To be loved as to love; For it is in giving that we receive It is in pardoning that we are pardoned; And it is in dying that we are born to eternal life. AMEN PG 5 Standing Orders 1. A member to stand when addressing the Chairperson. 2. Speeches are to be clear and relevant to the subject before the meeting. 3. A member shall only address the meeting when called upon by the Chairperson to do so, after which he shall immediately take his seat. 4. No member shall address the meeting except through the Chairperson. 5. A member may not speak twice on the same subject except: a. The mover of a motion, who has a right to reply b. He rises to object or explain (with the permission of the Chair) c. The mover of a procedural motion (adjournment, lay on the table, motion to postpone) has no right to reply. 6. No speeches are to be made after the Question period has been put and carried or negated. 7. A member rising on a Point of Order must state the point clearly and concisely. (A Point of order must have relevance to the Standing Order ). 8. A member should not Call another member To Order but may draw attention of the Chair to a Breach of Order. 9. In no event shall a member call the Chair to order. 10. A Question should not be put to the vote if a member desires to speak on it or to move an amendment to it except that a procedural motion, the Previous Question, Proceed to Next Business, or the Closure: That the Question be Now Put may be moved at any time. 11. Only one amendment should be before the meeting at one or the same time. 12. When a motion is withdrawn any amendment to it fails. 13. The Chairperson has the right to a Casting Vote. 14. If there is equality of voting on an amendment and if the Chairperson does not exercise his casting vote the amendment is lost. 15. Provision is to be made for protection of the Chairperson from vilification (personal abuse). 16. No member shall impute improper motives against another member. PG 6 Minutes of 1 st Annual General Meeting MINUTES OF THE FIRST (1ST) ANNUAL GENERAL MEETING HELD AT THE OCEAN TERRACE INN CONFERENCE ROOM, BASSETERRE ON SATURDAY OCTOBER 02, 2010 OPENING SESSION CALL TO ORDER AND INVOCATION: The First (1 st ) Annual General Meeting of the FND Enterprise Co-operative Credit Union Ltd was called to order at 5:46 p.m. by the Society s Treasurer and Chairman for the proceedings, Mr. Faron Lawrence. The opening session commenced with the invocation by a member of the Board of Directors, Rev. Joseph Edmeade followed by the recital of the Credit Union s Prayer by the members. CHAIRMAN S OPENING REMARKS Chairman Lawrence first acknowledged persons at the head table namely, President Ernest Pistana, the Guest Speaker Mr. Melvin Edwards, Rev. Joseph Edmeade, Vice President Mr. Auckland Hector and General Manager, Mr. James Webbe. He further recognized in the audience Mr. Peter Etienne of the Caribbean Confederation of Credit Unions, Mr. Othniel Heyliger and Mrs. Sheryl Bass, President and General Manager of the St. Kitts Co-operative Credit Union, Mr. Mario Wigley, Manager of the Police Credit Union and Mr. Clyde Thompson, Acting Registrar of Cooperatives. He then welcomed members to the 1 st Annual General Meeting of the FND Credit Union which was held under the theme: Growing from a Sound Foundation. He reminded the membership that the focus of the evening was on the Credit Union s operations for the first five months, notwithstanding that this meeting was recognized as our 1 st Annual General Meeting. He suggested that the first five months of operation was used as a learning experience and thanked the Board of Directors, Committee Members and Staff of the Credit Union for the successes that were achieved during the period under review. He then called on the President, Mr. Ernest Pistana to make some opening remarks. PRESIDENT S OPENING REMARKS The President, in his opening remarks, commented on how quickly time had passed, stating that it was almost a year since he was elected. He then pointed out that the FNDECCU was in transition from a lending institution to a deposit taking organization. He remarked that transitions were never smooth, but with commitment, mutual respect, openness of mind and a willingness to succeed we will overcome all obstacles. He encouraged members to invest in more shares, open accounts for their children and grandchildren and develop a habit to make regular deposits. He reminded members that the Credit Union s principle is people helping people and is based primarily on thrift. PG 7 Minutes of 1 st Annual General Meeting In concluding his remarks, he indicated that the Organization had made an impressive progression by advancing from a semi electronic system to a fully computerized system, accessible to both offices in St. Kitts and Nevis. He commended the staff members for their long hours and hard work to achieve that high level of success in the conversion of the records system. That process, he said, required detailed preparation prior to installation, ongoing training and post installation activities. He emphasized that security was of utmost importance, stating that security of staff members, security of members using our services and security of other assets will be in focus at all times. GUEST SPEAKER Mr. James Webbe, General Manager, introduced the Guest Speaker Mr. Melvin Edwards, highlighting his sterling contribution to the development of the Credit Union Movement in his homeland St. Kitts, the Caribbean region and worldwide. He also praised him in particular