This is a reminder to all members that at our AGM in April of 2021, members voted unanimously to increase membership Capital shares. For full info please click this link.
Membership shares are important to the Credit Union because your shares provide us with additional capital in order to continue to fund business expansion activities planned for the future and strengthen our overall reserve position. With more members doing business with us, we can continue to provide you with innovative products, services and added convenience.
The Energy CU capital shares will be increased to a total of $200, up from the previous $175. All current member accounts and new member accounts will need to have the required amount of capital shares in their account as per the special resolution approved at the 82nd AGM on 16 April 2021. All new accounts opened at the Energy CU will require $200 capital shares. Current members are asked to contact us to increase your current capital shares to the required $200.
Don’t worry if you forget, on 29 April 2024, any member who has not yet topped up their capital shares will have it done automatically for them.
In the unlikely event of the Credit Union failing to maintain adequate regulatory capital, it will be unable to release the membership shares for withdrawal until adequate capital is restored. BUT it is your Board of Director’s goal to continue to pay an annual dividend on these shares. The dividend for the preceding year will be established once our audited financial results are available and approved by the Board and accepted by the membership at the Annual General Meeting. Last year it was announced that a dividend of 3.65% will be paid on all CU shares!
If your $200 Capital Share investment isn’t enough for you, why not purchase Additional shares (up to $1000) and take advantage of this great investment opportunity? These additional shares allow the CU to increase its capital position and grow stronger together.
If you have any questions, please do not hesitate to contact Credit Union staff.
