We're very pleased that the dividend was announced at this year's Annual General Meeting at 3% on the Member Accounts and a 4% on the Notice Plus Account.
We believe that this is an excellent rate of dividend in the present market climate and highlights the continued success of No1 CopperPot. The dividend was voted for unanimously by all members and directors that were at the AGM.
Also on the agenda, was the proposed rule changes which were also agreed at the meeting. These are now:
Rule Changes
Rule 34 - Dividend on shares
34 (1) The maximum amount payable as dividend shall not exceed eight per cent per annum (or such other maximum rates as may be prescribed by law). If surplus has been achieved, and dividends are payable, the Board of Directors may recommend the rates of any dividend payments for declaration by the members at an Annual General Meeting.
(2) At an AGM members may be formally asked to delegate to the Board such powers as may be necessary to declare interim dividends and establish differentiated dividend rates on different term share accounts, subject to any regulatory restrictions on the credit union's operations. That delegated power will then remain in existence for future payment of interim dividends and differentiated dividend rates until it is withdrawn at an AGM. No dividend declared and authorised for payment by the members in general meeting shall exceed the rate recommended by the Board of Directors.
(3) Any dividend shall be declared on all full shares held during the preceding financial year or interim period. New members joining the credit union shall be entitled to a proportional part of the dividend on any shares held for less than the full year on every full month of membership, a portion of a month being disregarded for the purpose of entitlement to dividend. Dividends shall be paid to those in membership of the credit union on the date that the dividend is declared.
Rule 56 - Casual vacancy.
A casual vacancy on the Board of Directors shall, as soon as practicable, be filled by a vote of the majority of directors then holding office. A co-opted director so appointed shall hold office until the next AGM at which he/she will stand for election for a new three year term. A newly co-opted director shall adhere to the requirements established by the FSA in respect of obtaining approved persons status, prior to taking up an active role in the management of the credit union.
Rule 52
It was agreed that a reduction in the number of directors from the current 13 to 11 will take place with immediate effect and then further reduce to 9 with effect from the AGM in 2011.