for the significant role he played in the development of the Foundation for National Development and the conversion of that institution into the FND Enterprise Co-operative Credit Union Ltd. Mr. Edwards began his presentation by revealing that he is a member of two Credit Unions on St. Kitts and he encouraged every Kittitian and Nevisian to think about doing the same. He spoke about the importance of being a member of a Credit Union, emphasizing that the members are the owners and should be fully involved in the operation of the organization. He suggested that Credit Unions bring financial inclusion to the financial services sector and that is why in times of economic challenge, credit unions are a good choice. He further suggested that Credit Unions are designed for the best and worst of times but operate best in the worst of times, if done right. Mr. Edwards spoke about insurance products offered by CUNA Mutual Group specifically tailored for Credit Unions. He suggested that the FND Credit Union must make use of these products for the benefits of the members. The Guest Speaker advocated that the Credit Unions also have a major role to play in the development of the youth. He told the gathering that the Credit Union can assist in addressing these issues by organizing forums for training in public speaking and other disciplines to assist them in conducting themselves in formal and informal situations. He further suggested that at this point in time the four Credit Unions should work together to ensure that financial services for their members, in particular, the youth, can be affordable especially on the eve of VAT which is on our door steps. He stressed the importance of educating members about the By-laws of the Credit Union and encouraged members to continue to purchase shares with a view to growing the capital base of the organization, and also highlighted the controls and balances included in Cooperative Act and By-laws. He spoke about the obligations and qualifications of the members and officers and also stressed that the operations of the Credit Union must always be in the interest of the members. PG 8 Minutes of 1 st Annual General Meeting Mr. Edwards encouraged the members to adopt both the Vision and Mission statements of the FND Credit Union and encouraged them to support the investments of the Credit Union to strengthen more lives in the Federation of St. Kitts and Nevis. BUSINESS SESSION The Business Session was called to order by President Pistana at 6:37 p.m., after ascertaining that the members present surpassed the required quorum. The Acting Registrar of Cooperatives, Mr. Clyde Thompson verified that the quorum was attained. CONFIRMATION OF THE MINUTES OF THE INAUGURAL MEETING Mr. James Webbe, the first General Manager of the FNDECCU, read the minutes of the inaugural meeting from the Annual report, which was circulated to the members. The following amendments were made: Page 7, second line: under the heading Opening Session Call to Order: - the word order was inserted after call. Third paragraph, line 2 - under Background & Overview of the FNDECCU: - and a was deleted. Page 8, second line: the word achievements should replaced by achievement. Third paragraph, fourth line: - the word convert replaced converted. Page 9, fourth line: under the heading Call to Order : the surname Anthony was included after Morton. Under the heading Adoption of the By-laws, Shares Certificate : the word in was inserted before the word accordance. Under Election of Officers, paragraph 3:- the word no was included before the word response. The next line, Valdema was changed to Valdermar Page 10 third line: Mrs. Deloris Hobson was change to Mrs. Deloris Stephens and Mr. Kishona Williams was changed to Ms. Kishona Williams. Paragraph 5 captioned Banking Arrangements: Ms. Morton was changed to Mrs. Morton and the word principal replaced principle. Under Vote of Thanks, third paragraph: the word funds was inserted after the word donor and turned was deleted. The duplicate Social Security Board was also deleted. Paragraph 4, last sentence: Directors replaced Director. Page 11, last paragraph: The word lengthy was deleted and the word of inserted before the word each. PG 9 Minutes of 1 st Annual General Meeting Mr. Spencer Howell, Board Director, was concerned about the number of amendments that were made to the minutes and suggested that in future, minutes should be vetted before they are sent to the printers. The President replied that the minutes were in fact vetted and corrections made. However, instead of sending the final document to the printers, the draft document was inadvertently sent. The President apologized to the membership for the mix-up and pledged that this would never happen again. The minutes were confirmed as amended on a motion moved by Mrs. Cynthia Morton and seconded by Mr. Avan Lapsey. REPORTS AND ADOPTIONS BOARD OF DIRECTORS REPORT President Pistana presented the Directors Report on behalf of the Board of Directors for the period under review, which was from August 1 st to December 31 st, 2009, notwithstanding the Board was elected on October 17 th, 2009 at the inaugural General Meeting. He highlighted the main decisions and activities undertaken by the FND Credit Union under the following headings; (i) Corporate Governance Board of Directors, Committees and Meetings (ii) Staff - Re-organization and Recruitment (iii) Computerization - Purchase of core MIS from FEDCOMP (v) Office re-design - reconfiguration of both offices for the taking