Dear Members;

In  order to be fully compliant with International Financial Reporting Standards (IFRS), Palisadoes Co-op Credit Union Ltd; through its membership (at the last Annual General Meeting held in 2009 March) has modified some of its existing rules and added additional ones. These were subsequently approved by the Registrar of Co-operative Societies.

This means that each member MUST have a minimum of One Thousand Dollars ($1,000.00) in Voluntary Shares and an additional One Thousand Dollars ($1,000.00) in Permanent Shares, in order to become or remain a member of the credit union. In addition to dividend payments, members at the Annual General Meeting, gave approval for a transfer of One Thousand Dollars ($1,000.00) to each member‘s Permanent Share account; on condition that these members date of membership precede the year 2009. These transfers were effected on 2009 July 31. Members who joined the credit union in 2009, but before the new permanent share rule took effect on May 25 ,are required to pay a minimum amount of One Thousand Dollars ($1,000.00) to this account by 2009 November 30 in order to satisfy the requirement for membership. In the event that this is not done within the specified time, we will have NO alternative but to transfer the amount from your Voluntary Shares to Permanent Shares in order for you to be compliant with the requirements for membership.

We are aware that you may have many questions relating to Permanent Shares; and we have listed some FACTS AND FAQS below for your information:

These are shares or “equity” that each member must invest permanently in the credit union. It represents your ownership in the credit union.

The shares you now have in the credit union are what are called “Voluntary Shares”. This is the shares you use to qualify for a loan, the shares that can be withdrawn (once it is not hypothecated). Permanent Shares CANNOT be withdrawn; neither can it be used to secure a loan. It can only be redeemed when the member’s account is being closed. Here we have determined that you now require two (2) types of shares (Permanent and Voluntary) to become a member of the credit union.

As we indicated earlier on; our credit union must be fully compliant with International Financial Reporting Standards (IFRS); and International credit union best practices. Permanent Shares provide stability to the credit union’s capital; and also allows it to be in the ‘ready” mode to undertake expansion and enhancement of services to members. Remember, dividends will be paid on your Permanent Shares in addition to your Voluntary Shares.

No. The policy of one member one vote remains.

You will need a minimum amount of Two Thousand and Fifty Dollars ($2,050.00) to open an account.; One Thousand Dollars ($1,000.00)to your Voluntary Shares, another One Thousand Dollars ($1,000.00) to your Permanent Shares and the remaining Fifty Dollars ($50.00) for membership fee.

Due to the fact that your Permanent Shares form a part of the equity of the credit union, it is not necessary to have coverage; hence they are NOT covered.

As stated before, your regular shares is what is now called Voluntary Shares. You will still be required to have your voluntary shares in order to:

1.       Qualify for a loan (loan: share ratio)

2.       Use as security

Remember, you will NOT be able to use your Permanent Shares as collateral or to qualify for a loan.

If you require additional information, please feel free to call us at either of the following numbers:

932-7107/10, 924-8085 or 924-8206. Our email address is This e-mail address is being protected from spam bots, you need JavaScript enabled to view it  

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