of deposits, accommodation of new staff and equipment and security measures (vi) Marketing - development of a plan and use of appropriate advertising media (vii) Performance - Membership Growth and Deposits (viii) The Way Forward - Membership Education and Development, Product Enhancement and Community Outreach. There were two amendments on page 13: an extra 00 was deleted from 197, and the letter m was omitted from the word demonstrated. The report was then accepted as amended on a motion by Mr. Esrick Lanns and seconded by Ms. Sylvia Manning. TREASURER S REPORT Treasurer Faron Lawrence presented the report for the five months ended December 31 st, As this was the first reporting period, the report only highlighted the key components of the financial statements under the following headings: (1) Assets; (ii) Liabilities; (iii) Equity; (iv) Income and Expenses; (v) Surplus and (vi) delinquency - an area which he stressed was a concern to Management, Committee Members and Directors. This report was accepted on a motion moved by Mr. Randolph Taylor and seconded by Mr. Spencer Howell. CREDIT COMMITTEE REPORT Mr. Howard Richardson, Secretary, presented the report on behalf of the Credit Committee for the five months period ended December 31st, The report gave account of the loans approved and disbursed under two major headings: Seventy (70) Business Loans valuing 1,315,044 and one hundred and seven (107) Personal PG 10 Minutes of 1 st Annual General Meeting Loans totaling 758, were disbursed during the period under review. The Committee also encouraged members to ensure that they repay their loans on time. The report was accepted on a motion moved by Mr. Auckland Hector and seconded by Mr. Dennis Phillip after an inquiry was made by Mr. Samuel Lawrence regarding when a member becomes delinquent. SUPERVISORY COMMITTEE REPORT Mr. David Fox presented the Supervisory Committee Report in the absence of the Chairman, Mr. Anthony Kelsick. There were no irregularities reported, however, there were three amendments to the report as follows: In the 2nd and 4th paragraphs: were replaced was and in the penultimate paragraph December 21st replaced 2nd December. The report was accepted as amended on a motion by Mr. Esrick Lanns and seconded by Mrs. Cynthia Morton. AUDITORS REPORT The Auditors Report was read by the Treasurer, Faron Lawrence as requested by the Auditors, who could not be present. There was no issue raised and a motion to accept the Auditors Report was moved by Mr. Samuel Lawrence and seconded by Mr. Howard Mc Eachrane and approved by the membership. DECLARATION OF DIVIDENDS President Pistana presented the Board s recommendation and declared a 5% dividend on shares. The amount would be calculated on a pro rata basis. This was accepted on a motion by Mr. Spencer Howell and seconded by Mr. Dennis Phillip. NOMINATION COMMITTEE REPORT Mr. Auckland Hector, in presenting the Nominating Committee Report disclosed that the Committee was appointed in accordance with article 12 section 1 (a) of the by-laws and comprised three (3) persons, namely: Mr. Auckland Hector ( Director/Chairman); Mr. David Fox (Member/Supervisory Committee); and Mr. Howard Richardson (Member/ Credit Committee). The Nomination Committee Report was summarized as follows: ELECTION OF OFFICERS Chairman Pistana invited Mr. Clyde Thompson, Acting Registrar of Cooperatives, to supervise the election process. PG 11 Minutes of 1 st Annual General Meeting COMMITTEES Board of Directors Board of Directors Supervisory Committee RETIRED/RESIGNED NOMINATED Ernest Pistana Ernest Pistana Diana Bowrin- Powell Diana Bowrin- Powell Althea Arthurton Gary Moving Franklin Brand Dwight Warde Esrick Lanns Dennis Phillip Beverly Williams Judith Rawlins Cosbert Manchester Kishona Williams Mr. Anthony Kelsick Esrick Lanns Dennis Phillip Valdemar Warner Judith Rawlins Howard Mc. Eachrane Ashford Franks To be nominated from the floor. Mr. Thompson requested nominations from the floor for the various committees to which there was no response except for the replacement of Mr. Anthony Kelsick on the Supervisory Committee. Mr. Valdemar Warner nominated Randolph Taylor to fill this position and this was seconded Mr. Ernest Pistana. There was no other nomination. A motion to accept the nominated members to the Board of Directors was moved by Mr. Samuel Lawrence and seconded by Mr. Glanville Bowrin. A motion to accept the nominated members to Credit Committee was moved by Mr. Spencer Howell and seconded by Mr. Carlson Nisbett. A motion to accept the nominated members to the Supervisory Committee was moved by Mr. Samuel Lawrence and seconded by Ms. Yolanda Dyer. APPOINTMENT OF AUDITORS The Board of Directors recommended Simmonds and Associates, Chartered Accountants, as Auditors for the financial year ending December 31st, There were no other proposals and the Board s recommendation was accepted by the membership on a motion moved by Mr. Randolph Taylor and seconded by Mr. Carlson Nisbett. RESOLUTIONS A motion to accept the resolution to amend By- Law Article 16, section 13 (a) was moved by Mr. Esrick Lanns and seconded by Mr. Auckland Hector and approved by the membership. SETTING MAXIMUM BORROWING LIMIT PG 12 Chairman Ernest Pistana presented the Board of Director s recommendation to maintain the Credit Union s maximum limit to borrow during the ensuing Year at 600, A motion to accept the Board s recommendation was moved by Mr. Howard Richardson and seconded by Mr. Spenc
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